The Shadowfax Technologies IPO allotment is expected to be finalised on January 23, 2026, following a moderately subscribed public issue. The IPO garnered an overall subscription of 2.86 times by the close of bidding on January 22, driven largely by strong interest from qualified institutional buyers, while demand from non-institutional investors remained subdued.

Retail investors subscribed their portion 2.43 times, whereas the QIB segment, excluding anchor investors, was booked 4.00 times. In contrast, the non-institutional investor category saw weaker participation, with subscriptions remaining below full coverage.

The IPO was a book-built issue worth Rs 1,907.27 crore, comprising a fresh issue of shares worth Rs 1,000 crore and an offer for sale valued at Rs 907.27 crore. The price band was fixed between Rs 118 and Rs 124 per share, with a lot size of 120 shares for retail investors.

Meanwhile, grey market premium trends have softened steadily throughout the issue period. After starting at Rs 16 earlier in January, the GMP declined sharply and has now dropped to Rs 0 as of January 23. This suggests an estimated listing price close to the issue price of Rs 124, pointing to a flat listing.

Investors can check their allotment status on the BSE or KFin Technologies websites using their application number, PAN, or demat details. Shadowfax Technologies shares are scheduled to list on both the BSE and NSE on January 28, 2026.