Jaipur-based spice manufacturer Shyam Dhani Industries has set the market ablaze with its Initial Public Offering (IPO), achieving a staggering 988 times oversubscription. This phenomenal response has catapulted the company's ₹38.5 crore IPO into the annals of SME IPO history, securing its position as the fifth most subscribed SME IPO ever.

IPO Details at a Glance

Record-Breaking Subscription

The overwhelming demand for Shyam Dhani Industries' shares has resulted in bids totaling an impressive ₹25,000.00 crore, far exceeding the initial offering size. This extraordinary level of interest underscores the strong appetite for promising SMEs in the Indian market.

Market Expectations

With such a robust subscription rate, market analysts are anticipating a strong debut for Shyam Dhani Industries on the stock exchange. Expectations are high for a listing premium of around 100%, which could potentially double the value of investments for successful IPO applicants on the first day of trading.

Industry Implications

The success of Shyam Dhani Industries' IPO sends a powerful signal about the potential of India's SME sector, particularly in traditional industries like spice manufacturing. It highlights the growing investor confidence in small and medium enterprises that demonstrate strong business models and growth potential.

Conclusion

The overwhelming response to Shyam Dhani Industries' IPO not only marks a significant milestone for the company but also reinforces the vibrancy of India's capital markets. As investors eagerly await the listing, this IPO serves as a testament to the untapped potential within India's SME landscape and the market's readiness to support promising ventures.

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.