Shyam Dhani Industries Limited is launching its SME IPO on the NSE SME platform, with the subscription window open from December 22 to December 24, 2025. The allotment is expected on December 26, 2025, and shares will be credited to demat accounts by December 29, 2025. The tentative listing date is December 30, 2025.
​
IPO Overview
-
Issue Size: ₹38.49 Crore (54,98,000 shares)
-
Price Band: ₹65 to ₹70 per share
-
Face Value: ₹10 per share
-
Lot Size:Â 2,000 shares (Retail investors must apply for 2 lots = 4,000 shares)
-
Minimum Investment: ₹2,80,000 (for retail investors)
-
Market Maker:Â Holani Consultants Pvt. Ltd.
-
Registrar:Â Bigshare Services Pvt. Ltd.
Shyam Dhani Industries IPO Dates
| Event | Date |
|---|---|
| IPO Opens | Dec 22, 2025 |
| IPO Closes | Dec 24, 2025 |
| Allotment Finalized | Dec 26, 2025 |
| Refunds Initiated | Dec 29, 2025 |
| Shares Credited | Dec 29, 2025 |
| Listing Date | Dec 30, 2025 |
Issue Size and Market Lot Details
| Category | Shares Offered | % of Issue | Minimum Investment (₹) |
|---|---|---|---|
| Retail | 18,28,000 | 33.25% | 2,80,000 |
| HNI (Small) | 5,24,000 | 9.53% | 4,20,000 |
| HNI (Big) | 2,62,000 | 4.77% | 11,20,000 |
| QIB (Ex-Anchor) | 10,44,000 | 18.99% | 7,30,800 |
| Anchor Investors | 15,60,000 | 28.37% | 10,92,00,000 |
| Market Maker | 2,80,000 | 5.09% | 1,96,00,000 |
Review and Grey Market Premium (GMP)
Shyam Dhani Industries IPO is rated as a moderate risk, with a review rating of 3 out of 5. The company has shown strong double-digit growth in revenue and profits over the past three years, with PAT increasing by 28% between FY24 and FY25. The GMP is currently in the range of ₹40-50 per share, indicating positive investor sentiment.
Shyam Dhani Industries IPO GMP 21/12/2025 = Rs.47 (67%)
Shyam Dhani Industries Limited Company info
Shyam Dhani Industries is not just a company—it’s a legacy born from passion, rooted in the vibrant culture of Rajasthan. Since its humble beginnings in 1995, the journey has been one of resilience, dedication, and an unwavering commitment to quality. What started as a dream in Jaipur has blossomed into a trusted name, delivering the authentic taste of Indian spices to homes and kitchens across the nation and beyond.​
Every spice packet, every masala blend, carries the story of generations—of farmers, artisans, and families who pour their heart into every batch. The company’s transformation from a private to a public limited entity in 2024 marks not just growth, but a promise to scale new heights while staying true to its core values: purity, integrity, and sustainability.​
With two state-of-the-art manufacturing units, over 160 varieties of spices, and a global footprint that touches continents, Shyam Dhani Industries continues to inspire trust. It’s more than just business—it’s about bringing people together, one flavor at a time, and ensuring that every grain tells a tale of tradition, innovation, and care.
Strengths
-
Consistent revenue and profit growth
-
Diversified sales channels (general trade, modern trade, exports)
-
High profitability ratios (RoNW: 34.07%, ROE: 41.06%)
-
Debt reduction plan post-IPO
Risks
-
High leverage (Debt/Equity: 2.00)
-
Litigation risks (as per RHP)
-
Aggressive IPO pricing
Anchor Investors List
-
Anchor investors have subscribed to 15,60,000 shares (₹10.92 Crore) on December 19, 2025.
-
50% of anchor shares are locked-in for 30 days (till January 25, 2026), and the remaining 50% for 90 days (till March 26, 2026).
Merchant Bankers and Registrar
-
Lead Manager:Â Holani Consultants Pvt. Ltd.
-
Registrar:Â Bigshare Services Pvt. Ltd.
Allotment and Promoters Holding Pattern
| Particular | Pre-Issue Shares | % Holding | Post-Issue Shares | % Holding |
|---|---|---|---|---|
| Promoters | 1,48,72,000 | 98.11% | 2,03,70,000 | ~98% |
Company Financial Statements (₹ in Crores)
| Period Ended | Revenue | PAT | Assets | EBITDA | Debt/Equity |
|---|---|---|---|---|---|
| FY23 (Mar 2023) | 68.10 | 2.92 | 27.51 | 5.97 | 1.00 |
| FY24 (Mar 2024) | 107.64 | 6.30 | 52.84 | 10.88 | 1.57 |
| FY25 (Mar 2025) | 124.75 | 8.04 | 82.47 | 14.52 | 2.00 |
| Sep 2025 | 63.83 | 4.20 | 88.79 | 8.66 | 2.00 |
Valuation Report
| KPI | Value |
|---|---|
| ROE | 41.06% |
| ROCE | 39.00% |
| EBITDA Margin | 11.65% |
| PAT Margin | 6.45% |
| Debt/Equity | 2.00 |
| EPS (FY25) | ₹5.41 |
| RoNW | 34.07% |
| NAV | ₹15.87 |
Peer Company Comparison
| Company | EPS | PE Ratio | RoNW (%) | NAV | Income (Cr.) |
|---|---|---|---|---|---|
| Madhusudan Masala Ltd | 8.49 | 13.56 | 12.77 | 63.10 | 216.50 |
| NHC Foods Ltd | 0.31 | 3.06 | 8.09 | 1.39 | 341.41 |
| Shyam Dhani Industries | 5.41 | N/A | 34.07 | 15.87 | 124.75 |
Utilisation of IPO Proceeds
| Purpose | Amount (₹ Cr.) |
|---|---|
| Purchase of Machineries | 0.91 |
| Solar Rooftop System | 0.66 |
| Part Repayment of Cash Credit Facility | 7.00 |
| Incremental Working Capital | 14.65 |
| General Corporate Purpose | – |
Company Address
-
Registered Office: F-438-A, Road No. 12, Vishwakarma Industrial Area, Jaipur, Rajasthan – 302013, India.​
-
Phone: +91 92570 61811, 0141 2332459, 4026770.​
-
Email:info@shyamspices.co.in, customercare@shyamspices.co.in.​
-
Website:www.shyamspices.co.in
Registrar to the Issue (Bigshare Services Pvt. Ltd.)
-
Address: 401 – 405, 4th Floor, Manoj Plaza, Near Chakala Bus Depot, Andheri (E), Mumbai – 400093, India.​
-
Phone: +91 022-6263 8200.​
-
Email:Â ipo@bigshareonline.com
-
Website:Â www.bigshareonline.com
Final Thoughts
Shyam Dhani Industries IPO offers exposure to a growing spice and grocery manufacturer with strong financials and a clear expansion plan. However, the high leverage and aggressive pricing may deter conservative investors. For risk-tolerant investors seeking growth, this IPO could be a promising opportunity.
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
