Shadowfax files confidential prospectus for its IPO
Hyperlocal logistics player Shadowfax has filed the draft red herring prospectus for its initial public offering ( IPO) with markets regulator Sebi, taking the confidential route, according to a newspaper advertisement by the company.
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.
By filing confidentially, the firm can gauge investor interest and finetune its IPO plans without immediately disclosing financials and other sensitive business information.
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.
With the filing done, Shadowfax joins a long list of new-age companies that have submitted their draft papers to the markets regulator. The others are PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Capillary Technologies, Pine Labs, Wakefit and Curefoods. Meesho and Lenskart are also expected to file their papers soon.
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.
By filing confidentially, the firm can gauge investor interest and finetune its IPO plans without immediately disclosing financials and other sensitive business information.
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.
With the filing done, Shadowfax joins a long list of new-age companies that have submitted their draft papers to the markets regulator. The others are PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Capillary Technologies, Pine Labs, Wakefit and Curefoods. Meesho and Lenskart are also expected to file their papers soon.
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