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Tag: DRHP

  • Canara HSBC Life Insurance IPO Dates Announced: Check Opening & Closing Schedule

    On October 10, Canara HSBC Life Insurance Company will make its first public offering. On October 14, the initial public offering (IPO), which would be an offer-for-sale (OFS) of 23.75 crore shares, will close. A day before the debut, the company will provide anchor investors a portion of the IPO shares.

    Soon, the price range that has been approved by regulators to start the public offering will be revealed. Promoters Canara Bank and HSBC Insurance will sell off a portion of their holdings under the OFS, while investor PNB will also sell its shares.

    Financial Dynamics of Canara HSBC Life Insurance

    From INR 91.2 crore in fiscal 2023 to Rs 117 crore in fiscal 2025, the profit after tax grew at a compound annual growth rate (CAGR) of 13.26%. It was INR 23.4 crore in the three months that ended in June 2025. Additionally, as of FY25, the embedded value had grown from INR 4272 crore at the end of FY23 to Rs 6111 crore. With a solvency ratio of 200.42% as of June 2025, beyond the required threshold of 150%, Canara HSBC is financially well-capitalised.

    As evidence of its broad reach and the trust that clients have in us for their life insurance needs, the company has so far covered 10.51 million lives. The issue’s book running lead managers are SBI Capital Markets, BNP Paribas, HSBC Securities and Capital Markets (India), JM Financial, and Motilal Oswal Investment Advisors.

    About Canara HSBC Life Insurance and its Operations

    Promoted by Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, a part of the Hongkong and Shanghai Banking Corporation Ltd (HSBC) group, and Punjab National Bank (PNB), another state-owned lender, Canara HSBC Life Insurance Company is a three-way partnership.

    As of March 31, 2024, the business ranked third among led life insurers promoted by the public sector in terms of assets under management (AUM). Canara HSBC Life Insurance Company was founded in 2007 and has since developed into a major bank-led private participant in the Indian life insurance market.

    According to the number of lives covered for Fiscal 2024, it is the second-largest public sector bank-led life insurer in India. According to the insurer’s DRHP, the company’s Annualised Premium Equivalent (APE) has continuously increased, reflecting efforts to broaden its offerings and boost its market presence.

    Quick Shots

    •IPO Dates: Opens on October 10, 2025; closes on
    October 14, 2025.

    •Offer Type: Offer-for-sale (OFS) of 23.75 crore
    shares.

    •Anchor Investors: Allocated shares a day before the
    IPO debut.

    •Price Range: To be announced soon after regulatory
    approval.

    •Promoters Selling Shares: Canara Bank, HSBC
    Insurance, and PNB.

  • WeWork India to Launch INR 3,000 Crore IPO on October 3: Key Details and What to Expect

    According to various media reports, WeWork India, a prominent co-working company, is preparing to conduct its initial public offering (IPO) on October 3. With an estimated price range of INR 615 to INR 648 per share of face value INR 10 each, the issue size is estimated to be close to INR 3,000 crore.. The red herring prospectus (RHP) states that the issue will close on October 7 and that anchor investor bidding will start for one day on October 1.

    The planned IPO is only an Offer for Sale (OFS) of up to 4.63 crore equity shares, according to the draft documents. Shares will be sold by investor 1, Ariel Way Tenant Ltd (a division of WeWork Global), and promoter group company Embassy Buildcon LLP. The listing will not generate any revenue for WeWork India since the issue is an OFS. Currently, WeWork Global owns 23.45% of WeWork India, while Embassy Group owns roughly 76.21%.

    WeWork India Aims to Benefit From Going Public

    WeWork India was founded in 2017 and is run under an exclusive license of the “WeWork” name in India. It is supported by the Embassy Group, a significant real estate company based in Bengaluru. The goal of the offer, according to WeWork India’s draft documents, is to reap the rewards of listing its equity shares on stock exchanges.

    The company anticipates that the listing will increase visibility, give current shareholders liquidity, and create a public market for its stock in India. WeWork Global collected INR 500 crore through a rights issue in January 2024, mainly to fund expansion and decrease debt, after investing $100 million in 2021.

