Shadowfax Technologies is set to make its stock market debut today, January 28, 2026, after the basis of allotment for its initial public offering was finalised on January 23. The company’s shares will list on both the Bombay Stock Exchange and the National Stock Exchange, drawing attention from investors keen to assess listing-day performance.

The IPO saw an overall subscription of 2.86 times, with qualified institutional buyers showing relatively stronger interest at 4.00 times subscription, excluding anchor investors. Retail investors subscribed 2.43 times, while the non-institutional investor segment remained under-subscribed at 0.88 times.

Ahead of listing, the grey market premium suggests a muted start. With the issue price fixed at Rs 124 per share, current GMP trends point to a likely listing around Rs 120.5, implying a discount of approximately Rs 3.5 per share. While GMP provides an informal indication of market sentiment, actual listing performance will depend on demand during the pre-open session and broader market movements.

The Rs 1,907.27 crore IPO comprised a Rs 1,000 crore fresh issue and a Rs 907.27 crore offer for sale. Proceeds from the fresh issue are expected to support the company’s business requirements, while the offer for sale allowed existing shareholders to pare holdings. Investors are advised to remain cautious, as listing-day volatility can differ significantly from grey market expectations.