Shadowfax files for Rs 2,500 crore IPO through confidential route
The Flipkart and TPG backed logistics startup which was last valued at $712 million or about Rs 6,000 crore is eyeing an IPO valuation of about Rs 8,500 crore.
Startups are rushing to Dalal Street after a recovery in stock markets opened up the IPO window for companies. Over the past few days, Pine Labs, Wakefit and Curefoods filed draft IPO papers with SEBI with many more in the queue. Meesho, for instance, has already secured shareholder nod to file for IPO and is expected to go through the confidential route.
The trend of confidential IPO filings has picked up pace among startups as it allows them to keep their business metrics private in a competitive market.
'The renewed buoyancy in secondary markets on the back of the easing geopolitical tensions is leading to this (IPO) resurgence. Investors, should, however, keep in mind that a flurry of issues also quite often pushes through IPOs of companies which come to market at valuations that are unreasonable and end up struggling post listing.
by Taboola
by Taboola
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They must be discerning to assess the quality of the business and valuations at IPO,' said an investment banker.
Shadowfax plans to deploy the IPO proceeds to expand capacity and boost growth. E-commerce segment accounts for the bulk of the startup's business. The company joins a batch of startups including PhysicsWallah, Urban Company, Groww and Meesho that are eyeing a public listing by this financial year.
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