    Major tier 1 cities such as Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Delhi, and Chennai are home to WeWork India’s activities. With a desk capacity of 1.03 lakh, it now oversees 77 lakh square feet of area, of which 70 lakh square feet are used for operations. Over 500 people work for the company. WeWork India is anticipated to make its stock exchange debut on October 10th, with the initial public offering (IPO) taking place in early October.

    Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025.

    Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.

    In the near future, startups like SoftBank-backed OfBusiness and contract maker Zetwek hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025.

    This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.

    With solid institutional support and a broad range of digital payment and issuance tools designed for India’s quickly digitising commerce sector, Pine Labs’ initial public offering (IPO) is anticipated to be a notable fintech listing in 2025.

    Quick
    Shots

    •Anchor bidding will be held for one
    day on October 1, 2025.

    •WeWork Global holds 23.45%, Embassy
    Group holds 76.21% of WeWork India.

    •Listing aims to enhance visibility,
    provide liquidity to existing shareholders, and create a public market for
    its stock.

    •WeWork India operates across major
    Tier-1 cities with a 1.03 lakh desk capacity and 77 lakh sq. ft. under
    management.

  • Tata Capital Set to Launch 2025’s Biggest IPO from October 6-8: All You Need to Know

    The Tata Group’s premier financial services company, Tata Capital, moved one step closer to its massive initial public offering (IPO) on September 26 when it submitted its red herring prospectus to the bourses and Sebi.

    According to an exchange disclosure, the offer includes a new issue of up to 210,000,000 equity shares with a face value of INR 10 apiece as well as an offer for sale of up to 265,824,280 equity shares by specific company selling shareholders. Additionally, the disclosure stated that the offer or bid will open on October 6, 2025, and finish on October 8, 2025. October 3, 2025, will be the day of the anchor investor bidding.

    Tata Group Aiming for Post-Money Equity Valuation of $16.5 Bn

    Media reports also stated that the combined IPO size (new issue of shares plus OFS by Tata Sons and IFC, or International Finance Corporation) is estimated to be around $1.85 billion, or INR 16,400 crore, with the Tata Group aiming for a post-money equity valuation of approximately $16.5 billion for the big-bang IPO.

     According to the source, insurance behemoth LIC is probably going to place a large wager on this matter, with the anchor segment probably taking place on October 3 and the issue preparing to launch between October 6 and October 8.

    The vast majority of Tata Capital is owned by Tata Sons. According to the draft paperwork, the remaining interest is held by external investors IFC and other group firms, including TMF Holdings Ltd, Tata Investment Corporation, Tata Motors, Tata Chemicals, Tata Power, and others.

    RBI Norm that Needs to be Followed by Tata Capital

    Upper-layer NBFCs like Tata Capital are required by Reserve Bank regulations to list on domestic bourses by September 30. However, the company just obtained a small extension from the banking regulator, according to sources.

    Moneycontrol was the first to announce on April 5 that Tata Capital has submitted draft documents for an IPO of over INR 15,000 crore to SEBI under the private pre-filing process. Numerous media outlets also stated earlier on March 21 that the top NBCF had hired ten investment banks to serve as consultants for the massive listing and was probably going to use the confident pre-filing approach.

    According to the reports, the following companies were involved: Kotak Mahindra Capital, Citi, Axis Capital, JP Morgan, HSBC Securities, ICICI Securities, IIFL Capital, BNP Paribas, SBI Capital, and HDFC Bank.

    Quick
    Shots

    •Tata Group aims for a post-money
    equity valuation of ~$16.5 billion.

    •New issue of 210 million shares and
    OFS of 265.82 million shares by Tata Sons and IFC.

    •Life Insurance Corporation expected
    to be a major anchor investor.

    •Majority held by Tata Sons, with
    stakes from IFC and group companies like Tata Motors, Tata Power, Tata Chemicals,
    etc.

