Depends on the range. The explosive compound contains all the oxygen needed for it to explode, so it will still do that. The rapid expansion of the gases created by detonation creates a shock wave through the air. With no air, no shock wave. However, the gases created will still expand with tremendous force (although they will disipate more quickly because there is no atmosphere to contain them). So, if you are close enough, you will be struck not just by the shrapnel but by the rapidly expanding gases from the explosion, as well. That's probably not a real big deal compared to the shrapnel, but it will propel you away from the explosion, as there is no air around you to dampen the motive effects, either. You could find yourself rapidly adrift, which will make it harder for anyone to aid you, should you survive the detonation.