Shadowfax IPO may deliver strong gains for founders, Flipkart, early backers

Early investors and promoters of Shadowfax Technologies Ltd are in for a big payday as the logistics startup gets ready for its IPO. The company has announced a price band of ₹118–₹124 per share, which values Shadowfax at nearly ₹7,169 crore at the upper end.

The biggest winners are the company’s promoters — Abhishek Bansal (MD & CEO) and Vaibhav Khandelwal (Whole-Time Director & CTO) — who together own over 19% of the company. Based on the IPO price band, both are looking at returns of more than 17 times their original investment.

Abhishek Bansal owns 5.43 crore shares, bought at an average price of just ₹6.87 per share. His holding, which was once worth about ₹37 crore, is now valued at over ₹674 crore at the top IPO price — a gain of roughly 1,700%.

Vaibhav Khandelwal holds 4.23 crore shares. His stake, earlier valued at around ₹28 crore, has now jumped to more than ₹524 crore, delivering returns of nearly 1,760%.

Large investors are also seeing strong gains. Walmart-owned Flipkart, which holds 7.49 crore shares, has seen the value of its investment rise from ₹328 crore earlier to over ₹929 crore at the upper IPO price. Similarly, Eight Roads Investments Mauritius, with 7.15 crore shares, has watched its stake grow dramatically — from ₹85 crore to around ₹886 crore.

Overall, the numbers highlight how early belief in Shadowfax has turned into massive wealth creation ahead of its public listing.