backed Shadowfax files updated DRHP for Rs 2,000 crore IPO

Synopsis Shadowfax Technologies has submitted its updated IPO papers to Sebi. The company plans to raise Rs 1,000 crore through a fresh issue and an equal amount via an offer for sale. Funds will boost network infrastructure, lease payments, and branding. Shadowfax saw significant revenue growth and operational profitability in FY24. It joins other new-age companies preparing for public listings. Logistics provider Shadowfax Technologies has filed the updated draft red herring prospectus (UDRHP) for its initial public offering with capital markets regulator Securities and Exchange Board of India (Sebi). The issue comprises a fresh issue of Rs 1,000 crore and an offer for sale of the same amount, according to the document. Of the net proceeds from the IPO, more than Rs 423 crore will be invested in bulking up the company's network infrastructure. “The company has been seeing massive traction emerging from quick deliveries…and its economics have also been improving,” a person in the know had told ET earlier. From the remaining primary capital, Rs 139 crore will be allocated to lease payments for new first-mile centres, last-mile centres and sort centres, and Rs 88.6 crore will be spent on branding and marketing, the company said in the UDRHP. The filing comes days after the company received Sebi's approval on the confidential draft papers for its IPO. Shadowfax, backed by ecommerce major Flipkart, confidentially filed the draft red herring prospectus (DRHP) for its IPO back in July. In fiscal year 2024, Shadowfax clocked around Rs 1,885 crore in operating revenue, up 33% from the previous year, and turned operationally profitable. It reported a net loss of Rs 12 crore for FY24, down 92% year-on-year, but posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 23 crore. Shadowfax is on a long list of new-age companies looking to go public, along with PhysicsWallah, Boat, Shiprocket, Groww, Pine Labs, Wakefit, Curefoods and Meesho. Urban Company and Capillary Technologies recently listed on Indian exchanges, while Lenskart IPO is underway. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Subscribe Now