Shadowfax Technologies IPO
Shadowfax Technologies Limited (SHADOWFAX) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 28 January 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +0.1% (likely range -11% to +8%), day's high +5.0%, chance of a gain 50%. Actual: -9.2% at the open, -3.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 4,83,62,771 | 18,40,33,800 | 3.81x | |
| NII (HNI) total | 2,41,81,385 | 2,03,13,840 | 0.84x | |
| Big NII (above ₹10 lakh) | 1,61,20,924 | 1,01,19,600 | 0.63x | |
| Small NII (₹2-10 lakh) | 80,60,461 | 1,01,94,240 | 1.26x | |
| Retail | 1,61,20,923 | 3,71,64,720 | 2.31x | |
| Employees | 4,23,728 | 8,76,000 | 2.07x | |
| Total | 8,90,88,807 | 24,23,88,360 | 2.72x |
Bids on NSE and BSE together, as published by NSE, as of 22 Jan 2026, 07:00 PM. Shares offered exclude the anchor portion. 13% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Shadowfax Technologies's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| UTI Asset Management CompanyOct 2020 | 3.34x | 0.93x | 2.32x | 2.31x | ₹2,160 Cr | -9.8% | -4.3% |
| ACME Solar HoldingsNov 2024 | 3.54x | 0.97x | 3.10x | 2.75x | ₹3,049 Cr | -13.2% | -4.5% |
| Indian Energy ExchangeOct 2017 | 2.56x | 0.85x | 2.61x | 2.28x | ₹1,426 Cr | -9.1% | +0.6% |
| Wakefit InnovationsDec 2025 | 3.04x | 1.05x | 3.17x | 2.52x | ₹1,289 Cr | 0.0% | +4.4% |
| BlueStone Jewellery and LifestyleAug 2025 | 4.28x | 0.55x | 1.35x | 2.70x | ₹1,541 Cr | -1.4% | +9.1% |
| Eris LifesciencesJun 2017 | 4.68x | 0.45x | 3.51x | 3.29x | ₹1,741 Cr | +1.3% | +4.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| JM Financial | 109 | +22.8% | 75% |
Offer documents (NSE)
Frequently asked
What is the Shadowfax Technologies IPO price band and lot size? ₹118–124 per share, with a lot of 120 shares, so the smallest retail bid is ₹14,880.
How many times has it been subscribed? 2.72x overall: QIB 3.81x, NII 0.84x, retail 2.31x, employees 2.07x.
How did it list? It opened at ₹113, -9.2% against the issue price of ₹124, and closed its first day -11.3%.
