TPG-Backed NewQuest Sells ₹200 Cr Shadowfax Stake in Bulk Deal

TPG-backed NewQuest Asia Fund IV has sold another 1.36% stake in listed logistics company

Shadowfax through a bulk deal worth about ₹200 crore. Exchange data shows NewQuest

offloaded 80 lakh shares at an average price of ₹250.03 apiece, continuing its recent reduction

in the company.

Hong Kong-based Oxbow Master Fund emerged as a major buyer, picking up 47.85 lakh shares

at roughly ₹250 each for ₹119.6 crore. The identities of buyers for the remaining shares were

not disclosed. NewQuest had held an 11.53% stake in Shadowfax as of June 2026.

This is NewQuest’s second sizeable Shadowfax sale in recent weeks. In August, the investor

sold around 1.25 crore shares at ₹240.46 each for approximately ₹300.6 crore. Across the two

transactions, NewQuest has now sold more than 2 crore Shadowfax shares worth over ₹500

crore, while Oxbow has built an approximately 2% position in the logistics company.

The stake sales come as Shadowfax’s operating performance improves. In Q1 FY27, operating

revenue grew 65% year-on-year to ₹1,358.1 crore, while consolidated net profit increased more

than eightfold to ₹65.4 crore. Shadowfax has also raised its FY27 revenue-growth guidance to

38–40%, up from its earlier expectation of 28–30%.

The company, which listed earlier this year, now operates across more than 16,000 pin codes

and serves ecommerce, quick-commerce and D2C businesses. NewQuest’s latest transaction

therefore looks less like a sudden exit from a weakening asset and more like an early investor

gradually monetising a public-market position after a strong rise in the stock and improving

financial performance.