Shadowfax, a logistics startup, has chosen JM Financial, Morgan Stanley, and ICICI Securities as the lead bankers for its upcoming initial public offering (IPO) in the second half of 2025.

The IPO is expected to raise around Rs 2,500 crore ($295 million), with estimates ranging from Rs 2,000 crore ($235 million) to Rs 3,000 crore ($350 million) depending on market response.

This decision comes after Shadowfax recently secured Rs 400 crore ($47 million) in funding from Edelweiss Discovery Fund, as well as high-net-worth individuals and family offices.

The company achieved a valuation of Rs 6,000 crore ($705 million) during this funding round and aims to have a slightly higher valuation when it goes public.