Shardul Amarchand Mangaldas & Co. advises Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Mirae Asset and Qualcomm on the ₹19,072.69 million IPO of Shadowfax Technologies Limited

January 29, 2026

Shardul Amarchand Mangaldas & Co. acted as the legal counsel to Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Mirae Asset and Qualcomm on the initial public offering of equity shares by Shadowfax Technologies Limited (“Issuer”).

The IPO aggregated to ₹19,072.69 million (approximately USD 208.01 million) and comprised a fresh issue of equity shares by the Issuer aggregating to ₹10,000.00 million and an offer for sale of equity shares aggregating to ₹9,072.69 million by the selling shareholders, i.e., 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 – Naver New Growth Fund I, Mirae Asset – GS Retail New Growth Fund I, Qualcomm Asia Pacific Pte. Ltd., and International Finance Corporation.

The equity shares of the Issuer were listed on BSE Limited and National Stock Exchange of India Limited on January 28, 2026.

The SAM transaction team was led by Nikhil Naredi, Partner, and Manjari Tyagi, Partner, and comprised Tarun Srikanth, Principal Associate; Jheel Bhargava, Senior Associate; and Deeksha Dhingra, Associate.