The public offering of Shyam Dhani Industries was a hit, pulling in about ₹25,000 crore of bids for just ₹38.5 crore of shares.
Massive Subscription
The IPO was subscribed 988 times over three days. A total of 361.55 crore shares were applied for, far exceeding the 36.58 lakh shares on offer. This makes it the most‑subscribed SME IPO of 2025 and the fifth‑most‑subscribed ever.
How It Stacks Up
In the SME segment, six of the ten most‑subscribed issues have come in 2024, with HOAC leading at 1,963‑times subscription. Shyam Dhani follows closely behind, while Austere Systems saw a 750‑times subscription in 2025.
Company Snapshot
Shyam Dhani Industries makes and sells spices and grocery items under the “Shyam” brand. It processes more than 160 varieties of spices and also offers products such as black salt, rock salt, rice, poha, kasuri methi and seasoning mixes. The company’s plant is in Jaipur and its products reach traditional trade, modern retail, online quick‑commerce, HoReCa and export markets.
Financial Highlights
- Revenue rose 16% YoY in FY25 to ₹124.75 crore.
- Profit after tax grew 28% to ₹8.04 crore.
- EBITDA margin about 11.7%.
- Return on equity exceeded 41%.
Use of IPO Money
The funds will mainly go to buying new machinery, installing a solar rooftop, paying down some debt and meeting working‑capital needs.
Pricing and Market Expectation
The issue price was set between ₹65 and ₹70 per share, valuing the company at roughly ₹144.6 crore at the top of the band. In the grey market, the shares traded at a ₹65‑₹70 premium over the upper price band, hinting at a possible listing price around ₹140 and a 100% premium.
Key Takeaway
Strong retail and HNI demand, solid financial performance, and clear use of proceeds suggest the Shyam Dhani IPO could be a rewarding opportunity for investors willing to take on SME‑level risk.
Remember, this is my view, not a prediction. Do your own research before making any investment decisions.