Flipkart and TPG-backed e-commerce enablement platform ₹1,907.27-crore opens today in the ₹118-124 price band. The issue will close on Thursday (January 22).
The IPO consists of a fresh issue worth ₹1,000 crore and an offer-for-sale by shareholders worth ₹907.27 crore. Through the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd and Snapdeal founders — Kunal Bahl and Rohit Kumar Bansal — will offload shares.
Retail investors can bid for a minimum of 120 equity shares.
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Up to 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Logistics services provider Shadowfax has raised ₹856 crore from anchor investors by allotting 6.90 crore equity shares at ₹124 per share, as part of the IPO. Among them are Nippon India Mutual Fund (MF), ICICI Prudential MF, JM Financial MF, Motilal Oswal MF, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments and Jupiter India Fund, according to a circular uploaded on BSE’s website.
Funds raised through the fresh isue will be utilised towards enhancing capacity in terms of network infrastructure (₹423.4 crfore), lease payments for new first mile, last mile, and sort centres (₹138.6 crore), and towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions (₹88.6 crore), and general corporate purposes.
Shadowfax Technologies Ltd. (STL) is an end-to-end 3P (3rd party) logistics solution provider with an exhaustive service network of 14,758 Indian pin codes as of September 2025. The company services a range of enterprise clients including e-commerce, quick commerce, the food marketplace and on-demand mobility companies. The company’s nationwide logistics network includes 4,299 touchpoints across first-mile and last-mile centres and sort centres.
Its clientele includes marquee companies such as Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Blinkit, Zomato, Uber, ONDC, Magicpin, amongst others.
For the first half of FY26, Shadowfax reported a revenue of about ₹1,800 crore, marking a 68 per cent year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.
Broker views
SBI Securities
At the upper price band of ₹124, the IPO is valued at EV/Sales and EV/EBITDA multiple of 2.4x and 106.5x, respectively. The company has exhibited strong revenue growth of 32.5 per cent CAGR during the FY23-25 period, and has been EBITDA positive since FY24. It operates an efficient and scalable asset-light business model, having an asset turnover of over 4x. The company does not own any delivery vehicles, while touchpoints and last-mile facilities are managed through a leasing model. Considering the low per capita shipment (3-5 in India) compared to 60-70 in the US and 75-85 in China, the growth prospects appear promising. When comparing the issue with its closest peers, the IPO seems to be valued at a slight premium. We maintain a Neutral view on the IPO and intend to observe its performance post-listing.