Flipkart-backed Shadowfax gets SEBI approval for Rs 2,500 Cr IPO

Bengaluru-based logistics firm Shadowfax Technologies has received the Securities and Exchange Board of India’s (SEBI) approval to proceed with its initial public offering (IPO), marking a major step towards its public listing.

According to SEBI’s Processing Status: Issues as on October 17, 2025 report, the company’s draft offer document has cleared the review stage, confirming its inclusion among the regulator-approved issues this month.

Shadowfax had earlier filed a confidential draft red herring prospectus (DRHP) under SEBI’s pre-filing route, which allows companies to update financials before launching their public offer. With the observation letter now issued, the logistics player has up to 18 months to file its final prospectus and open the issue for subscription.

The company operates a technology-driven logistics platform covering ecommerce express parcels, quick commerce and hyperlocal delivery, with its revenue majorly derived from the ecommerce segment.

With SEBI’s approval, Shadowfax joins a growing list of companies gearing up for public issues this quarter, including Aggcon Equipments International and Safex Chemicals, underscoring renewed momentum in India’s primary markets.