Hyperlocal logistics provider Shadowfax has received approval of markets regulator Securities and Exchange Board of India (Sebi) for its initial public offering.
Documents on the regulator’s website showed that the company received observations on the pre-filing for its IPO during the week ended October 10. In Sebi’s parlance, issuing observations amounts to approval for an issue.
Shadowfax, backed by ecommerce major Flipkart, confidentially filed the draft red herring prospectus (DRHP) for its IPO, to gauge investor interest and finetune its IPO plans without immediately disclosing financials and other sensitive business information. With its pre-filing cleared, the company is expected to file an updated DRHP (URDHP) in the coming days.
ET had first reported on June 27 that the Flipkart-backed company was on the verge of filing papers for its Rs 2,000–2,500 crore IPO, of which about half is expected to be in the form of a primary issue.
Most of the Rs 1,000–1,100 crore to be raised from the primary share sale is expected to be invested in bulking up the company's quick-delivery offerings. “The company has been seeing massive traction emerging from quick deliveries…and its economics have also been improving,” a person in the know had told ET earlier.
In fiscal year 2024, Shadowfax clocked around Rs 1,885 crore in operating revenue, up 33% from the previous year, and turned operationally profitable. It reported a net loss of Rs 12 crore for FY24, down 92% year-on-year, but posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 23 crore.
Shadowfax is on a long list of new-age companies looking to go public, along with PhysicsWallah, Boat, Shiprocket, Groww, Pine Labs, Wakefit, Curefoods, Meesho and Lenskart. Urban Company and Capillary Technologies recently listed on Indian exchanges.
Also Read: Startups aim to raise over Rs 18,000 crore via IPOs in major D-Street push
Documents on the regulator’s website showed that the company received observations on the pre-filing for its IPO during the week ended October 10. In Sebi’s parlance, issuing observations amounts to approval for an issue.
Shadowfax, backed by ecommerce major Flipkart, confidentially filed the draft red herring prospectus (DRHP) for its IPO, to gauge investor interest and finetune its IPO plans without immediately disclosing financials and other sensitive business information. With its pre-filing cleared, the company is expected to file an updated DRHP (URDHP) in the coming days.
ET had first reported on June 27 that the Flipkart-backed company was on the verge of filing papers for its Rs 2,000–2,500 crore IPO, of which about half is expected to be in the form of a primary issue.
Most of the Rs 1,000–1,100 crore to be raised from the primary share sale is expected to be invested in bulking up the company's quick-delivery offerings. “The company has been seeing massive traction emerging from quick deliveries…and its economics have also been improving,” a person in the know had told ET earlier.
In fiscal year 2024, Shadowfax clocked around Rs 1,885 crore in operating revenue, up 33% from the previous year, and turned operationally profitable. It reported a net loss of Rs 12 crore for FY24, down 92% year-on-year, but posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 23 crore.
Shadowfax is on a long list of new-age companies looking to go public, along with PhysicsWallah, Boat, Shiprocket, Groww, Pine Labs, Wakefit, Curefoods, Meesho and Lenskart. Urban Company and Capillary Technologies recently listed on Indian exchanges.
Also Read: Startups aim to raise over Rs 18,000 crore via IPOs in major D-Street push
