Logistics startup Shadowfax converts to public entity in run-up to IPO

Shadowfax has appointed ICICI Securities, JM Financial and Morgan Stanley as the bankers for its public offering. In 2023-24, Shadowfax swung to Ebitda profitability with an operating profit of Rs 23 crore. The Bengaluru-based firm reported a 33% increase in operating revenue to Rs 1,884 crore, while cutting down its net loss by 92% to Rs 12 crore.