Shadowfax Technologies Limited has completed its initial public offering aggregating to ₹1,907.27 crore (₹19,072.69 million), comprising a mix of primary capital raise and secondary exits by existing investors.
The IPO consisted of:
a fresh issue of equity shares aggregating to ₹1,000 crore, and
an offer for sale aggregating to ₹907.27 crore by certain selling shareholders.
The equity shares of Shadowfax Technologies Limited were listed on BSE Limited and the National Stock Exchange of India Limited on January 28, 2026.
Legal Advisors
Cyril Amarchand Mangaldas – Legal Counsel to Shadowfax Technologies Limited (Issuer) advised on capital markets structuring, regulatory compliance, offer documentation and execution of the public issue.
Transaction Team :
Manshoor Nazki – Partner & Regional Co-Head, Capital Markets (South)
Amitpal Singh – Principal Associate
Sravya Surapaneni – Senior Associate
Surya Rajkumar – Associate
Bhaskar Kumar – Associate
Dhruv Sharma – Associate
Khadri Mohammed – Associate
Advisory to IFC:
Aashima Johur – Partner
- Srabanee Ghosh – Partner
Radhika Shukla – Senior Associate
Rishi Nandkeolyar – Associate
Abhinav Singh Chauhan – Associate
Shardul Amarchand Mangaldas & Co – Legal Counsel to Selling Shareholders in the IPO, including Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Mirae Asset, Qualcomm, and International Finance Corporation, assisted with the offer for sale, shareholder documentation, regulatory coordination and transaction execution for the exiting investors.
Transaction Team:
Nikhil Naredi, Partner
Manjari Tyagi, Partner
Tarun Srikanth, Principal Associate
Jheel Bhargava, Senior Associate
Deeksha Dhingra, Associate
JSA Advocates & Solicitors — Legal Counsel to the Book Running Lead Managers, assisted with due diligence, drafting of offer documents and compliance with SEBI and stock exchange regulations.
Transaction Team:
- Arka Mookerjee – Partner (Team Lead)
- Pracheta Bhattacharya – Partner
- Sourav Modi – Principal Associate
- Kairav Parikh – Principal Associate
- Vatsla Varandani – Senior Associate
- Jeebitesh Bhattacharya – Associate
- Aditya Shendye – Associate
- Shreya Sharma – Associate
- Palak Karundia – Associate
- Ritu R Jaiswal – Associate
- Sharad Panwar – Associate
Linklaters — International Legal Counsel to the Book Running Lead Managers
Transaction Team:
Amit Singh, Partner
- Joseph Wolpin, Counsel
- Kundhavi Suresh Kumar, Managing Associate
Why This IPO Matters
Shadowfax’s ₹1,907 crore IPO represents one of the most significant listings in India’s logistics and last-mile delivery sector. The transaction enabled partial exits for marquee global investors while providing the company with fresh capital to strengthen its technology stack, delivery infrastructure and national footprint amid accelerating demand from e-commerce and quick-commerce platforms.
About Shadowfax
Founded in 2015, Shadowfax operates a technology-enabled logistics and last-mile delivery platform serving clients across e-commerce, quick commerce, food delivery and hyperlocal logistics. The company has built a pan-India delivery network supported by data-driven routing, real-time tracking and scalable fleet management infrastructure.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
