Shadowfax Technologies Ltd. on Monday raised Rs 856 crore from large institutions under the anchor round ahead of the launch of its initial public offering. The board allotted 6.9 crore equity shares at Rs 124 apiece, according to a stock exchange filing.
Out of the total allocation, 53% was allotted to nine domestic mutual funds, which applied through a total of 20 schemes. Another 8.18% was allocated to two life insurance companies.
Some of the top investors include Nippon India Mutual Fund (MF), ICICI Prudential MF, JM Financial MF, Motilal Oswal MF, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments and Jupiter India Fund.
Shadowfax's Rs 1,907-crore IPO will be available for subscription from Jan. 20 to 22. The price band has been fixed at Rs 118-124, valuing the company at over Rs 7,100 crore at the higher end. The IPO will comprise a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 907.27 crore by existing shareholders.
As a part of the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV, LP, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal would offload shares.
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The company proposes to utilise proceeds from the fresh issue towards enhancing capacity in terms of network infrastructure, funding of lease payments for new first-mile and last-mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. It is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a service network encompassing 14,758 Indian pin codes as of September 2025.
The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
Shares of Shadowfax are expected to list on Jan. 28 on the NSE and BSE.
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