Shadowfax stumbled in its market debut, with shares falling as traders weighed issues concerning the logistics agency’s heavy reliance on a handful of huge e-commerce purchasers. The corporate raised about ₹19.07 billion (about $208.24 million) in its preliminary public providing.
The shares fell about 9% from the supply value of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics agency at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its final personal valuation of near ₹60 billion (roughly $655.01 million) in early 2025. The providing, priced in a band of ₹118–124 per share, mixed a contemporary problem with an offer-for-sale by current shareholders and was subscribed nearly three times over.
Based in 2015, Shadowfax operates as a third-party logistics supplier, dealing with last-mile and intra-city deliveries for e-commerce marketplaces, quick-commerce platforms and client web firms throughout India. The corporate counts e-commerce gamers together with Flipkart and Meesho, in addition to quick-commerce and meals supply platforms Zepto and Zomato, amongst its largest purchasers, which collectively account for about 74% of its income, in response to its prospectus. Its key shareholders embrace Flipkart, TPG NewQuest, Qualcomm, and the World Financial institution-backed Worldwide Finance Company.
Shadowfax’s itemizing comes because the e-commerce and quick-commerce sectors proceed to increase in India, pushed by rising web penetration, urbanization, and demand for sooner deliveries. Platforms providing same-day or fast success have more and more leaned on third-party logistics suppliers to scale nationally, inserting firms like Shadowfax on the centre of the nation’s client web provide chain.
The providing contains shares offered by some early and institutional backers, together with Flipkart, Eight Roads Ventures, Nokia Progress Companions, Qualcomm, and Mirae Asset. Founders Abhishek Bansal and Vaibhav Khandelwal usually are not collaborating within the offer-for-sale and can collectively retain about 20% of the corporate after itemizing.
“We don’t see this IPO as a vacation spot,” mentioned Bansal, Shadowfax’s co-founder and CEO, throughout its IPO launch ceremony in Mumbai. “We aren’t constructing this for the following quarter. We’re constructing this for the following century. At present, we don’t ring a bell. We’re waking as much as a brand new set of prospects.”
Within the six months ended September 2025, Shadowfax reported income from operations of ₹18.06 billion (about $197.12 million), up 68% from the identical interval a 12 months earlier, per its prospectus. The corporate’s revenue greater than doubled 12 months over 12 months to ₹210.37 million (round $2.30 million), reflecting larger supply volumes, although earnings stay intently tied to demand from a small group of huge platform purchasers.
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Shadowfax plans to make use of proceeds from the contemporary problem to fund capital expenditure for its community infrastructure, pay lease prices for brand spanking new first-mile, last-mile and sorting centres, and meet branding, advertising and communication bills, its prospectus mentioned. A portion of the proceeds may even be saved for inorganic acquisitions and normal company functions.
The corporate presently operates round 3.5 million sq. toes of logistics infrastructure throughout 14,700 pin codes nationwide.
Shadowfax’s IPO comes greater than three years after its bigger rival, Delhivery, went public in 2022. Delhivery reported income of about ₹89.3 billion (round $974.84 million) within the 12 months ended March 2025, with year-over-year progress within the low teenagers, underscoring the distinction with Shadowfax’s sooner enlargement.