  • Urban Company IPO Opens on September 10: Price Band, Dates, GMP, and Key Investor Details

    The promoters of Urban Company and notable investors like Accel India, Elevation Capital, Bessemer India, VY Capital, and Tiger Global have seen a significant increase in the value of their holdings since the company revealed that the price range for its next public offering would be INR 98–103 per share. Opening on 10 September and closing on 12 September, the IPO aims to raise around INR 1,900 crore.

    Promoter and Investor Gains

    Around 9.77 crore shares, purchased at minimal cost, are held by promoters Abhiraj Singh Bhal, Chairperson, Managing Director, and Chief Executive Officer; Raghav Chandra, Executive Director, and Chief Technology and Product Officer; and Varun Khaitan, Executive Director, and Chief Operating Officer. Their respective holdings are now worth little more than INR 1,000 crore apiece, a more than 10,000-fold increase in value.

    Private Equity Investors to Reap Gains

    Accel India IV, which holds 14.52 lakh shares that were bought at an average price of INR 3.77, has seen the value of its holding increase from INR 55 crore to approximately INR 1,500 crore, a huge gain of more than 26 times. Private equity investors are also expected to make significant returns.

    With 9.47 crore shares purchased at INR 7.14, Bessemer India Capital Holdings has increased its investment by approximately 13 times, from INR 68 crore to INR 976 crore. Formerly SAIF Partners, Elevation Capital now owns 15.9 crore shares that were purchased at INR 5.39, increasing in value by roughly 18 times from INR 85.7 crore to INR 1,638 crore.

    The value of the stake has increased by 67%, from INR 375 crore to Rs 627 crore, after Internet Fund bought 6.08 crore shares at INR 61.65. With 13.46 lakh shares purchased at INR 20.40, VYC11 has seen a 400% increase in value, going from INR 275 crore to INR 1,386 crore.

    Urban Company’s Business Model & Expansion

    The largest tech-enabled home services marketplace in India was established in 2014 and is based in Gurugram. It operates in 51 locations around India, the United Arab Emirates, and Singapore.

    Cleaning, pest control, plumbing, electrical work, beauty and wellness services, and appliance repair are all included in Urban Company’s repertoire. Under its “Native” brand, the company has expanded into residential solutions during the last two years, launching items like electronic door locks and water purifiers.

    The IPO’s proceeds will be used for marketing costs, office lease payments, cloud and technology infrastructure, and other general business needs. In the quarter that ended in June 2025, Urban Company reported a net profit of INR 6.9 crore, which was 45% less than the INR 12.6 crore it made in the same quarter the previous year.

    A joint venture loss of INR 8.6 crore, poor operating metrics, and increased expenses were the causes of the decline. EBITDA loss increased to INR 4.8 crore from INR 3.36 crore, while revenue increased 30.8% year over year to INR 367.3 crore from INR 280.9 crore.


    Quick Shots

    •IPO
    seeks to raise around INR 1,900 crore.

    •Each
    founder’s stake now worth over INR 1,000 crore, marking a 10,000x+ gain.

    •IPO
    proceeds to be used for marketing, office leases, cloud infrastructure, and
    general expenses.

    •Q1
    FY26 results: Net profit down 45% YoY to INR 6.9 crore due to JV losses, weak
    metrics & higher costs; revenue up 30.8% YoY to INR 367.3 crore.

     

     

  • SEBI Plans Relaxation of Minimum Shareholding Rules to Boost Market Expansion

    In a consultation paper published on August 18, the Securities and Exchange Board of India (SEBI) suggested expanding the flexibility of minimum public shareholding (MPS) and minimum public offer (MPO) for businesses looking to list with the goal of “simplifying fundraising by issuers in India”.

    Key Highlights from SEBI’s Consultation Paper

     In the paper, SEBI suggested raising the MPO for businesses that are getting close to listing, increasing the MPS after listing, and extending the timeframes to accomplish the latter.

    Post-issue market capitalisation (m-cap) threshold buckets should be changed to INR 4,000 crore to INR 50,000 crore, INR 50,000 crore to INR 1 lakh crore, INR 100,000 crore to INR 5 lakh crore, and above INR 5 lakh crore, according to the document. It is currently at INR 1 lakh crore, INR 4,000 crore, and much beyond INR 1 lakh crore. Additionally, SEBI has extended the deadline for MPS compliance.

