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Shadowfax IPO opens on January 20; investors set for 2-10X paper gains
New-age logistics company Shadowfax will launch its initial public offering (IPO) on January 20 with a price band of Rs 118-124. At the upper end of the price band, the company will be valued at Rs 7,169 crore on a post-money basis. This is lower than the initial valuation of Rs 8,500-9,000 crore it was targeting.
The company's IPO size has also been reduced to Rs 1,907 crore from Rs 2,000 crore earlier.
Shadowfax is raising Rs 1,000 crore in fresh capital, while Rs 907 crore will be via an offer for sale by investors, including Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Qualcomm Ventures and Mirae Asset.
What investors will make
The company's investors are set to make paper gains ranging from two to ten times if it lists at the upper end of the price band.
Eight Roads Ventures, which was among Shadowfax's earliest backers, is set to make paper gains of more than 10X on its investment of more than 10 years. The investor, which holds a 14% stake in Shadowfax, is selling shares worth Rs 197 crore. Its residual stake will be worth Rs 680-700 crore.
Ecommerce marketplace Flipkart, which first backed Shadowfax in 2022, will see a nearly threefold return on its investment. Flipkart is selling shares worth Rs 400 crore through the secondary portion of the IPO. The company owns a stake of nearly 15% in Shadowfax. Post the IPO, its remaining stake would be worth more than Rs 500 crore.
TPG NewQuest, another large shareholder in Shadowfax with a holding of around 14%, will see a smaller return multiple of around twofold as it entered the Bengaluru-based company's cap table only in 2024. It is selling a small part of its shares in the offer for sale component — worth Rs 45 crore — with its remaining shares being worth Rs 840-850 crore.
Founder stakes
The stakes of Abhishek Bansal and Vaibhav Khandelwal, founders of Shadowfax, who have been tagged as promoters, will be valued at Rs 674 crore and Rs 524 crore, respectively. Bansal, who is the CEO, holds close to 11% of the company, while Khandelwal, the company's CTO, holds a little over 8%.
The other two founders, Praharsh Chandra and Gaurav Jaithlia, will see their stakes valued at Rs 71 crore and Rs 64 crore, respectively.
Following Delhivery's path
Shadowfax will be the second new-age logistics company to go public after its larger rival SoftBank-backed Delhivery made its debut in 2022. Currently, Delhivery is trading with a market capitalisation of Rs 29,500 crore.
Last year, Delhivery bought out the second largest third-party logistics company, Ecom Express, in a fire sale valuing it at around Rs 1,400 crore.
Flipkart gearing up for IPO
Flipkart, which is likely to file its own IPO papers this year, has been offloading its stakes in external investments over the past 8-10 months. It has fully exited its shareholding in trucking aggregator BlackBuck, while also selling its entire stake in Aditya Birla Lifestyle Brands.
Last month, Arvind Fashions said it would buy Flipkart's entire 31.25% stake in its denim-focused unit, which runs the Flying Machine brand.
Source: EconomicTimes
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