Shyam Dhani Industries makes its market debut on NSE SME today with strong grey market indicators pointing to substantial listing gains. The latest grey market premium (GMP) stands at approximately 97%, suggesting shares will list in the range of ₹110-112 per share, representing significant gains over the issue price of ₹70.

Exceptional IPO Response and Subscription Details

The ₹38.49 crore IPO achieved extraordinary market response, becoming one of the most subscribed SME issues this year. The offering, comprising entirely a fresh issue of 55.00 lakh shares, was oversubscribed 988.29 times overall with massive demand across all investor categories.

Listing Expectations and Market Parameters

The strong grey market performance reflects heightened investor expectations, with the 97% premium indicating potential listing gains. Market experts note that while SME listings can experience initial euphoria, volatility may follow after the opening session.

Company Profile and Financial Performance

Established in 1995, Shyam Dhani Industries is a certified manufacturer and exporter of premium spices, spice powders, and grocery products under the "Shyam" brand. The Jaipur-based company has demonstrated steady financial growth with revenue rising 16% and profit after tax increasing 28% in the latest financial year.

IPO Structure and Fund Utilization

The book-built issue was priced in the band of ₹65-70 per share, with proceeds earmarked for working capital requirements, debt repayment, brand creation and marketing, capacity expansion through new machinery, and installation of a solar rooftop plant at the existing facility.

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.

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:

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.