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Subscription Status · Jan 20 – Jan 22, 2026 · ₹118–124
Shadowfax Technologies IPO subscribed 2.72 times — as of Jan 23, 2026
The Shadowfax Technologies IPO subscription has recorded healthy investor demand with an overall subscription of 2.72× as of Jan 23, 2026, indicating that investors applied for 2.72 times the number of shares on offer. All investor categories — institutional, HNI, and retail — have participated actively, making this one of the closely watched IPO openings.
As of January 23, 2026
| Category | Shares Offered | Shares Bid For | Times Subscribed |
|---|---|---|---|
|
QIB
Qualified Institutional Buyers
|
48,362,771 | 184,033,800 |
3.81×
|
|
NII
Non-Institutional Investors
|
24,181,385 | 20,313,840 |
0.84×
|
|
bNII
Bids above ₹10L
|
16,120,924 | 10,119,600 |
0.63×
|
|
sNII
Bids below ₹10L
|
8,060,461 | 10,194,240 |
1.26×
|
|
Retail
Retail Individual Investors
|
16,120,923 | 37,298,280 |
2.31×
|
|
Employees
Employee Category
|
423,728 | 876,000 |
2.07×
|
|
Total
|
89,088,807 | 242,521,920 |
2.72×
|
How subscription built up across investor categories over time
Snapshot of each day's bidding activity
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 48,362,771 | 184,033,800 | 3.81× |
| NII | 24,181,385 | 20,313,840 | 0.84× |
| bNII | 16,120,924 | 10,119,600 | 0.63× |
| sNII | 8,060,461 | 10,194,240 | 1.26× |
| Retail | 16,120,923 | 37,298,280 | 2.31× |
| Employees | 423,728 | 876,000 | 2.07× |
| Total | 89,088,807 | 242,521,920 | 2.72× |
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 48,362,771 | 41,074,440 | 0.85× |
| NII | 24,181,385 | 15,915,360 | 0.66× |
| bNII | 16,120,924 | 8,297,760 | 0.51× |
| sNII | 8,060,461 | 7,617,600 | 0.95× |
| Retail | 16,120,923 | 28,258,800 | 1.75× |
| Employees | 423,728 | 742,320 | 1.75× |
| Total | 89,088,807 | 85,990,920 | 0.97× |
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 48,362,771 | 4,177,560 | 0.09× |
| NII | 24,181,385 | 6,043,080 | 0.25× |
| bNII | 16,120,924 | 2,642,160 | 0.16× |
| sNII | 8,060,461 | 3,400,920 | 0.42× |
| Retail | 16,120,923 | 20,451,960 | 1.27× |
| Employees | 423,728 | 519,960 | 1.23× |
| Total | 89,088,807 | 31,192,560 | 0.35× |
| Category | Offered | Bid For | Times |
|---|---|---|---|
| QIB | 48,362,771 | 4,177,560 | 0.09× |
| NII | 24,181,385 | 6,043,080 | 0.25× |
| bNII | 16,120,924 | 2,642,160 | 0.16× |
| sNII | 8,060,461 | 3,400,920 | 0.42× |
| Retail | 16,120,923 | 20,451,960 | 1.27× |
| Employees | 423,728 | 519,960 | 1.23× |
| Total | 89,088,807 | 31,192,560 | 0.35× |
As of January 23, 2026, the Shadowfax Technologies IPO has been subscribed 2.72 times overall. The IPO is fully subscribed.
The Shadowfax Technologies IPO subscription window was open from January 20, 2026 to January 22, 2026. Investors could apply through their demat account or ASBA facility.
The Shadowfax Technologies IPO has a price band of ₹118 to ₹124 per share, with a lot size of 120 shares. Minimum retail investment: ₹14,160 (lower band) or ₹14,880 (upper band).
The QIB category has been subscribed 3.81 times. QIBs were offered 48,362,771 shares.
Retail investors subscribed 2.31 times. Retail was offered 16,120,923 shares.
