The Shadowfax Technologies IPO is creating buzz in the IPO market as investors and traders monitor its grey market premium (GMP) ahead of the public subscription. The logistics-tech firm’s IPO opens from January 20 to January 22, 2026, and the early GMP trends are indicating potential listing gains for investors.

Shadowfax IPO Price Band

Shadowfax has fixed its IPO price band at ₹118 to ₹124 per share. The issue size is approximately ₹1,907.27 crore, comprising a ₹1,000 crore fresh issue to fund expansion and a ₹907.27 crore Offer for Sale (OFS) by existing shareholders, including Flipkart and other private investors. 

What Is Grey Market Premium (GMP)?

The grey market premium (GMP) is an unofficial indicator showing how much investors are willing to pay above the IPO price in unlisted trading before the official stock market debut. GMP can give a sense of expected listing gains but is not a guaranteed prediction of actual listing price.

Shadowfax IPO GMP Today

Ahead of the IPO launch:

  • GMP was reported at around 8%, implying shares could trade roughly ₹10 above the IPO upper band in the grey market. 

  • That puts the potential grey market price around ₹134 per share if current trends hold, compared with the upper price band of ₹124. 

This reflects moderate investor interest — not extremely high, but enough to suggest some positive sentiment before the issue opens. 

However, on the actual subscription days the GMP has also shown volatility, at times easing closer to 3%–6%, indicating market sentiment can shift quickly. 

What GMP Means for Investors

  • A positive GMP (above ₹0) generally indicates traders expect the stock to list at a premium over the IPO price.

  • An 8% GMP suggests a potential 8% listing gain if market conditions remain stable.

  • But GMP is not official and can change before listing. It should be used as one of several indicators — not the sole basis — for investment decisions. 

Subscription & Market Sentiment

The Shadowfax IPO has seen steady retail interest, but institutional participation has been selective so far. This mixed sentiment is reflected in the current GMP trend — starting stronger but cooling off as the issue progresses. 

Key IPO Dates

  • Subscription Period: Jan 20–22, 2026

  • Allotment: Around Jan 23, 2026

  • Expected Listing: Around Jan 28, 2026 on BSE & NSE 

Conclusion

The Shadowfax IPO GMP indicates positive but moderate investor expectations ahead of subscription. With a price band of ₹118–₹124 per share and current GMP around 8%, the IPO could see listing gains, although the market sentiment has shown signs of cooling at times. Investors should watch subscription trends closely, consider the company’s fundamentals, and weigh GMP along with official subscription data before making a decision.

 

Disclaimer: All content on this blog is for informational purposes only and should not be treated as financial advice. Please consult a certified financial advisor before making any investment decisions.