IPO Details

IPO Open Date
20 Jan 2026
IPO Close Date
22 Jan 2026
Issue Size
Approx ₹1907.27 Crores
Price Band
₹118 to ₹124 Per Share
Total Applications
2,25,616
Listing Price
₹83.20
Listing Percent
-20%

Important Note

  • "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
  • The portion of anchor investors (or market makers) is not included in the total number of shares offered.

Shadowfax IPO Subscription Status

Investor Category Subscription (times) Shares Offered Shares Bid For Total Amount (₹ Cr)
Anchor 1 6,90,33,955 6,90,33,955 ₹ 856.021
QIB (Ex Anchor) 4.00 4,60,22,638 18,40,33,800 ₹ 2,282.019
NII 0.88 2,30,11,319 2,03,13,840 ₹ 251.892
bNII (> ₹10L) 0.66 1,53,40,879 1,01,19,600 ₹ 125.483
sNII (< ₹10L) 1.33 76,70,440 1,01,94,240 ₹ 126.409
Retail 2.43 1,53,40,879 3,72,98,280 ₹ 462.499
Employees 2.17 4,03,226 8,76,000 ₹ 10.862
Total 2.86 8,47,78,062 24,25,21,920 ₹ 3,007.272

Day-wise Subscription Details (Times)

Date QIB (Ex Anchor) NII sNII (> ₹10L) bNII (< ₹10L) Retail EMP Total
22 Jan 2026 4.00 0.88 0.66 1.33 2.43 2.17 2.86
21 Jan 2026 0.40 0.35 0.21 0.61 1.75 1.54 0.63
20 Jan 2026 0.40 0.23 0.13 0.42 1.20 1.02 0.50

Note: QIB = Qualified Institutional Buyers, NII = Non-Institutional Investors, sNII = Small NII, bNII = Big NII

IPO Shares Offered

Category Shares Offered Amount (₹ Cr) Size (%)
QIB 11,50,56,593 ₹ 1,426.70 74.80%
Anchor 6,90,33,955 ₹ 856.02 44.88%
QIB (Ex Anchor) 4,60,22,638 ₹ 570.68 29.92%
NII 2,30,11,318 ₹ 285.34 14.96%
bNII (> ₹10L) 1,53,40,879 ₹ 190.23 9.97%
sNII (< ₹10L) 76,70,439 ₹ 95.11 4.99%
Retail 1,53,40,878 ₹ 190.23 9.97%
Employee 4,03,225 ₹ 5.00 0.26%
Total 15,38,12,014 ₹ 1,907.27 100%

Basis of Allotment

Category Ex. Anchor Anchor Investor Total QIB Below ₹10L Above ₹10L Total NII Retail Employee Total
Allocation (No. of shares) 4,60,22,638 6,90,33,955 11,50,56,593 76,70,439 1,53,40,879 2,30,11,318 1,53,40,878 4,03,225 15,38,12,014
Allotment price (Rs.) 124 124 124 124 124 124 124 124 124
No.of applications 31 39 70 5,185 1,069 6,254 2,19,145 347 2,25,816
No.of shares applied 18,39,08,160 7,12,77,600 25,51,85,760 97,48,320 96,49,320 1,93,97,640 3,57,81,120 1,26,960 31,04,91,480
Amount collected (Rs.cr.) 2,280.46 883.84 3,164.30 120.88 119.65 240.53 443.69 1.57 3,850.09
No.of times subscribed 4.00 1.03 2.22 1.27 0.63 0.84 2.33 0.31 2.02
No.of shares allotted 4,94,54,942 6,90,33,955 11,84,88,897 97,48,320 96,49,320 1,93,97,640 1,57,98,517 1,26,960 15,38,12,014
Amount (Rs.cr.) 613.24 856.02 1,469.26 120.88 119.65 240.53 195.90 1.57 1,907.27
No.of allottees 31 39 70 5,185 1,069 6,254 1,31,654 347 1,38,325

