Logistics startup Shadowfax raises Rs 856 crore from ICICI Prudential AMC, Nippon Life India, other anchor investors

New-age logistics and last-mile delivery company Shadowfax Technologies has raised Rs 856.02 crore from anchor investors, as per stock exchange disclosures.

The IPO opens for subscription on January 20.

The Bengaluru-based company allotted 6,90,33,955 equity shares to anchor investors at Rs 124 per share, which is the upper end of the IPO price band.

A large part of the anchor allocation was taken up by domestic institutional investors. Mutual funds and insurance companies together accounted for a majority of the anchor book. Among domestic mutual funds, ICICI Prudential Mutual Fund received the highest allocation across its schemes.

Other participating mutual funds included Nippon India Mutual Fund and Motilal Oswal Mutual Fund. Insurance companies such as ICICI Prudential Life Insurance Company and Kotak Mahindra Life Insurance Company were also allotted shares.

Foreign institutional investors included Government Pension Fund Global, which is managed by Norges Bank Investment Management.

As per the red herring prospectus, at least 75% of the IPO has been reserved for Qualified Institutional Buyers. The anchor investor portion can be up to 60% of the QIB portion, as permitted under SEBI regulations.

Shadowfax has reduced its overall IPO size to Rs 1,907 crore from the earlier planned size of around Rs 2,000 crore.

The IPO consists of a fresh issue of Rs 1,000 crore and an offer for sale of Rs 907 crore. Shareholders selling shares through the offer for sale include Flipkart Internet Private Limited, Eight Roads Investments Mauritius II Limited, NewQuest Asia Fund IV, Nokia Growth Partners IV, Qualcomm Asia Pacific Pte. Ltd., International Finance Corporation, and entities linked to Mirae Asset.

At the upper end of the price band, the company is valued at approximately Rs 7,169 crore on a post-money basis. This valuation is lower than the Rs 8,500 crore to Rs 9,000 crore range discussed during earlier draft stages of the IPO.

The IPO lot size has been fixed at 120 shares. At the upper price band of Rs 124, a retail investor will need to invest Rs 14,880 per lot.

Shadowfax was founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company operates a last-mile delivery network across ecommerce, hyperlocal, and quick commerce segments. It services more than 14,000 pin codes across India and works with around 1.24 lakh delivery partners.

For the financial year ended FY25, the company reported operating revenue of Rs 2,485 crore, representing year-on-year growth of about 32%. Net profit for the year stood at Rs 6.4 crore. In the first half of FY26, operating revenue increased to Rs 1,805.6 crore, while net profit rose to Rs 21 crore.