Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas & Co (SAM) and JSA advise on Shadowfax Technologies’ ₹19,072.69 million IPO.
The IPO comprised a fresh issue of ₹10,000 million and an offer for sale of ₹9,072.69 million by selling shareholders, including International Finance Corporation, Flipkart, Eight Roads and other institutional investors. The equity shares were listed on BSE Limited and the National Stock Exchange of India Limited on January 28, 2026.
The book running lead managers of this IPO were ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited.
Cyril Amarchand Mangaldas acted as Indian legal counsel to Shadowfax Technologies Limited. The Firm also advised International Finance Corporation for its participation in the offer for sale component of the initial public offering, comprising 5,286,212 equity shares aggregating to INR 655.49 million.
The transaction team who advised the company included Partner Manshoor Nazki (Regional Co-Head – Capital Markets, South), assisted by Principal Associate Amitpal Singh, Senior Associate Sravya Surapaneni, and Associates Surya Rajkumar, Bhaskar Kumar, Dhruv Sharma, and Khadri Mohammed.
The capital markets team advising International Finance Corporation included Partner Aashima Johur, assisted by Associates Rishi Nandkeolyar and Abhinav Singh Chauhan.
The corporate team advising International Finance Corporation included Partner Srabanee Ghosh, assisted by Senior Associate Radhika Shukla.
Shardul Amarchand Mangaldas & Co advised the investor selling shareholders, including Flipkart Internet Private Limited, Eight Roads Investments Mauritius II Limited, NewQuest Asia Fund IV (Singapore) Pte. Ltd., Nokia Growth Partners IV, L.P., Mirae Asset funds, Qualcomm Asia Pacific Pte. Ltd. And other investors, on the offer for sale component of the IPO.
The transaction team at Shardul Amarchand Mangaldas & Co was led by Partners Nikhil Naredi and Manjari Tyagi, assisted by Principal Associate Tarun Srikanth, Senior Associate Jheel Bhargava and Associate Deeksha Dhingra.
JSA Advocates & Solicitors advised the book-running lead managers.
The capital markets team at JSA was led by Partner Arka Mookerjee and Partner Pracheta Bhattacharya, assisted by Principal Associates Sourav Modi and Kairav Parikh, Senior Associate Vatsla Varandani, and Associates Jeebitesh Bhattacharya, Aditya Shendye, Shreya Sharma, Palak Karundia, Ritu R. Jaiswal and Sharad Panwar.
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