Shadowfax IPO is a Mainboard issue open from 20–22 January. The company is raising ₹1907.27 Cr at a price band of ₹118 to ₹124 per share. One lot is 120 shares.
Shadowfax IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,880
120 shares at the upper band of ₹124
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Total subscription
2.84x
across all categories
GMP-implied listing gain
+5.6%
₹7 premium on a ₹124 issue price
Shadowfax is a mainboard issue raising ₹1907.27 Cr, offered in a band of ₹118–₹124 per share. At the upper end that is 12.4 times the ₹10 face value, so ₹114 of every share subscribed is share premium rather than capital.
A retail application for Shadowfax needs one lot of 120 shares, which works out to ₹14,880 at the upper band of ₹124. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For Shadowfax, bidding runs 20-22 January, allotment is finalised on 23 Jan 2026, the shares list on 28 Jan 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 75% to qualified institutional buyers, 15% to non-institutional investors, 10% to retail. At 10%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The book is 2.84x subscribed across all categories. That headline covers institutional, non-institutional and retail bids together, and allotment odds are decided within each category separately — an issue can be heavily subscribed overall while the retail portion is comfortable, or the other way round. An oversubscribed retail book is settled by a draw on single-lot applications, so more distinct PANs help where a bigger single bid does not.
KFin Technologies Pvt. Ltd. is the registrar for this issue, which means the allotment status for Shadowfax is published on their portal from 23 Jan 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹7 on the upper band of ₹124 implies a listing gain of roughly 5.6%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
What is Shadowfax IPO?
Shadowfax IPO is a Mainboard issue open from 20–22 January. The company is raising ₹1907.27 Cr at a price band of ₹118 to ₹124 per share. One lot is 120 shares.
When does Shadowfax IPO open and close?
The issue is open 20–22 January. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Shadowfax IPO price band?
The price band is ₹118 to ₹124 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Shadowfax IPO lot size?
The minimum application is 120 shares, and bids must be in multiples of that lot.
What is the Shadowfax IPO issue size?
The total issue size is ₹1907.27 Cr.
How is Shadowfax IPO reserved between investor categories?
The issue is reserved as retail 10%, QIB 75%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Shadowfax IPO allotment date?
Basis of allotment is expected to be finalised on 23 Jan 2026. You can check your status on the registrar's website (KFin Technologies Pvt. Ltd.) using your PAN.
When does Shadowfax IPO list?
Listing is expected on 28 Jan 2026, following the T+3 timeline that applies to Indian IPOs.
