Flipkart-Backed Shadowfax Selects ICICI Securities, Morgan Stanley, and JM Financial As Lead Bankers For Upcoming IPO: Report

The firm’s IPO preparations come ahead of a Rs 400 crore funding round which was backed by Edelweiss Discovery Fund and multiple high net worth individuals (HNIs) and family offices

Shadowfax, based out of Bengaluru, is an e-commerce service provider and hyperlocal delivery firm and operates a distribution network across 2,500+ cities and covers more than 19,000 pincodes.

Source : Fisdom

Logistics start-up Shadowfax has brought in JM Financial, Morgan Stanley, and ICICI Securities as the main bankers for the firm’s upcoming maiden issue. The initial public offering (IPO) of the company is expected to launch in the latter half of 2025, media reports said.

Citing sources in the know, Moneycontrol reported, “The IPO size is likely to be around Rs 2,500 crore (around $295 million) – or roughly in the Rs 2,000 crore (about $235 million) to Rs 3,000 crore (roughly $350 million) range depending on how strong the response is.”

The firm’s IPO preparations come ahead of a Rs 400 crore funding round which was backed by Edelweiss Discovery Fund and multiple high net worth individuals (HNIs) and family offices, the report said.

Quoting the source, the report noted, “Shadowfax commanded a valuation of Rs 6,000 crore ($705 million) during its latest round and is hoping for a slight premium over that for its public market debut.”

Earlier in the year, the logistics firm also raised Rs 850 crore in a round driven by TPG NewQuest while existing investors such as Mirae Asset Venture Investments (India), Nokia Growth Partners, Qualcomm, Flipkart, International Finance Corporation (IFC), and Trifecta Capital, participated in the round.

The round also included primary capital infusion and involved secondary transactions, while existing backers dumped shares to make space for incoming investors, as is the case with firms who are scheduled for the IPO.

Shadowfax, based out of Bengaluru, is an e-commerce service provider and hyperlocal delivery firm and operates a distribution network across 2,500+ cities and covers more than 19,000 pincodes. The firm delivers more than 2 million packages daily including quick commerce deliveries that have been rising in the Indian quick commerce delivery market. The firm was founded in 2015.