India, Jan. 12 -- Logistics startup Shadowfax is reportedly set to open its initial public offering (IPO) next week. The company would be aiming for an IPO valuation of around INR 7,400 Cr (about $890 Mn), lower than earlier estimates of about INR 8,500 Cr (about $1 Bn).

As per PTI, the company's IPO size would be pegged at INR 1,900 Cr. This includes a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) of INR 900 Cr by existing shareholders. This would translate to a small cut from the proposed IPO size in the company's updated DRHP, which outlined an IPO size of INR 2,000 Cr. The proposed DRHP highlighted equal parts of both fresh issue of shares and OFS components.

As part of the OFS, investors such as Flipkart, Eig...