Shadowfax files for confidential IPO to raise up to Rs 2,500 crore

New Delhi: Flipkart-backed logistics firm Shadowfax has filed its draft red herring prospectus (DRHP) under the confidential route, with plans to raise Rs 2,000–2,500 crore through an initial public offering (IPO). The move comes as more startups prepare to enter the public markets in the coming months.

In the past two weeks, Pine Labs, Wakefit and Curefoods have submitted their DRHPs through the regular route. Together, the three companies are seeking nearly Rs 4,000 crore in primary capital to fund their next phase of business.

Though the exact breakdown of Shadowfax’s IPO between primary share sale and offer for sale is not known, it is expected to be roughly equal. This would mean Shadowfax could raise an estimated Rs 1,000–1,500 crore in fresh capital, adding to the total funds new-age firms are trying to raise through public offerings.

Other internet-first companies such as Meesho and Lenskart are also likely to file their draft documents in the coming weeks. According to a report by Moneycontrol, both are planning to raise around $1 billion (Rs 8,500 crore) each and are expected to file confidentially.

Unlike Pine Labs, Wakefit and Curefoods, which chose the regular filing route, Shadowfax has opted for a confidential filing. This path allows companies to test investor sentiment and market conditions while keeping business information private from competitors such as Delhivery and Ekart.

Shadowfax joins a growing list of startups, including Groww, PhysicsWallah and Shiprocket, that have used the confidential filing method as they prepare for potential listings.