NewsIPOShyam Dhani Industries IPO Oversubscribed 988 Times, Becomes 5th Most Subscribed SME IPO EverShyam Dhani Industries IPO Oversubscribed 988 Times, Becomes 5th Most Subscribed SME IPO Ever
Shyam Dhani Industries' SME IPO achieved exceptional success with 988-times oversubscription, receiving ₹25,000 crore in bids against ₹38.50 crore issue size. The Jaipur-based spice manufacturer became the 5th most subscribed SME IPO ever, with grey market premium of ₹65-70 indicating 100% listing premium. The company reported strong FY25 financials with 16% revenue growth to ₹124.75 crore and 28% profit growth to ₹8.04 crore.
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Shyam Dhani Industries has created a remarkable milestone in the SME IPO segment, with its public offering achieving a staggering 988-times oversubscription. The Jaipur-based spice manufacturer's ₹38.50 crore IPO, which concluded on Friday, received bids worth ₹25,000 crore, making it the most subscribed SME IPO in 2025 and the fifth most subscribed in history.
Record-Breaking Subscription Numbers
The three-day IPO witnessed extraordinary investor interest, receiving 361.55 crore share bids through 6,22,097 applications against the available quota of 36.58 lakh shares. This overwhelming response highlights the strong investor appetite for quality SME offerings in the current market environment.
| IPO Parameter | Details |
|---|---|
| Issue Size | ₹38.50 crore |
| Total Bids Received | ₹25,000 crore |
| Oversubscription | 988 times |
| Applications Received | 6,22,097 |
| Available Shares | 36.58 lakh |
Market Premium and Valuation
Shares of Shyam Dhani Industries commanded a grey market premium of ₹65-70 over the upper price band of ₹70 per share. The estimated listing price stands at ₹140, indicating a likely listing premium of 100%. The IPO was priced in the range of ₹65 to ₹70 per share, valuing the company at approximately ₹144.60 crore at the upper end of the price band.
Company Profile and Operations
Shyam Dhani Industries operates as an ISO-certified manufacturer and marketer of spices and grocery products under the "Shyam" brand. The company's diverse product portfolio includes:
- Over 160 varieties of ground, blended and whole spices
- Black salt and rock salt
- Rice and poha
- Kasuri methi and seasoning mixes
The company's manufacturing facility is strategically located in Jaipur, Rajasthan, with products distributed across general trade, modern retail, quick commerce platforms, HoReCa channels and export markets. The promoters include Ramawtar Agarwal, Mamta Devi Agarwal and Vithal Agarwal.
Strong Financial Performance
The company has demonstrated consistent financial growth in recent periods. Key financial highlights include:
| Financial Metric | FY25 Performance | Growth |
|---|---|---|
| Revenue | ₹124.75 crore | 16% YoY |
| Profit After Tax | ₹8.04 crore | 28% YoY |
| EBITDA Margins | 11.70% | - |
| Return on Equity | Over 41% | - |
IPO Structure and Fund Utilization
The IPO was entirely a fresh issue with a retail lot size of 2,000 shares, requiring a minimum investment of ₹2.80 lakh at the upper price band. Prior to the public issue, the company successfully raised ₹10.92 crore from anchor investors to support demand for the offering.
Proceeds from the IPO will be allocated towards:
- Capital expenditure including new machinery purchase
- Installation of solar rooftop system
- Partial repayment of existing borrowings
- Incremental working capital requirements
Bigshare Services Private Limited served as both the Book Running Lead Manager and registrar for the issue, facilitating the smooth execution of this record-breaking SME IPO.
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