Shyam Dhani Industries IPO is set to open on December 22, 2025, and will close on December 24, 2025. This SME IPO is a Book Build Issue, aiming to raise approximately ₹38.49 crores through a fresh issue of ₹38.49 crores. The IPO comprises equity shares with a face value of ₹10 each. The price band has been fixed between ₹65 and ₹70 per share. The IPO will be listed on NSE on December 30, 2025, with allotment scheduled for December 26, 2025.
Investors looking at Shyam Dhani Industries IPO should note that the retail quota is 35%, Qualified Institutional Buyers (QIB) get 50%, and High Net Worth Individuals (HNI) have 15% allocation.
Based on financial performance, the company reported revenue of ₹124.75 crores in FY2025, up from ₹107.64 crores in FY2024, and profit of ₹8.04 crores in FY2025 against ₹6.30 crores in FY2024, indicating steady growth. The IPO appears suitable for long-term investors who wish to benefit from the company’s consistent performance.
| Date | IPO Price | GMP | Est. Listing | Gain | Trend |
|---|---|---|---|---|---|
| 30-Dec-2025 | ₹70 | ₹68 | ₹138 | 97.14% | FLAT |
| 29-Dec-2025 | ₹70 | ₹68 | ₹138 | 97.14% | DOWN |
| 28-Dec-2025 | ₹70 | ₹70 | ₹140 | 100% | FLAT |
| 27-Dec-2025 | ₹70 | ₹70 | ₹140 | 100% | FLAT |
| 26-Dec-2025 | ₹70 | ₹70 | ₹140 | 100% | FLAT |
| 25-Dec-2025 | ₹70 | ₹70 | ₹140 | 100% | FLAT |
| 24-Dec-2025 | ₹70 | ₹70 | ₹140 | 100% | UP |
| 23-Dec-2025 | ₹70 | ₹62 | ₹132 | 88.57% | UP |
| 22-Dec-2025 | ₹70 | ₹50 | ₹120 | 71.43% | UP |
| 21-Dec-2025 | ₹70 | ₹47 | ₹117 | 67.14% | FLAT |
| 20-Dec-2025 | ₹70 | ₹47 | ₹117 | 67.14% | UP |
| 19-Dec-2025 | ₹70 | ₹42 | ₹112 | 60% | UP |
| 18-Dec-2025 | ₹70 | ₹40 | ₹110 | 57.14% | UP |
| 17-Dec-2025 | ₹70 | ₹31 | ₹101 | 44.29% | UP |
| 16-Dec-2025 | ₹70 | ₹27 | ₹97 | 38.57% | UP |
| 15-Dec-2025 | ₹70 | ₹21 | ₹91 | 30% | FLAT |
| 14-Dec-2025 | ₹70 | ₹21 | ₹91 | 30% | FLAT |
| 13-Dec-2025 | ₹70 | ₹21 | ₹91 | 30% | UP |
| 12-Dec-2025 | ₹70 | ₹0 | ₹70 | 0% | FLAT |
| 11-Dec-2025 | ₹70 | ₹0 | ₹70 | 0% | FLAT |
| 10-Dec-2025 | ₹70 | ₹0 | ₹70 | 0% | FLAT |
Contents
Shyam Dhani IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | December 22, 2025 |
| IPO Close Date | December 24, 2025 |
| Face Value | ₹10 per share |
| IPO Price Band | ₹65 to ₹70 per share |
| Issue Size | Approx ₹38.49 crores |
| Fresh Issue | Approx ₹38.49 crores |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Shyam Dhani IPO
Open: 22-24 Dec 2025
Issue Size: ₹38.49 Cr.
Objective: To fund working capital, pay down debt, buy machinery & support general growth.
Exchange: NSE SME
Shyam Dhani IPO GMP Today
The latest GMP for Shyam Dhani Industries SME IPO stands at ₹21, indicating strong grey market interest after a flat start. With an IPO price of ₹70, the estimated listing price is around ₹91, translating into an expected gain of nearly 30%.
The GMP remained at ₹0 during the initial sessions and moved up sharply, showing improving sentiment among investors. Over the last few sessions, the GMP has stayed stable at higher levels, which reflects steady demand. If this trend continues, the IPO is likely to deliver healthy listing gains. However, investors should continue tracking daily GMP movements for confirmation.
Shyam Dhani Industries SME IPO Day-wise GMP Trend
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 15-12-2025 | ₹21 (Up) | ₹91 | 30.00% |
| 14-12-2025 | ₹21 (Up) | ₹91 | 30.00% |
| 13-12-2025 | ₹21 (Up) | ₹91 | 30.00% |
| 12-12-2025 | ₹0 (Flat) | ₹70 | 0.00% |
| 11-12-2025 | ₹0 (Flat) | ₹70 | 0.00% |
| 10-12-2025 | ₹0 (Flat) | ₹70 | 0.00% |
The table highlights the gradual improvement in GMP, moving from zero to a strong premium, which supports positive listing expectations.
Disclaimer: GMP is based on grey market news. We do not trade or recommend trading in the grey market or Subject to Sauda (sub2) rates.
Shyam Dhani IPO Review
Shyam Dhani Industries IPO is an SME IPO priced between ₹65–₹70 per share. With steady revenue and profit growth over the last three years, it is positioned as a long-term investment option.
The company has a clear utilization plan for IPO proceeds, a reasonable allotment structure, and a moderate minimum market lot, making it accessible for retail investors with sufficient funds.