    Proposed Changes in Minimum Public Shareholding (MPS) Rules

    According to SEBI, it is suggested that the current three-year period for meeting the MPS threshold of 25% be extended to five years from the date of listing for issuers having a post-issue market capitalisation of more than INR 50,000 crore but less than or equal to INR 100,000 crore.

    Five years was suggested as the time frame to reach 15% ownership, while ten years was suggested as the time frame to reach 25% post-listing MPS. The capital market regulators also asked for public input on lowering the MPO for buckets from INR 50,000 crore to INR 1 lakh crore.

    According to the Securities Contract Regulations Rules (SCRR), SEBI also stated in the paper that issuers with a post-issue market capitalisation of more than INR 100,000 crore are required to guarantee MPO of INR 5,000 crore and at least 5% of the post-issue share capital. They are also required to increase their public shareholding to at least 10% within two years of the date of listing and then to a minimum of 25% within five years.

    Impact on Large-Cap IPOs in India

    According to SEBI, it might be challenging for big issuers to dilute a sizable shareholding through an IPO since the market might not buy back the shares sold and might deter subsequent listings.

    Additionally, it stated that “requiring a significant dilution of equity to satisfy the MPS requirements right after the IPO may result in an excess of shares in the market, impacting share prices irrespective of the firm’s financial stability.”

    Industry experts feel that this is a welcome proposal for very large market cap companies, as it will reduce requirements to seek ad hoc or one-time SEBI relaxations.

    Quick
    Shots

    •Large-cap issuers (INR 50,000 Cr – IN
    1 Lakh Cr) to get 5 years to reach 25% MPS.

    •15% in 5 years, 25% in 10 years (for
    mega-cap issuers).

    •Encourages more big-ticket listings
    in India.

    •Reduces need for case-by-case SEBI
    exemptions.

  • Captain Fresh Files Confidential Papers for $400 Million IPO in India

    According to various media reports, Captain Fresh, a B2B seafood firm, has pre-filed its DRHP for a $400 million (about INR 3,400 crore) IPO through the secret route. As per reports, the IPO will include an offer for sale of $150 million to $200 million (about INR 1,300 crore to INR 1,700 crore) and a new issue of $200 million.

    CNBC TV18 was the first to report the news. Captain Fresh made money in FY25 before submitting the private IPO documents. According to the sources, the firm made INR 40 Cr in net profit throughout the year on INR 3,200 Cr in revenue.

    FY25 Financial Performance

    In FY25, EBITDA was INR 120 Cr. In FY24, it reported INR 1,395 Cr in revenue and INR 229 Cr in loss. Captain Fresh is a tech-led fish supply chain platform that was founded in 2020 by Utham Gowda. In addition to foreign markets like the US, the Middle East, and Europe, it offers its products in India.

    Pre-IPO Funding and Investors

    Gowda stated earlier this year that the business planned to go public by the end of 2025. In June of this year, Captain Fresh became a public company as part of its preparations for a public offering.

    Earlier this year, Captain Fresh raised INR 250 Cr in a pre-IPO investment round from investors including India Equity Partners chairman Sid Khanna, Swiggy founder Sriharsha Majety, and Prosus Ventures, Accel, and Tiger Global Management.

    Global Expansion and Risks

    Gowda told a media outlet in January that the US accounts for about 60% of Captain Fresh’s demand, with Europe coming in second.  Just 2-3% of its products are supplied to India, while fewer than 5% are supplied to the Middle East. Given that Washington has placed a 25% tariff on Indian exports and plans to slap an extra 25% duty later this month, this strong reliance on the US may provide difficulties in the near future. In the US, the startup provides services to between 500 and 1,000 distributors.

    IPO Utilization Plans

    The IPO would support inorganic expansion through acquisitions in the US and Europe, where Captain Fresh has already acquired seafood brands, Gowda told a media outlet.