Anchor Investors Allocation

Anchor Bid Date: 19 Jan 2026

Anchor Price: ₹124.00

Anchor as % of QIBs: 0.00%

S.No. Anchor Investor Shares Allotted Amount (₹ Cr) % within Anchor % of Issue
1
ICICI PRUDENTIAL FLEXICAP FUND
ICICI PRUDENTIAL MUTUAL FUND 		78,44,400 ₹ 97.27 11.36 5.10
2
ICICI PRUDENTIAL BALANCED ADVANTAGE FUND
ICICI PRUDENTIAL MUTUAL FUND 		41,83,680 ₹ 51.88 6.06 2.72
3
ICICI PRUDENTIAL TRANSPORTATION & LOGISTICS FUND
ICICI PRUDENTIAL MUTUAL FUND 		20,91,840 ₹ 25.94 3.03 1.36
4
ICICI PRUDENTIAL EXPORTS & SERVICES FUND
ICICI PRUDENTIAL MUTUAL FUND 		12,02,760 ₹ 14.91 1.74 0.78
5
NIPPON INDIA SMALL CAP FUND
NIPPON INDIA MUTUAL FUND 		96,77,520 ₹ 120.00 14.02 6.29
6
GOVERNMENT PENSION FUND GLOBAL
GOVERNMENT PENSION FUND GLOBAL 		40,32,360 ₹ 50.00 5.84 2.62
7
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
ICICI PRUDENTIAL LIFE INSURANCE 		40,32,360 ₹ 50.00 5.84 2.62
8
MOTILAL OSWAL LARGE CAP FUND
MOTILAL OSWAL MUTUAL FUND 		26,61,360 ₹ 33.00 3.86 1.73
9
MOTILAL OSWAL CONSUMPTION FUND
MOTILAL OSWAL MUTUAL FUND 		9,67,800 ₹ 12.00 1.40 0.63
10
MOTILAL OSWAL INFRASTRUCTURE FUND
MOTILAL OSWAL MUTUAL FUND 		1,20,960 ₹ 1.50 0.18 0.08
11
MOTILAL OSWAL SERVICES FUND
MOTILAL OSWAL MUTUAL FUND 		1,20,960 ₹ 1.50 0.18 0.08
12
MOTILAL OSWAL SPECIAL OPPORTUNITIES FUND
MOTILAL OSWAL MUTUAL FUND 		1,61,280 ₹ 2.00 0.23 0.10
13
HSBC GLOBAL INVESTMENT FUNDS-ASIA EX JAPAN EQUITY SMALLER COMPANIES
HSBC 		32,25,840 ₹ 40.00 4.67 2.10
14
JUPITER INDIA FUND
JUPITER 		23,45,400 ₹ 29.08 3.40 1.52
15
JUPITER GLOBAL FUND,THE-JUPITER INDIA SELECT
JUPITER 		8,80,440 ₹ 10.92 1.28 0.57
16
EASTSPRING INVESTMENTS-ASIA OPPORTUNITIES EQUITY FUND
EASTSPRING 		32,25,840 ₹ 40.00 4.67 2.10
17
TIMF HOLDINGS
TIMF HOLDINGS 		24,19,440 ₹ 30.00 3.50 1.57
18
BANDHAN LARGE & MID CAP FUND
BANDHAN MUTUAL FUND 		16,13,040 ₹ 20.00 2.34 1.05
19
BANDHAN BALANCED ADVANTAGE FUND
BANDHAN MUTUAL FUND 		8,06,400 ₹ 10.00 1.17 0.52
20
HSBC FOCUSED FUND
HSBC MUTUAL FUND 		13,82,520 ₹ 17.14 2.00 0.90
21
HSBC INFRASTRUCTURE FUND
HSBC MUTUAL FUND 		5,53,080 ₹ 6.86 0.80 0.36
22
HSBC BUSINESS CYCLES FUND
HSBC MUTUAL FUND 		4,83,840 ₹ 6.00 0.70 0.31
23
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.
KOTAK LIFE INSURANCE 		16,12,920 ₹ 20.00 2.34 1.05
24
OXBOW INDIA FUND
OXBOW 		8,06,520 ₹ 10.00 1.17 0.52
25
OXBOW MASTER FUND LTD.
OXBOW 		5,57,335 ₹ 6.91 0.81 0.36
26
EDELWEISS RECENTLY LISTED IPO FUND
EDELWEISS MUTUAL FUND 		5,64,480 ₹ 7.00 0.82 0.37
27
EDELWEISS EQUITY SAVINGS FUND
EDELWEISS MUTUAL FUND 		6,45,240 ₹ 8.00 0.93 0.42
28
EDELWEISS DISCOVERY FUND-SERIES I
EDELWEISS MUTUAL FUND 		12,09,720 ₹ 15.00 1.75 0.79
29
FLORIDA RETIREMENT SYSTEM-ALLSPRING GLOBAL INVESTMENTS,LLC (EMSC)
FLORIDA RETIREMENT SYSTEM 		8,06,520 ₹ 10.00 1.17 0.52
30
SUSQUEHANNA PACIFIC PTY.LTD.
SUSQUEHANN 		8,06,520 ₹ 10.00 1.17 0.52
31
GREAT EASTERN LIFE-SINGAPORE LIFE INSURANCE FUND-PAR-LION GLOBAL EQUITY
GREAT EASTERN LIFE 		5,57,215 ₹ 6.91 0.81 0.36
32
INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.
INTEGRATED CORE 		5,57,215 ₹ 6.91 0.81 0.36
33
NUVAMA MULTI ASSET STRATEGY RETURN FUND
NUVAMA 		5,57,215 ₹ 6.91 0.81 0.36
34
HELIOS SMALL CAP FUND
HELIOS MUTUAL FUND 		5,57,215 ₹ 6.91 0.81 0.36
35
JM FLEXICAP FUND
JM FINANCIAL MUTUAL FUND 		5,57,215 ₹ 6.91 0.81 0.36
36
TRUST MF SMALL CAP FUND
TRUST MUTUAL FUND 		5,57,215 ₹ 6.91 0.81 0.36
37
SOCIETE GENERALE-ODI
SOCIETE GENERAL 		35,33,860 ₹ 43.82 5.12 2.30
38
MORGAN STANLEY ASIA (SINGAPORE) PTE.-ODI
MORGAN STANLEY 		5,57,215 ₹ 6.91 0.81 0.36
39
BOFA SECURITIES EUROPE SA-ODI
BOFA SECURITIES 		5,57,215 ₹ 6.91 0.81 0.36
Total 69,033,955 ₹ 856.01 100% 44.84%

Understanding IPO Subscription Status

What is Subscription Times?

Subscription times indicate how many times the IPO has been subscribed. For example, if subscription is 5x, it means the IPO received 5 times more applications than shares available.

Investor Categories

  • QIB (Qualified Institutional Buyers): Large institutional investors like mutual funds, insurance companies, banks
  • NII (Non-Institutional Investors): High net-worth individuals and corporates
  • sNII: Small NII with investment above ₹2 lakhs but below ₹10 lakhs
  • bNII: Big NII with investment above ₹10 lakhs
  • Retail: Individual investors investing up to ₹2 lakhs
  • Anchor Investors: Selected institutional investors who get allocation before IPO opens

How to Interpret the Data?

  • Higher subscription times generally indicate strong demand
  • Retail and NII oversubscription shows interest from individual investors
  • QIB subscription reflects institutional confidence
  • Day-wise data helps track momentum during the IPO period

Quick Links

SME IPOs

Upcoming IPOs