India, July 24 -- Logistics major Shadowfax's board has approved raising up to INR 2,000 Cr ($231.8 Mn) via a fresh issue in its initial public offering (IPO).

According to the startup's MCA filing, the board gave its nod for the IPO on June 24. The decision would be subject to the approval of the shareholders of the company.

The IPO will comprise a fresh issue of equity shares worth INR 1,000 Cr and an offer for sale (OFS) worth INR 1,000 Cr, allowing existing investors to offload shares, the filing added.

Inc42 has reached out to Shadowfax for comments on the development. The story will be updated based on their response.

Entrackr has reported the development first.

Earlier this month, Shadowfax filed its draft red herring prospect...