Missed BCCL IPO's 96% Listing Pop? Shadowfax IPO Bidding Begins Tomorrow; Check Price Band, GMP & All Details

The first mainboard IPO listing of the year is turning heads in the primary market. The BCCL IPO made a blockbuster debut today, listing at a massive 96% premium over its issue price and gave massive returns to early investors. For those who missed out on the BCCL IPO profits, another high-profile public issue is lined up this week.

Shadowfax Technologies IPO, a mainboard issue worth nearly Rs. 1,900 crore, opens for subscription tomorrow. Here is everything investors need to know before placing their bids.

Issue Size and Price Band

Shadowfax Technologies IPO is a book-built issue worth Rs. 1,907.27 crore. The issue is a combination of both fresh issue of 8.06 crore shares worth Rs. 1,000 crore and an offer for sale of 7.32 crore shares amounting to Rs. 907.27 crore. The IPO price band has been fixed at Rs. 118 to Rs. 124 per share.

Minimum Investment Required

For investing in the Shadowfax Technologies IPO the minimum investment required stands at Rs. 14,880 for the Upper prices, this means retail investors can buy are 120 shares per lot. For small non-institutional investors (sNII), the minimum application is 14 lots or 1,680 shares, amounting to Rs. 2,08,320. Big non-institutional investors (bNII) need to apply for 68 lots or 8,160 shares, translating to an investment of Rs. 10,11,840.

Important IPO Dates

As per the BSE Data, Shadowfax Technologies IPO is opening for subscription tomorrow, i.e. on January 20, and closes on January 22. The basis of allotment is likely to be finalised on January 23, 2026. The shares are expected to list on both BSE and NSE on January 28.
Shadowfax IPOG GMP Today
A day ahead of its opening, Shadowfax IPO is trading with a premium of 8.9% per share in the grey market as of 11:00 am today as per data from investor gain website. The expected listing price is currently being estimated at Rs. 135 which is Rs. 11 more than the set price band of Rs. 124.

Should You Subscribe? What Analysts Say

Swastika Investmart has assigned a neutral rating to the issue. In its review, the brokerage said, "Shadowfax benefits from strong growth in India's last-mile logistics and e-commerce delivery space. Revenue momentum is improving, but profitability remains low and margin visibility is still evolving. At a P/S (Price-to-Sales) ratio of roughly 2.8x, the IPO is priced at a premium compared to Delhivery. A massive chunk of their revenue comes from just two sources: Flipkart (which is also an investor) and Meesho."

"Given the revenue concentration and evolving profitability profile, the issue is suitable only for high-risk, long-term investors. Conservative investors may consider waiting for better price discovery post listing," the report added.