Shadowfax To File Confidential Draft IPO Papers In A Month: Report

Nearly three months after converting into a public entity, logistics major Shadowfax is now reportedly planning to file its draft initial public offering (IPO) papers via SEBI’s confidential route within a month.

The company is eyeing a public listing of INR 2,000-2,500 Cr out of which half would come from fresh issue of shares, an ET report said, citing sources.

It was reported last year that Shadowfax is looking to raise up to INR 3,000 Cr through IPO at a valuation of INR 5,000-8,000 Cr.

Now, the sources told ET that the company could be valued between INR 5,500-6,000 Cr depending on the market conditions at the time of the listing.

In March, Shadowfax raised INR 65.4 Cr in funding round from its cofounders Vaibhav Khandelwal and Abhishek Bansal at a post-money valuation of about INR 6518 Cr, sources told Inc42 then.

Notably, the funding was part of a larger funding round of about $50 Mn that Shadowfax is raising.

For its public listing, Shadowfax has appointed ICICI Securities, JM Financial and Morgan Stanley as bankers.

Inc42 has reached out to the company to confirm the development. The copy will be updated on receiving the response.

(The story will be updated soon)

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