India’s logistics firm Shadowfax saw its shares fall 9% on debut, dropping from 124 rupee (US$1.35) to 112.60 rupee (US$1.22).

This valued the company at around 64.7 billion rupee (US$706.6 million).

The Bengaluru-based company raised about 19.1 billion rupee (US$208.2 million) through its IPO, which was nearly three times oversubscribed.

Founded in 2015, Shadowfax provides last-mile and intra-city delivery services.

Around 74% of its revenue comes from clients including Flipkart, Meesho, Zepto, and Zomato.

The company reported revenue of 18.1 billion (US$196.6 million) for the six months ending September 2025, up 68% year-on-year, with net profit of ₹210 million (US$2.3 million).

IPO proceeds will fund infrastructure expansion and other corporate needs.

🔗 Source: TechCrunch

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