    Although it is primarily B2B at the moment, he also alluded to potential B2C growth in affluent Western markets if supply chain efficiencies are solidified.

    In contrast, the firm recorded operating revenue of INR 1,395 Cr in FY24, which was 71% higher than the INR 817 Cr the year before. In the meantime, its net loss decreased from INR 294 Cr in FY23 to INR 229 Cr.

    Quick
    Shots

    •Captain Fresh, B2B seafood startup,
    has confidentially pre-filed DRHP for a $400 million.

    •Primarily B2B, but exploring B2C
    opportunities in Western markets.

    •US contributes around 60% of demand,
    followed by Europe.

    •Services 500–1,000 US distributors.

  • Tata Capital Files for IPO: Tata Sons-Backed NBFC Plans Major Market Debut

    In order to acquire money through an initial public offering (IPO), Tata Capital, the main financial services provider for the Tata Group, has submitted draft documents to SEBI, the capital markets regulator. The IPO’s entire offer size is 47.58 crore shares, of which 21 crore will be issued as new shares and the remaining 26.58 crore will be sold by current owners.

    Tata Sons and IFC to Offload Shares in IPO

    In order to reduce its interest below 75%, Tata Sons intends to sell up to 23 crore shares in the offering. The sale of up to 3.58 crore shares is what the International Finance Corporation is proposing.

    The price range for the Tata Sons-backed NBFC has not yet been disclosed. On a fully diluted basis, Tata Sons now holds an 88.6% ownership in the NBFC, with the remaining 7% coming from other Tata Group firms.

    Utilization of IPO Proceeds: Lending and Expansion

    Future capital needs of the business, including further lending, will be covered by the proceeds of the new issue. Additionally, offer expenditures will be covered by a part of the new issue’s revenues. Tata Capital is the third-largest NBFC in terms of loan book size, with an overall AUM of INR 2.27 lakh crore.

    IPO Triggered by RBI Regulation for Systemically Important NBFCs

    With 1,496 locations around India, it is one of the largest and most diverse NBFCs with the quickest rate of growth. Private equity, wealth management, and the distribution of third-party goods are some of its other ventures. Tata Capital has received INR 6,000 crore in capital infusions over the past six years, with INR 2,000 crore and INR 500 crore coming in FY24 and FY23, respectively. A regulatory mandate is driving the initial public offering (IPO).

    Tata Capital must go public within three years after being designated as an upper-layer systemically important NBFC by the Reserve Bank of India in September 2022. This September marks the end of that deadline. The offering’s bookrunning lead managers include Citigroup Global Markets, BNP Paribas, and Kotak Mahindra Capital.

    IPO Momentum in India: Tech Firms Line Up for Listings in 2025

    In the first half of 2025, the IPO pace was slowed by global tensions and the tariff war that US President Donald Trump started. Because of this, in H1 2025, just two cutting-edge IT companies—ArisInfra and Ather Energy—debuted on the public market.

    Nonetheless, it is anticipated that the number of IPOs will rise significantly in the second half of the year. Wakefit, Pine Labs, Curefoods, Capillary Technologies, Shadowfax, Shiprocket, and Urban Company are among the cutting-edge tech firms that have submitted their draft papers to SEBI and are currently seeking approval to begin their public offerings.

  • AceVector Sets Stage for INR 500 Cr IPO, Files DRHP Soon

    According to reports, AceVector, the parent company of e-commerce site Snapdeal, is getting ready to submit its draft red herring prospectus (DRHP) for an INR 500 Cr IPO. According to a media report, which cited sources, AceVector’s public offering will mostly consist of a new share offering.

    A media report that cited a source in the firm states that CLSA and IIFL are expected to serve as the proposed IPO’s bankers and that the proposed issue will be mostly primary capital. In addition to Snapdeal, AceVector is the parent company of Stellaro Brands, a house of brands platform, and Unicommerce, a listed e-commerce enabling platform.

    In 2022, the three companies were combined under a single group brand. The largest shareholders in the combined business are SoftBank, Nexus Venture Partners, and cofounders Kunal Bahl and Rohit Bansal.

