Shadowfax Technologies Eyes INR 2,000 Crore Through IPO

Shadowfax Technologies is set to raise Rs 2,000 crore through an IPO, involving a fresh issue and an offer for sale by existing shareholders. The move aims to expand its network infrastructure and enhance brand presence, supported by key investors and a diverse clientele base.

Shadowfax Technologies, a prominent logistics service provider, has submitted updated documents with the Securities and Exchange Board of India (Sebi) aiming to secure Rs 2,000 crore through an Initial Public Offering (IPO).

The IPO is comprised of fresh shares worth Rs 1,000 crore, in addition to existing shareholders' divestiture of shares amounting to Rs 1,000 crore, as per the updated draft red herring prospectus (UDRHP). Notable shareholders participating in the offer for sale (OFS) include Flipkart Internet and several investment entities.

The company plans to leverage the funds from the fresh issue to bolster its network infrastructure, expand leasing for its first and last-mile operations, and allocate resources toward marketing and potential acquisitions.

(With inputs from agencies.)