Logistics company Shadowfax eyes Rs 3,000 crore IPO

Mumbai: Flipkart-backed ecommerce logistics firm Shadowfax Technologies plans to enter the primary market with an initial public offering to raise about Rs2,500-3,000 crore, said people in the know

The promoters and private equity investors have started initial discussions with merchant bankers for the IPO, and are seeking a valuation of Rs5,000-8,000 crore for the company, they said.

In February, Shadowfax raised about $50 million in a Series E round from TPG NewQuest and existing investors Venture Investments (India), Flipkart and IFC at a valuation of Rs3,000 crore ($355 million). It has raised about $230 million in total so far.