"The shares fell about 9% from the offer price of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics firm at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its last private valuation of close to ₹60 billion (roughly $655.01 million) in early 2025. The offering, priced in a band of ₹118-124 per share, combined a fresh issue with an offer-for-sale by existing shareholders and was subscribed nearly three times over."
"Founded in 2015, Shadowfax operates as a third-party logistics provider, handling last-mile and intra-city deliveries for e-commerce marketplaces, quick-commerce platforms and consumer internet companies across India. The company counts e-commerce players including Flipkart and Meesho, as well as quick-commerce and food delivery platforms Zepto and Zomato, among its largest clients, which together account for about 74% of its revenue, according to its prospectus."
Shadowfax raised about ₹19.07 billion (about $208.24 million) in an initial public offering that combined a fresh issue with an offer-for-sale and was subscribed nearly three times. Shares fell about 9% from the offer price of ₹124 to ₹112.60 on debut, valuing the Bengaluru-based logistics firm at roughly ₹64.7 billion (about $706.58 million), close to its last private valuation of around ₹60 billion in early 2025. Founded in 2015, Shadowfax provides last-mile and intra-city deliveries for e-commerce, quick-commerce and consumer internet companies. Flipkart, Meesho, Zepto and Zomato account for about 74% of revenue. Key shareholders include Flipkart, TPG NewQuest, Qualcomm and the International Finance Corporation. The founders did not participate in the offer-for-sale. The listing occurs amid expanding e-commerce and growing demand for rapid fulfillment across India.
Read at TechCrunch
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