Flipkart-backed Shadowfax receives SEBI nod for IPO

Logistics startup Shadowfax has received approval from the Securities and Exchange Board of India (SEBI) to launch its Rs 2,500 crore initial public offering (IPO).

The initial public offer (IPO) will comprise of both fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital.

This development comes after nearly three months since the company filed its DRHP via the confidential route.

Shadowfax is reportedly targeting a post-issue valuation of around Rs 8,500 crore. The…