India, Jan. 21 -- Logistics major Shadowfax's initial public offering (IPO) has been subscribed 58% on the second day of bidding, with investors placing bids for 5.13 Cr shares against 8.91 Cr shares on offer as of 14:36 IST.

Retail investors continued to be the most bullish on the issue, oversubscribing their quota by 1.56X. As of now, these investors have bid for 2.51 Cr shares against the 1.61 Cr shares earmarked for them.

Qualified institutional Buyers (QIBs) subscribed 38% of the portion reserved for them, placing bids for 1.83 Cr shares against 4.84 Cr reserved for them. A majority of these bids, 1.25 Cr to be precise, have been placed by foreign institutional investors (FIIs).

Non institutional investors (NIIs) have placed bids ...