Shadowfax Launches Rs 1,907 Crore IPO on Jan. 20 at Rs 118–124 Price Band

Overview

• The offer totals Rs 1,907.27 crore, split between a Rs 1,000 crore fresh issue and a Rs 907.27 crore offer for sale by existing shareholders.
• Subscriptions open January 20 and close January 22, with allotment expected January 23 and listing on the BSE and NSE targeted for January 28.
• The price band is set at Rs 118–124 per share, and the minimum retail application is one lot of 120 shares requiring Rs 14,880 at the top end.
• Market observers indicate a grey‑market premium near Rs 11 and unlisted quotes around Rs 134, pointing to modest potential upside that remains unofficial and volatile.
• Proceeds are planned for network expansion including Rs 423 crore for capex, Rs 138.6 crore for leases, Rs 88.6 crore for branding and marketing, and M&A, as the company reports Rs 21 crore PAT in FY26 to September.