Shadowfax gears up for IPO with public company status change
Shadowfax is reportedly planning an IPO valued between Rs 2,500–3,000 crore later this year. The offering will include both a fresh issue of equity shares and an offer for sale (OFS) component.
Logistics firm Shadowfax is preparing for its planned initial public offering (IPO) in 2025 and has transitioned into a public entity.
The company’s Board has approved a resolution to change its status from a private company to a public company, renaming itself from "Shadowfax Technologies Private Limited" to "Shadowfax Technologies Limited," as per recent regulatory filings.
Shadowfax is reportedly planning an IPO valued between Rs 2,500–3,000 crore later this year. The offering will include both a fresh issue of equity shares and an offer for sale (OFS) component, as per company filings.
To facilitate the IPO, the company has enlisted JM Financial, Morgan Stanley, and ICICI Securities as lead bankers for the offering.
This transition follows the company’s recent $16.8 million funding in February 2025 as part of its Series F round, with investments from Mirae Asset and Nokia Growth Partners.
Shadowfax, which competes with listed players like Delhivery and startups like Ecom Express and Shiprocket among others, turned profitable at adjusted PAT metrics in FY24. The Bengaluru-based firm clocked a 33% revenue growth to Rs 1,884.8 crore in FY24 from Rs 1,415.1 crore in FY23. Its EBITDA turned around from a Rs 113.5 crore in loss in FY24 to Rs 11.4 crore profit, while adjusted PAT improved from a Rs 123.8 crore loss to Rs 2 crore profit.
Shadowfax appointed industry veterans Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors on its board in February this year.
In January, the company acquired CriticaLog, a logistics firm, for an undisclosed amount.
Edited by Megha Reddy