Shadowfax Technologies filed an updated draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,000 crore through an initial public offering (IPO). The IPO comprises fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore by existing shareholders. 

The firm filed draft papers in late June with markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in October. Following this, companies are required to file an updated DRHP before filing an RHP. 

The company proposes to utilise proceeds from the fresh issue towards funding enhancing capacity in terms of network infrastructure, funding of lease payments for new first mile, last mile, and sort centers, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes. To assist the public offering, ICICI Securities, Morgan Stanley India Company, JM Financial have been appointed as the book-running lead managers to the issue. 

Shadowfax 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.