Overall NII: 0.84×. bNII (>₹10L): 0.63×, sNII (<₹10L): 1.26×. NII includes HNIs and corporate entities investing above ₹2 lakh.
Basis of allotment is on January 23, 2026. Check via the registrar's website — KFin Technologies Limited using your PAN number, application number, or DP/Client ID. You can also check on BSE/NSE websites or through your broker's app.
Shadowfax Technologies IPO is expected to list on January 28, 2026. Shares will list on NSE,BSE. Allotted shares are credited to your demat account 1 business day before listing.
A subscription multiple of 2.72× means investors have bid for 2.72 times the total shares available. Since the IPO is oversubscribed, not every applicant will receive shares — allotment happens via lottery (for retail) or proportionately (for other categories). Higher multiples generally reduce allotment probability.
Based on the current retail subscription of 2.31×, the estimated allotment probability for retail investors is Moderate. Better odds than heavily subscribed IPOs. Retail allotment in oversubscribed IPOs is done by computerised lottery — each valid application has an equal probability regardless of the number of lots applied for.
You can apply for Shadowfax Technologies IPO through: (1) ASBA (Application Supported by Blocked Amount) via your bank's net banking or mobile app, (2) UPI-based application through your broker's app (Zerodha, Groww, Angel One, etc.), or (3) directly via your demat account. The amount is blocked in your account and deducted only upon allotment. Applications were accepted from Jan 20 to Jan 22, 2026.
The grey market premium (GMP) reflects unofficial pre-listing trading sentiment. For the latest Shadowfax Technologies IPO GMP data, check the IPO Rise GMP page. Note: GMP is unofficial, speculative, and not a guaranteed indicator of listing price — use it only as a sentiment signal alongside official subscription data.
The Shadowfax Technologies IPO subscription tracks how many times each investor category has subscribed relative to their reserved quota. As of Jan 23, 2026, the overall subscription stands at 2.72× — Oversubscribed.
QIBs include domestic mutual funds, FIIs/FPIs, banks, insurance companies, and SEBI-registered venture capital funds. They are allocated up to 50% of the net offer (75% for SME IPOs). For Shadowfax Technologies IPO, QIB subscription is at 3.81×. High QIB subscription signals strong institutional conviction and is considered a positive indicator for post-listing performance.
NIIs are high-net-worth individuals (HNIs) and corporate bodies applying for more than ₹2 lakh. SEBI further divides this into bNII (bids above ₹10 lakh) and sNII (bids between ₹2–10 lakh), each with a separate allotment bucket. For Shadowfax Technologies IPO: bNII at 0.63×, sNII at 1.26×. Very high NII subscription (>50×) often signals leveraged HNI bidding, suggesting a strong listing expectation.
Retail investors apply for up to ₹2 lakh. They are reserved 35% of the net offer (in most mainboard IPOs). If oversubscribed, allotment is via computerised lottery — each applicant (regardless of lot count) has an equal probability. Shadowfax Technologies IPO retail subscription: 2.31×. With 2.31× retail subscription, allotment is lottery-based.
Price band: ₹118–₹124 per share. Lot size: 120 shares. Minimum retail investment at upper band: ₹14,880. Applications must be in multiples of 120 shares.
Stock exchanges (BSE/NSE) publish subscription data multiple times a day during the subscription window. The figures shown here represent the latest available snapshot. "Shares Offered" is the quota reserved for each category; "Shares Bid For" is the total demand received; "Times Subscribed" is the ratio of demand to supply.
Subscription Opens Done
Jan 20, 2026Subscription Closes Done
Jan 22, 2026Basis of Allotment Done
Jan 23, 2026Listing on NSE,BSE Done
Jan 28, 2026Better odds than heavily subscribed IPOs. Based on retail subscription of 2.31×.
Retail allotment in oversubscribed IPOs is done by computerised lottery — each valid application has equal odds regardless of lot size applied.
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Higher subscription = lower allotment probability. Progress bars compare each category relative to the highest-subscribed category.