    AceVector’s Ventures and Current Position

    Snapdeal was founded in 2010 and caters to consumers in smaller cities and towns with an emphasis on value e-commerce. Non-metropolitan regions account for more than 80% of Snapdeal’s orders.

    Clothing, home goods, and personal care items make up the great bulk of the products offered on the platform, a value-based shopping site, and most of them cost less than INR 600. On one occasion, though, the platform lost steam and was about to shut down.

    In 2017, Snapdeal seriously considered merging with Flipkart, but the deal fell through. It gradually got back on track with its transition to a value-based e-commerce proposition. According to experts, about 65% of Indian internet buyers would come from Tier-2 and Tier-3 cities by 2030, which is in accordance with Snapdeal’s business strategy.

    A technology platform called Unicommerce offers online retailers a complete solution for handling orders, inventory, shipping, and marketing. The company’s offerings will be expanded after Unicommerce purchased Shipway, a shipping solutions provider, in 2024 after a highly successful initial public offering (IPO) that was oversubscribed 168 times.

    A platform called Stellaro Brands creates reasonably priced consumer brands. The primary brand is Rangita, which specialises in South Indian ethnic clothing sales for women both online and in-store. Through a variety of local and online means, Rangita is currently seeking to increase its presence in additional cities.

    Indian Startups’ IPO Carnival Continues

    AceVector is now the newest IT company to join the IPO trend as a result of this. This year, Ather Energy and ArisInfra have both gone public on stock exchanges. On 17 July, coworking giant Smartworks is anticipated to go public on the stock exchanges.

    Moreover, 19 cutting-edge tech firms, including Groww, Meesho, Urban Company, and others, have submitted their DRHPs for listing with SEBI. The market regulator has given regulatory clearances to a number of them.

    The massive coworking company WeWork India also received SEBI approval yesterday to begin its first public offering (IPO). A few days ago, Smartworks’ public offering ended with a 13.45X oversubscription, with buyers purchasing 13.9 Cr shares instead of the 1.04 Cr available.

    As it prepares for a public offering, meat and seafood firm Captain Fresh became a public corporation last week.

  • Meesho Takes Confidential Route, Files for $1 Billion IPO

    With its DRHP submitted to markets regulator SEBI under the confidential pre-filing procedure, e-commerce giant Meesho has joined the long line of Indian new-age digital businesses seeking to go public.

    According to various media reports, Meesho’s public offering will include a new offering of shares valued at roughly INR 4,250 Cr. Additionally, there would be a large offer for sale component, raising the potential IPO amount to $1 billion (about INR 8,550 Cr).

    This occurs one week after Meesho received approval from its board to fund up to INR 4,250 Cr (about $500 million) through a new public listing issue.

     Meesho, one of the major participants in the Indian e-commerce business and a rival to Amazon and Flipkart, was founded in 2015 by IIT alums Vidit Aatrey and Sanjeev Barnwal. Among its investors are companies like Facebook, Prosus, Elevation Capital, Peak XV Partners, Tiger Global Management, and DST Partners.

    Meesho’s IPO Planning

    For more than two years, the e-commerce company has been preparing for its initial public offering. Cofounder and CEO Aatrey stated in 2022 that Meesho aimed to go public on the stock exchanges within the next 12 to 24 months. It did not, however, move forward with the IPO during that time.

    In December 2024, when Prosus made public an 18-month schedule for the company’s IPO, the IPO discussion resumed. Last month, it also changed its name from Meesho Private Limited to Meesho Limited, becoming a public business.

    The board of the corporation approved the issuance of 411.4 Cr bonus shares at about the same time. Tiger Global, Think Investments, and Mars Growth Capital were among the new investors who joined Meesho’s cap table in January as the company finalised a $250 million to $270 million investment round ahead of filing its DRHP.

    Secondary deals made up the majority of the round. After the National Company Law Tribunal (NCLT) gave its clearance, the company recently moved its headquarters from the USA to India.

