Eight Roads, Flipkart and IMM India Fund plan to sell up to 9% in Shadowfax

Eight Roads Investments, Flipkart and IMM India Fund are looking to sell up to 9% of logistics firm Shadowfax through block deals valued at about Rs 1,048 crore. The proposed sale follows the expiry of the six-month pre-IPO lock-in period for major investors.

— Source publishedFri, 24 Jul, 2026, 07:25 IST·First seen Fri, 24 Jul, 2026, 07:48 IST·Source Times of India · Business

What happened

Eight Roads Investments, Flipkart and IMM India Fund plan to sell up to 9% of Indian logistics firm Shadowfax via block deals worth about Rs 1,048 crore. The

Key facts

  • Up to 9% stake
  • Around $108 million (Rs 1,048 crore)
  • Floor price: Rs 197 per share
  • 9.8% discount to Rs 218.6 closing price
  • Flipkart stake: about 7.3%
  • Eight Roads stake: nearly 10%

Why this matters

The secondary sale gives Shadowfax an opportunity to refresh its cap table and assess strategic investor interest after its pre-IPO lock-in expiry.

What to watch

  • Final number of shares sold, realized clearing price, and discount or premium to the prevailing market reference.
  • Whether the full 9% stake is placed or the offering is cut back.
  • Identity and concentration of incoming institutional buyers versus strategic or crossover investors.
  • Subsequent secondary-sale filings or stake reductions by other large shareholders.
  • Shadowfax operating updates on volumes, unit economics, customer concentration, and profitability.
  • Any renewed IPO, pre-IPO funding, or governance disclosures following the shareholder transition.
  • Investors and bookrunners are likely to test institutional demand and finalize the block size, allocation mix, and clearing price around or below the Rs 197 floor.
  • Shadowfax may emphasize shipment growth, profitability trajectory, merchant mix, and exposure to e-commerce/quick-commerce delivery to support valuation confidence.
  • Other pre-IPO shareholders may reassess exit timing now that the lock-in has expired, creating the possibility of follow-on secondary placements.
  • Competing last-mile logistics firms may use the transaction valuation as a benchmark for fundraising, employee-option pricing, and IPO preparation.