Shadowfax Technologies IPO Sees Moderate Subscription and Declining Grey Market Premium

Shadowfax Technologies' Rs 1,907-crore IPO, priced between Rs 118 and Rs 124 per share, is open for subscription from January 20 to 22, 2026. The issue includes a fresh equity raise of Rs 1,000 crore and an offer for sale of Rs 907 crore by existing investors like Flipkart. By Day 2, the IPO was subscribed around 47-55%, with retail investors showing strong interest while institutional participation remained moderate. The grey market premium declined from about 6 to around 3-4, indicating cautious investor sentiment. Proceeds will fund network expansion, leasing, marketing, and acquisitions, with the listing expected on January 28.