Shyam Dhani Industries made a strong debut on the NSE SME platform on Tuesday, December 30. The company raised ₹38.49 crore through its Initial Public Offering (IPO).
Its shares were listed at ₹133 per share, which is a 90% premium over the issue price of ₹70.
It is important to note that the NSE has set a maximum listing limit of 90% for SME IPOs. This means the opening price cannot be more than 90% higher than the issue price, and Shyam Dhani Industries touched this upper limit on listing day.
Gray Market Performance and Investor Expectations
The IPO listing matched expectations from the gray market. Before listing, the company’s unlisted shares were trading at around ₹138 per share in the gray market.
This indicated a premium of ₹68, or about 97.14%, compared to the issue price of ₹70.
IPO Structure and Subscription Details
Shyam Dhani Industries’ IPO was a completely fresh issue of 5.5 million new shares, worth a total of ₹38.49 crore (around $1.5 million USD). There was no Offer for Sale (OFS) component in the issue.
The price band for the IPO was set between ₹65 and ₹70 per share, with a lot size of 2,000 shares. The issue was open for subscription from December 22 to December 24, 2025.
The IPO received an extremely strong response from investors. A total of 3.61 billion shares were bid for against just 3.65 million shares available, leading to an overall subscription of 988.29 times.
Category-Wise Subscription Breakdown
Among all investor categories, non-institutional investors (NIIs) showed the highest interest, with their portion subscribed 1,612.65 times.
Retail investors subscribed their quota 1,137.92 times, while qualified institutional buyers (QIBs) subscribed their portion 265.24 times, according to NSE data.
IPO Allotment and Key Intermediaries
The allotment for the IPO was finalized on Friday, December 26, 2025. The issue price was fixed at ₹70 per share, which was the upper end of the price band.
Bigshare Services acted as the registrar for the IPO, while Holani Consultants was appointed as the sole book-running lead manager.
Use of IPO Proceeds
The company has outlined clear plans for using the funds raised through the IPO. Out of the net proceeds, ₹13.26 crore will be used to meet working capital requirements. Another ₹10 crore will go towards repaying certain loans or advance payments.
In addition, ₹6.35 crore will be spent on brand building and marketing activities. ₹1.63 crore has been allocated for the purchase of new machinery, while ₹6.49 million will be used to install a solar rooftop plant at an existing manufacturing unit. The remaining amount will be used for general corporate purposes.
