**Shadowfax Technologies IPO: Day 2 Update** The Initial Public Offering of Shadowfax Technologies has moved into its second day of bidding amidst shifting market dynamics. The Grey Market Premium (GMP) is currently **trending downward**, indicating a cooling of enthusiasm in the unlisted market compared to previous sessions. Overall subscription figures remain **moderate** at this stage. Investor interest shows a clear divergence across categories. Retail investors continue to drive demand with **strong participation numbers**, maintaining momentum from Day 1. In contrast, institutional interest appears **cautious**, with Qualified Institutional Buyers (QIBs) holding back significant bids so far. Analysts point to **rich valuations** as a key factor influencing the current sentiment. The prevailing market stance has shifted to "wait and watch," with focus remaining on incoming QIB data to gauge long-term stability before the issue closes.