Shadowfax Technologies IPO IPO Subscription Status

A subscription of 2.86x means the IPO received bids for 3 times the number of shares available. For every 3 applications, only 1 can receive an allotment.

Here is what each category number tells you:

QIB at 4.00x: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 4.00x, it reflects serious institutional conviction.

NII at 0.88x: NII includes high net worth individuals applying above Rs 2 lakh. At 0.88x, allotment probability for NII applicants is very low. The bNII segment came in at 0.66x and sNII at 1.33x.

Retail at 2.42x: Retail investors applying up to Rs 2 lakh saw 2.42x subscription. Allotment in the retail category is done by lottery when oversubscription exceeds 1x. At 1.79x applications received, roughly 1 in 2 retail applicants can expect an allotment (~41%).

Employee at 2.17x: The employee reservation category was subscribed 2.17x. Employees who applied face similar lottery-based allotment.

Based on the final subscription data, here is a realistic view of allotment probability by category.

Retail Category: Retail subscription came in at 2.42x based on shares applied and 1.79x based on applications. In the retail category, SEBI mandates a minimum of one lot per applicant when possible. Allotment is done by lottery. At 1.79x applications received, approximately 1 in 2 retail applicants can expect an allotment. Applying from multiple accounts does not improve individual chances but increases household probability if each account is eligible.

NII Category: NII allotment is proportional, not by lottery. At 0.88x, an NII applicant applying for the minimum NII lot can expect a very small proportional allotment. Larger NII applications receive proportionally more shares but the effective return per rupee invested is diluted significantly at this oversubscription level.

QIB Category: QIB allotment is discretionary and handled by the book running lead managers. Retail investors do not participate in this category.

Check the Shadowfax Technologies IPO IPO Allotment Status page from 23 January 2026 for your allotment result.

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For allotment results from 23 January 2026, visit the Shadowfax Technologies IPO IPO Allotment Status page. For listing day updates on 28 January 2026, download the IPOwiz App.