Shadowfax Shares Make Weak Market Debut, List at 9% Discount to IPO Price 

Mumbai, 28 January 2026: Shares of Shadowfax Technologies made a subdued debut on Dalal Street on Wednesday, listing at a sharp discount to their issue price despite a moderately subscribed initial public offering (IPO). The stock opened below expectations on both the National Stock Exchange (NSE) and the BSE, reflecting cautious pricing at the time of listing. 

Shadowfax IPO Lists at ₹112.60 on NSE, 9.19% Below Issue Price 

Shadowfax Technologies shares debuted on the NSE at ₹112.60 per share, marking a 9.19% discount to the IPO price of ₹124. On the BSE, the stock listed at ₹113, representing a slightly lower discount of 8.87%. At the time of listing, the company commanded a market capitalisation of ₹6,509.78 crore, positioning it among the notable recent entrants to the secondary market. 

Shadowfax Share Price Snapshot on NSE and BSE (11:29 AM) 

As of 11:29 IST on 28 January 2026, Shadowfax Technologies Limited was trading at ₹115.34 on the NSE, marking a gain of ₹2.69 (2.39%) from its opening price of ₹112.60. However, the stock remained 7.02% below its issue price of ₹124. During the session, shares moved between a low of ₹112.60 and a high of ₹119.67, with a VWAP of ₹115.91. The stock recorded a traded value of ₹222.71 crore, translating into a total market capitalisation of ₹6,668.19 crore. 

On the BSE, Shadowfax Technologies Ltd was trading at ₹115.45. The stock gained ₹2.45 (2.17%) from its opening level but remained 6.90% below its issue price of ₹124. It opened at ₹113.00 and touched an intraday high of ₹119.55 and low of ₹113.00 during the session. The stock recorded a VWAP of ₹116.19, with a turnover of ₹24.12 crore and a total market capitalisation of ₹6,677.44 crore. 

Shadowfax IPO Structure and Subscription Recap 

Shadowfax Technologies IPO was a book build issue of ₹1,907.27 crores. The issue was a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores. The IPO bidding started from Jan 20, 2026 and ended on Jan 22, 2026. The allotment for Shadowfax Technologies IPO was finalised on Jan 23, 2026.   

The IPO price band was set at ₹124 per share, with a lot size for an application was 120. The minimum amount of investment required by a retail was ₹14,880 (120 shares) (based on upper price).  

Shadowfax Technologies IPO subscribed 2.86 times. The public issue subscribed 2.43 times in the retail category, 4.00 times in QIB (Ex Anchor), and 0.88 times in the NII category. 

References 

• https://www.bseindia.com/stock-share-price/shadowfax-technologies-ltd/shadowfax/544685/ 
• https://www.nseindia.com/get-quote/equity/SHADOWFAX/Shadowfax-Technologies-Limited 

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