The allotment for the Shadowfax Technologies initial public offering has been completed, with investors now focusing on the scheduled listing on January 28. The grey market premium is indicating a discount of about 3 percent, suggesting a potential listing below the issue price.
The logistics sector company’s initial public offering, aggregating Rs 1,907.27 crore, reached its final stage with the allotment completed on Friday, January 23, 2026. Market attention has now shifted to the stock’s listing performance.
The key question among investors is whether the Shadowfax Technologies IPO will list at a discount or deliver listing gains. The grey market premium has been the primary indicator tracked for signals on listing-day performance.
The IPO witnessed a mixed subscription trend. Bidding remained subdued during the initial days, indicating a cautious approach from investors. However, demand accelerated on the final day of bidding, leading to a sharp rise in overall subscription.
Qualified institutional buyers and retail investors contributed significantly to the late surge in demand. The qualified institutional buyers category was subscribed 3.81 times, while the retail investor category received subscriptions of 2.31 times.
In contrast, demand from non-institutional investors remained weak. The non-institutional investor category was subscribed only 84 percent, indicating limited participation from high net-worth investors. This subdued response contributed to the overall subscription figures not being considered particularly b.
In the grey market, unlisted shares of Shadowfax Technologies were seen trading at around Rs 120 on Tuesday. This level is approximately Rs 4 below the upper end of the price band of Rs 124, reflecting a discount of nearly 3 percent.
The grey market premium is often used as an indicator of potential listing performance. Based on current trends, the IPO is signalling the possibility of a discount listing. If this sentiment persists until listing, the shares could debut below the issue price. The grey market premium, however, is unofficial and subject to rapid changes.
The company had fixed a price band of Rs 118 to Rs 124 per share for the IPO, with investors required to apply for a lot size of 120 shares. The allotment process was completed on January 23, 2026, and investors are awaiting the credit of shares to their demat accounts.
Shadowfax Technologies shares are scheduled to list on January 28, 2026, on both the National Stock Exchange and the Bombay Stock Exchange. The listing will indicate how closely the grey market premium aligns with actual market performance.
For this public issue, Kfin Technologies has been appointed as the registrar, while ICICI Securities, Morgan Stanley India and JM Financial acted as the book running lead managers.
The company has outlined the utilisation of IPO proceeds. Of the funds raised through the issue of new shares, Rs 42.34 crore will be used to strengthen network infrastructure, while Rs 13.86 crore will be allocated towards rental payments for new centres.
Additionally, Rs 8.85 crore will be spent on publicity and marketing activities, with the company focusing on strengthening its brand presence and expanding its logistics network.
