Shadowfax Raises INR 856 Cr From Anchor Investors Ahead Of IPO

Logistics major Shadowfax has raised INR 856 Cr from anchor investors ahead of its initial public offering (IPO).

The company allotted 6.90 Cr equity shares to anchor investors at a price of INR 124 per share, according to a stock exchange filing. 

Domestic mutual funds took the largest share of the anchor book, with nine mutual funds lapping up 3.68 Cr shares or 53.24% of the anchor portion via 20 schemes. These included funds from ICICI Prudential, Nippon India, Motilal Oswal, Bandhan, HSBC, Edelweiss, JM Financial and Trust Mutual Fund.

Global investors also participated in the anchor round like BoFA Securities, Government Pension Fund Global, Societe Generale, HSBC Global Investment Funds, Jupiter India Fund, Eastspring Investments and Morgan Stanley Asia also participated in the round.

Life insurance companies, ICICI Prudential Life Insurance and Kotak Mahindra Life Insurance, were allotted 56.5 Lakh shares or 8.18% of the anchor book. 

With this, the IPO will open for public subscription tomorrow and subsequently close on January 22. Shares of the company are expected to list on the exchanges on January 28. 

The public float comprises a fresh issue of shares worth up to INR 1,000 Cr and an offer for sale (OFS) of shares worth up to INR 907.27 Cr. As part of the OFS, Flipkart Internet will sell shares worth up to INR 400 Cr. Other selling shareholders include Eight Roads Investments, IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund and Mirae Asset-backed funds.

Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries. It serves ecommerce, food delivery and quick commerce companies across India. Quick commerce is the company’s fastest-growing segment and contributes around 20–21% of its operating revenue.

On the financial front, Shadowfax reported a 68% jump in operating revenue to INR 1,805 Cr in the first half of FY26, compared with INR 1,072 Cr in the same period last year. Net profit rose 114% to INR 21 Cr from INR 9.8 Cr in H1 FY25.

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