Shadowfax Board Approves ₹2,000 Cr Equity Raise and Appoints Three Directors Ahead of IPO
The equity mandate equips Shadowfax to pursue a ₹2,000–2,500 crore IPO with a refreshed governance structure
Overview
- Shadowfax’s board approved a fresh equity issue of ₹1,000 crore and a ₹1,000 crore offer for sale, pending shareholder consent.
- The company confidentially filed its draft red herring prospectus with SEBI earlier this month seeking ₹2,000–2,500 crore in its initial public offering, with roughly half expected through new share issuance.
- Two senior executives, Praharsh Chandra and Gaurav Jaithlia, were appointed as whole-time directors and former Punjab DGP Dinkar Gupta joined as an independent director.
- Shadowfax counts Flipkart, TPG Capital, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Partners among its marquee backers ahead of the IPO.
- The logistics provider narrowed its FY24 net loss to ₹11.8 crore from ₹142.6 crore and grew revenue 33% to ₹1,884.8 crore, strengthening its IPO valuation case.