Logistics startup Shadowfax has tapped JM Financial, Morgan Stanley, and ICICI Securities as the lead bankers for its upcoming IPO which is expected to launch in the second half of 2025, sources familiar with the matter told Moneycontrol. “The IPO size is likely to be around Rs 2,500 cr– or roughly in the Rs 2,000 cr to Rs 3,000 cr range depending on how strong the response is, sources"