Shyam Dhani Industries’ SME IPO has attracted overwhelming investor interest, recording extraordinary subscription numbers across all categories. Strong grey-market momentum and robust demand suggest the stock may debut significantly above its issue price.
The Shyam Dhani Industries IPO, which opened between December 22 and 24, received record-breaking subscription from investors. Strong activity in the grey market further boosted excitement around this SME issue, making investor enthusiasm quite natural.
The issue was fully subscribed within minutes of opening as investors rushed to apply.
Day 1: 64.54 times subscribed
Day 2: Accelerated to 263.55 times
Final Day: Reached an extraordinary 988.29 times subscription
Across all investor categories, strong participation was clearly visible:
Retail: 1,137.92x
NII: 1,612.65x
QIB: 256.24x
The IPO continues to create buzz in the grey market, with the premium rising steadily. Market sources indicate the Shyam Dhani Industries IPO GMP is around ₹70, which is 100% higher than the cap price.
Based on this GMP, the estimated listing price could be around ₹140, hinting at substantial gains for investors. However, regulations allow SME IPOs to list at a maximum premium of up to 90%, so final listing performance will depend on market conditions.
Issue Size: ₹39.49 crore
Price Band: ₹65–₹70 per share
Estimated Company Valuation (upper band): ₹144.6 crore
Allotment Date: December 26
Listing Date: December 30 (NSE SME platform)
Before the public issue, the company raised ₹10.92 crore from anchor investors.
Funds raised from the IPO will be primarily used for:
Capital expenditure requirements
Purchase of new machinery
Installation of a solar rooftop system
Partial repayment of existing borrowings
Working capital needs
Shyam Dhani Industries is engaged in the manufacturing and marketing of spices and grocery products. Under the “Shyam” brand, the company processes over 160 varieties of ground, blended, and whole spices.
It also deals in products such as:
Black salt and rock salt
Rice and poha
Kasuri methi
Various seasoning mixes
The company’s manufacturing facility is located in Jaipur, Rajasthan, and its products are sold through:
General trade
Modern retail outlets
Quick commerce platforms
HoReCa channels
Export markets
Holani Consultants Private Limited is the Book Running Lead Manager, Bigshare Services Private Limited is the Registrar, and Holani Consultants Private Limited also acts as the Market Maker.