Shyam Dhani Industries IPO Review: Complete Analysis with GMP and Subscription Status

The Shyam Dhani Industries IPO has taken the market by storm with its massive oversubscription and impressive grey market premium. I have been closely tracking this SME IPO since its opening on December 22, 2025 and the response from investors has been nothing short of phenomenal.

The spices manufacturer from Jaipur has managed to attract retail and institutional investors alike with its strong fundamentals and growth potential.

In my analysis, the Shyam Dhani Industries IPO represents an exciting opportunity in the FMCG space. The company has shown consistent growth with revenue up 16 percent and profit after tax jumping 28 percent between FY24 and FY25.

My research indicates that this Rs 38.49 crore public issue has been subscribed over 550 times, making it one of the most sought after SME IPOs in recent months. The grey market premium currently stands at Rs 62, indicating strong investor sentiment and potential listing gains of around 89 percent.

Key Takeaways

• Shyam Dhani Industries IPO subscribed 551 times overall with retail quota at 722 times and NII at 948 times
• Grey market premium soared to Rs 62, suggesting 89 percent potential gains over upper price band of Rs 70
• Issue size of Rs 38.49 crore with price band between Rs 65 to Rs 70 per share
• Minimum investment requirement of Rs 2,80,000 for retail investors (4,000 shares)
• Allotment expected on December 26, 2025 with listing scheduled for December 30, 2025 on NSE SME
• Company manufactures 164 varieties of premium spices under SHYAM brand with presence in domestic and international markets

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Understanding the Shyam Dhani Industries Business

I find the business model of Shyam Dhani Industries particularly compelling. The company operates as an ISO certified manufacturer and exporter of premium spices with over 164 product varieties. Founded in 1995 and converted to public limited in 2024, they have established a strong market presence under their SHYAM brand.

My evaluation shows that Shyam Dhani processes ground spices, blended spices and whole spices at their facility in Jatawali, Jaipur. The company also trades in grocery items like salts, rice, poha and seasonings. What impressed me most is their multi channel distribution strategy covering general trade, retail chains and quick commerce platforms like Swiggy Instamart and Zepto.

Shyam Dhani Industries IPO Subscription Status

The subscription numbers tell an incredible story. When I checked the latest data on December 24, 2025 at 12:42 pm, the IPO had received bids for 217 crore shares against just 39 lakh shares on offer. This translates to an overall subscription of 551 times, which is extraordinary by any standard.

Breaking down the category wise subscription, retail investors showed tremendous enthusiasm by subscribing 722 times their allocated quota. Non institutional investors were even more aggressive at 948 times subscription. Even qualified institutional buyers subscribed 52 times, which indicates strong confidence from informed investors.

Shyam Dhani Industries IPO GMP Analysis

I have been tracking the grey market premium closely and it has shown consistent upward momentum. The GMP started at around Rs 47 to Rs 50 on opening day, representing a 67 percent premium. As investor interest intensified, the GMP climbed to Rs 62 by December 24, 2025.

With unlisted shares trading at Rs 132 in the grey market, this indicates potential listing around the same level. My calculation suggests this could translate to listing gains of approximately 89 percent over the upper price band. However, I must emphasize that GMP is unofficial and can be volatile, especially in the SME segment.

IPO Details and Investment Requirements

Let me break down the key details that every investor should know. The Shyam Dhani Industries IPO consists entirely of a fresh issue of 54.98 lakh shares at a face value of Rs 10 each. There is no offer for sale component, which means all proceeds will go directly to the company.

The price band is set between Rs 65 to Rs 70 per share with a lot size of 2,000 shares. For retail investors, the minimum application must be for 2 lots or 4,000 shares, requiring an investment of Rs 2,80,000 at the upper band. My advice is to apply at the cut off price to maximize allotment chances.

Use of IPO Proceeds

I appreciate the company’s clear roadmap for utilizing the fresh issue proceeds. According to my review of the red herring prospectus, the funds will be allocated for working capital requirements, debt repayment, brand marketing expenses and purchase of new machinery. The company also plans to install a solar rooftop plant at their existing manufacturing facility, which shows commitment to sustainability.

Financial Performance Review

My analysis of the financials reveals impressive growth momentum. The company reported revenue growth of 16 percent from FY24 to FY25 while profit after tax jumped 28 percent. This indicates improving operational efficiency and margin expansion.

I noticed that the company maintains strong return ratios and double digit margins. The anchor investor round raised Rs 10.92 crore on December 19, 2025 from reputed funds including Rajasthan Global Securities, Saint Capital Fund and Small Industries Development Bank of India. This institutional backing adds credibility to the issue.

Strengths That Caught My Attention

Through my research, several strengths stand out. First, the established SHYAM brand with presence across 164 plus products provides diversification and reduces dependence on any single SKU. Second, the company’s ISO certification and modern manufacturing facility ensure quality standards.

I am particularly impressed by their expansion into quick commerce partnerships. This positions them well to capitalize on the growing trend of online grocery shopping. The international footprint with exports to UK, USA, UAE and Nepal also provides geographic diversification.

Risk Factors to Consider

In my honest assessment, investors should be aware of certain risks. The high subscription levels mean retail allotment will be extremely low, possibly just a few shares per application. SME listings tend to be more volatile compared to mainboard IPOs.

I also noted that the company faces raw material price fluctuations and seasonal variations. The geographic concentration in Rajasthan and high working capital intensity are additional concerns. My view is that the valuation appears aggressively priced at mid teens price to earnings ratio.

Allotment and Listing Timeline

Based on my understanding of the schedule, the basis of allotment will be finalized on December 26, 2025. Successful applicants can check their status through Bigshare Services registrar or on the NSE website. I recommend checking early morning on allotment day.

The shares are expected to credit to demat accounts by December 29, 2025. The listing is scheduled for December 30, 2025 on the NSE SME platform Emerge. I will be watching the listing day action closely given the strong GMP and subscription numbers.

My Final Verdict

After thorough analysis, I believe the Shyam Dhani Industries IPO offers potential for strong listing gains. The overwhelming subscription, high GMP and solid fundamentals create a positive setup. However, the low allotment probability and SME volatility mean this is suitable primarily for risk tolerant investors.

My recommendation is to apply if you have appetite for SME segment risks and are comfortable with potential volatility post listing. For long term investors, I suggest waiting for listing day to assess price action before making entry decisions. The company operates in a growing sector with steady demand for branded spices.

I believe investors should not base decisions solely on GMP figures. Always conduct your own due diligence, review the RHP document and consult with a financial advisor before investing. The spices and FMCG sector has strong tailwinds but individual company performance can vary.

Tags: Shyam Dhani Industries IPO, IPO GMP, SME IPO 2025, Shyam Dhani IPO subscription, IPO allotment status, NSE SME IPO, Spices IPO India

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