Third-party logistics provider Shadowfax’s upcoming initial public offering (IPO) will see several of its institutional and individual investors partially exit their holdings, according to its updated draft red herring prospectus (DRHP). The company plans to raise up to Rs 2,000 crore, of which Rs 1,000 crore will be through a fresh issue of shares and the rest via the offer-for-sale (OFS).

Shadowfax’s largest shareholder, Flipkart , which holds a 14.8% stake in the company, will be the largest seller, looking to sell up to Rs 237 crore worth of shares. Flipkart had initially invested in Shadowfax in 2019 as part of its $60 million Series D round and continued to double down in subsequent funding rounds.

Besides Flipkart, one of the company’s early backers, Fidelity-backed Eight Road

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