Shadowfax Files for Confidential IPO; Binance CEO Urges Clear Crypto Regulations

Flipkart-backed logistics startup Shadowfax has confidentially filed its draft red herring prospectus (DRHP) to raise Rs 2,000-2,500 crore through an initial public offering (IPO). This move comes amid a surge of new-age firms entering the IPO market, with Pine Labs, Wakefit, and Curefoods having already filed their DRHPs in recent weeks. Shadowfax’s IPO is expected to be split equally between primary capital and an offer for sale (OFS).

While Pine Labs, Wakefit, and Curefoods have chosen the normal route for their filings, Shadowfax has opted for the confidential route, providing more flexibility in timing the IPO based on market conditions. Other upcoming IPOs, such as those of Groww, Meesho, and PhysicsWallah, are also expected to follow the confidential route.

Under the confidential route, companies can keep sensitive information private initially, allowing them to gauge market conditions before going public. This approach is becoming increasingly popular among startups looking to navigate volatile market conditions.

Meanwhile, Binance CEO Richard Teng has emphasized the need for clear and supportive crypto regulations during a visit to Bhutan. Teng highlighted that while crypto is borderless, regulation remains a local issue. He noted that only about one-third of global regulators have successfully integrated crypto into formal regulatory frameworks.

Teng’s comments come as India prepares to release its first crypto discussion paper, while Bhutan is making strides in integrating crypto payments into its economy. Bhutan has already mined over 12,000 Bitcoins, worth around $1.3 billion or 40% of its GDP. Binance Pay is being piloted as a UPI-like digital payment tool for tourists, with crypto travelers reportedly spending three times more than fiat travelers.

Teng also pointed to the United States as an example of how quickly regulatory support can shift when crypto becomes a political priority. Under the Trump administration, the U.S. moved from stifling crypto with initiatives like Operation Choke Point to providing strategic support through acts like the GENIUS Act and promoting stablecoins.

In other tech news, Apple is experiencing significant growth in non-iPhone segments in India. The company is leveraging student discounts, enterprise adoption, and smart retail strategies to boost sales of its larger screens, such as Macs and iPads. Apple is projected to generate $1.78 billion in combined Mac and iPad revenue in India, signaling a strong non-iPhone growth story.

The IPO market's momentum and the evolving regulatory landscape for crypto highlight the dynamic nature of the tech and financial sectors. As startups continue to seek public market funding and governments refine their regulatory approaches, the coming months are expected to bring significant developments in both areas.