Shadowfax Technologies files confidential draft IPO papers: Firm seeks to raise up to ₹2,500 crore; check other details

The company could be valued at around ₹8,500 crore, they added.

The IPO is a mix of a fresh issue and an offer-for-sale (OFS) by existing shareholders.

In a public announcement on Tuesday, Shadowfax Technologies said it has "pre-filed a draft red herring prospectus with SEBI and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges."

The company plans to utilise the proceeds of the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, the PTI report said.

Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.

The e-commerce segment is the major revenue contributor, accounting for around 75% of the company's business, and the remainder comes from quick commerce and hyperlocal deliveries.

In its last fundraise in February, the company garnered primary and secondary capital at an approximate valuation of ₹6,000 crore.

Shadowfax is India's leading logistics service provider for e-commerce express parcels and value-added services. It has a distribution network covering over 2,200 cities and more than 14,300 PIN codes.

The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

In recent months, Gaja Alternative Asset Management; commerce enablement platform Shiprocket; Tata Capital; edtech unicorn PhysicsWallah; and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.

Why companies are opting for confidential route

Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly.

Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving SEBI's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.

Additionally, firms can modify the primary issue size by up to 50% until the updated DRHP stage.

Lenskart's CEO Peyush Bansal's increased conviction around financials, operating metrics and more comes largely because Lenskart is a dominant player in the space.