    In terms of finances, Meesho was able to reduce its loss from INR 1,675 Cr in FY23 to INR 304.9 Cr in the fiscal year that concluded on March 31, 2024, an 82% reduction. Operating revenue increased from INR 5,734.5 Cr in FY23 to INR 7,614.9 Cr, a 33% increase.

    India’s IPO Trend

    Indian new-age tech companies are lining up in large numbers to submit their draft papers at the same time as Meesho’s submission. In addition to Meesho, four other businesses submitted their DRHPs in the last week.

    But in the first half of 2025, the IPO pace was slowed by global tensions and the tariff war that US President Donald Trump started. Because of this, in H1 2025, just two cutting-edge IT companies—ArisInfra and Ather Energy—debuted on the public market.

    Nonetheless, it is anticipated that the number of IPOs will rise significantly in the second half of the year. Wakefit, Pine Labs, Curefoods, Capillary Technologies, Shadowfax, Shiprocket, and Urban Company are among the cutting-edge tech firms that have submitted their draft papers to SEBI and are currently seeking approval to begin their public offerings.

  • Shadowfax Quietly Gallops Toward IPO, Files Confidential Papers with SEBI

    The Securities and Exchange Board of India (SEBI) has received the draft red herring prospectus (DRHP) from logistics giant Shadowfax for an IPO via private pre-filing process.

    This public announcement is being made in accordance with Regulation 59C(5) of the SEBI ICDR Regulations to notify the public that the company has filed the pre-filed Draft Red Herring Prospectus with SEBI and the stock exchanges.

    The entire filling has been done under Chapter IIA of the SEBI ICDR Regulations with regard to the proposed initial public offering of its equity shares on the main board of the stock exchanges.

    According to media reports, Shadowfax is aiming for a listing for INR 2,000–2,500 Cr, with about 50% of that amount anticipated to be obtained through a new issue, even though the note did not specify the size of the IPO. This development comes three months after it became a public company.

    Shadowfax Likely to Join Other Stalwarts in IPO’s Battleground

    Shadowfax’s move puts it in line with companies such as Aequs, Groww, Shiprocket, boAt, and PhysicsWallah (PW) that have used the confidential filing method to conceal IPO specifics until later in the process.

    The IPO’s principal bankers are Morgan Stanley, JM Financial, and ICICI Securities. Abhishek Bansal and Vaibhav Khandelwal founded Shadowfax in 2015, providing last-mile delivery services to D2C brands and e-commerce platforms. Additionally, it offers value-added services including package exchange, expedited delivery, and reverse logistics.

    Platforms such as Mamaearth, Nykaa, Flipkart, and Meesho are among its customers. According to a media report, Shadowfax was valued at $750 million (about INR 6,518.51 crore) when its co-founders invested INR 65.4 crore in the business earlier in March as part of a larger $50 million investment.

    In addition to the cash, Shadowfax changed its board in February by adding Pirojshaw Sarkari, Ruchira Shukla, and Bijou Kurien as independent directors in accordance with the regulatory requirement.

    IPO and Ongoing Market’s Sentiments

    The announcement of Shadowfax’s IPO coincides with a period of market correction and recovery thus far this year. Although the market correction kept the climate unfavourable for initial public offerings (IPOs) until April, the overall market has since shown an upward trend.

    Despite uncertainty amid major geopolitical shifts (such as the US-induced tariff issue, the India-Pakistan conflict, and the Israel-Iran war), an EY report stated that the global IPO market grew 20% YoY by value, even though Ather and ArisInfra are the only new-age technology companies that have gone public this year thus far.

    According to the research, India’s initial public offering (IPO) industry is still exhibiting resilience, accounting for 22% of worldwide IPO activity in Q1 2025, with 62 IPOs raising a total of $2.8 billion during the quarter.

    Consequently, over 20 cutting-edge tech firms are currently preparing to go public this year. These companies, which include, among others, PhysicsWallah, Zappfresh, BlueStone, boAt, CarDekho, Groww, Meesho, and Flipkart, are now certain in their intentions to submit IPO applications.