Shyam Dhani Industries IPO Market Lot
| Application Type | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4,000 | ₹2,80,000 |
| Retail Maximum | 2 | 4,000 | ₹2,80,000 |
| S-HNI Minimum | 3 | 6,000 | ₹4,20,000 |
| S-HNI Maximum | 7 | 14,000 | ₹9,80,000 |
| B-HNI Minimum | 8 | 16,000 | ₹11,20,000 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | 15,60,000 | 28.37% |
| QIB (Ex. Anchor) | 10,44,000 | 18.99% |
| NII Shares Offered | 7,86,000 | 14.30% |
| Retail Shares Offered | 18,28,000 | 33.25% |
Anchor Investors: The anchor bidding date is December 19, 2025, with 15,60,000 shares allocated. 50% of anchor shares have a 30-day lock-in ending January 25, 2026, and the remaining 50% are locked for 90 days until March 26, 2026.
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 22, 2025 |
| IPO Close Date | December 24, 2025 |
| Basis of Allotment | December 26, 2025 |
| Refunds | December 29, 2025 |
| Credit to Demat Account | December 29, 2025 |
| IPO Listing Date | December 30, 2025 |
| IPO Bidding Cut-off Time | December 24, 2025 – 5 PM |
- Also Read: Pajson Agro IPO (11-15 Dec)
Promoters and Holding Pattern
The promoters of Shyam Dhani Industries are Mr. Ramawtar Agarwal, Mrs. Mamta Devi Agarwal, and Mr. Vithal Agarwal.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 1,48,72,000 | 98.11% |
| Promoter Holding Post-Issue | 2,03,70,000 | -% |
Objects of the Issue
The funds raised from this IPO will be used for expanding the company’s manufacturing capabilities and improving operational efficiency. This includes purchasing machinery for the existing unit in Jaipur, Rajasthan, and installing a 200 KW solar rooftop PV system.
Additionally, a part of the proceeds will be used to repay existing cash credit facilities, fund incremental working capital needs, and support general corporate purposes.
About Shyam Dhani Industries
Shyam Dhani Industries Ltd is a fast-growing FMCG company engaged in manufacturing and selling a wide range of spices under the brand Shyam Spices. The company offers chilli, turmeric, coriander, blended masalas, and whole spices, supplying both retail and bulk customers.
With modern machinery and a strong distribution network, the company focuses on delivering quality, hygienic, and affordable spice products. Led by experienced promoters, Shyam Dhani Industries continues to expand its capacity and presence in India’s growing packaged spices market.
Company Financials (₹ in Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 68.10 | 63.87 | 2.92 | 27.51 |
| 2024 | 107.64 | 99.22 | 6.30 | 52.84 |
| 2025 | 124.75 | 113.98 | 8.04 | 82.47 |
| Sept 2025 | 63.83 | 58.19 | 4.20 | 88.79 |
Key Financial Ratios – FY2025
| KPI | Value |
|---|---|
| ROE | 41.06% |
| ROCE | 39.00% |
| EBITDA Margin | 11.65% |
| PAT Margin | 6.45% |
| Debt to Equity Ratio | 2.00 |
| EPS (Basic) | ₹5.41 |
| P/E Ratio | N/A |
| RoNW | 34.07% |
| NAV | ₹15.87 |
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Madhusudan Masala Ltd | 8.49 | 13.56 | 12.77% | 63.10 | 216.50 Cr. |
| NHC Foods Ltd | 0.31 | 3.06 | 8.09% | 1.39 | 341.41 Cr. |
Company Address
| Office | Address |
|---|---|
| Head Office | Office No. 901, 902, 903, 904 & 908, Abhishree Adroit, Nr. Swaminarayan Temple, Vastrapur, Ahmedabad, Gujarat, 380015 |
| Jaipur Office | F-438-A, Road No. 12, VKIA, Jaipur, Rajasthan 302013, India |
| info@shyamspices.co.in | |
| Phone | +91 9257061811 |
| Website | www.shyamspices.co.in |
IPO Lead Manager
Holani Consultants Pvt. Ltd.
Registrar Details
Bigshare Services Pvt. Ltd.
| Contact | Details |
|---|---|
| Phone | +91-22-6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://ipo.bigshareonline.com/IPO_Status.html |
Shyam Dhani Industries IPO FAQs
What is Shyam Dhani Industries IPO?
Shyam Dhani Industries IPO is an NSE SME IPO worth ₹38.49 crores. The IPO is priced between ₹65 and ₹70 per share and will be listed on NSE SME.
When will Shyam Dhani Industries IPO open?
The IPO opens on December 22, 2025 and closes on December 24, 2025 for QIB, NII, and Retail investors.
What is the investors’ portion in this IPO?
QIB investors get 50%, NII investors have 15% share, and retail investors have a 35% quota.
How can I apply for Shyam Dhani Industries IPO?
You can apply through ASBA using your bank’s net banking service. You can also apply via UPI using brokers like Zerodha, Upstox, Groww, or submit an offline form through your broker.
What is the IPO issue size?
The total issue size is ₹38.49 crores, fully through a fresh issue.
What is the IPO price band?
The price band is ₹65 to ₹70 per equity share.
What is the lot size for Shyam Dhani Industries IPO?
The minimum lot size is 4,000 shares, requiring an investment of ₹2,80,000.
What is the IPO allotment date?
The allotment will be finalized on December 26, 2025.
What is the listing date of this IPO?
The shares will list on NSE SME on December 30, 2025.
Expert Comment
Shyam Dhani Industries has demonstrated consistent revenue and profit growth, with a strong promoter holding and a well-defined plan for fund utilization.
While being an SME IPO, it provides long-term investment potential for risk-tolerant investors. Retail investors should consider applying based on their financial goals.
