Shyam Dhani Industries SME: Check IPO Date, Live Subscription and Key Details
Shyam Dhani Industries Limited, established in 1995, is an ISO-certified manufacturer, exporter, and supplier of premium spices, spice powders, and whole spices under the brand name 'SHYAM'. The company processes 163 varieties of spices and trades grocery products like salt, rice, poha, and herbs. Based in Jaipur, Rajasthan, the company operates an integrated manufacturing and packaging facility and distributes through multiple channels including general trade, retail chains, and quick-commerce platforms. The company has a growing international footprint with exports to markets like the UK, USA, UAE, and Nepal.
Price Range
₹65.0 - ₹70.0
Issue Size
₹36.53 Cr
Lot Size
2,000 shares
IPO Type
NSE SME
GMP
₹68(+97.14%)
Est. Listing Price
₹138
Estimate Profit
₹2,72,000
Retail Portion
33.25%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
4.07
P/E Ratio
17.21
RoNW
34.07%
ROE
41.06%
Debt to Equity
2
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Timeline
IPO Opens
22 Dec
IPO Closes
24 Dec
Allotment
26 Dec
Listing
30 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 22 December 2025 | Subscription starts |
| IPO Close Date | 24 December 2025 | Subscription ends |
| Allotment Date | 26 December 2025 | Allotment |
| Listing Date | 30 December 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,80,000 |
SHNI (Min) | 3 | ₹4,20,000 |
SHNI (Max) | 7 | ₹9,80,000 |
BHNIAbove ₹10,00,000 | 8 | ₹11,20,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 47.36% |
| NII (Non-Institutional Investor) | 14.30% |
| Retail | 33.25% |
| Market Maker | 5.09% |
| Total | 100.00% |
IPO Objectives
- Funding incremental working capital requirements of the company (₹13.26 Cr).
- Part repayment or prepayment of existing debt and Cash Credit Facility (₹10.00 Cr).
- Brand creation and marketing expenses (₹6.36 Cr).
- Purchase of additional machinery for the existing manufacturing unit in Jaipur (₹1.63 Cr).
- Purchase and installation of a 200 KW Solar Rooftop Grid-connected PV System (₹0.65 Cr).
- General Corporate Purposes.
Strengths
- The company possesses an Established Brand & Diversified Portfolio, utilizing the 'SHYAM' label with 163 spice varieties catering to diverse tastes.
- It operates an Omnichannel Sales Network, maintaining an effective presence across B2B and D2C channels, including modern retail and international exports.
- The business benefits from Integrated Infrastructure, with an in-house manufacturing facility in Jaipur that enables end-to-end cost efficiencies and quality control.
- It demonstrates Consistent Profitability, with robust PAT growth of 28% in FY25 and high return ratios, including an RoNW of 34.07%.
- The company is led by Experienced Leadership, with a promotion team that has deep domain expertise in the FMCG and spices sector.
Weaknesses
- The company faces High Financial Leverage, evidenced by a significant Debt-to-Equity ratio of 2.00, indicating a high reliance on external borrowings.
- There is high Raw Material Seasonality, as the business is heavily dependent on agricultural inputs subject to weather conditions and price volatility.
- The business carries Demand Forecasting Risk due to the semi-perishable nature of spices, making it vulnerable to inventory spoilage and waste.
- It is involved in Ongoing Litigations, including trademark disputes, which could potentially impact reputation and financial performance.
- The company operates in a market with Intense Competition, facing pressure from both organized national giants and local unorganized players.
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 88.79 | 82.47 | 52.84 | 27.51 |
| Revenue (₹ Cr.) | 63.83 | 124.75 | 107.64 | 68.1 |
| PAT (₹ Cr.) | 4.2 | 8.04 | 6.3 | 2.92 |
| Net Worth (₹ Cr.) | 27.81 | 23.61 | 15.56 | 9.26 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Shyam Dhani Industries | 4.41 | 17.21 | 41.06% | 27.81 |
| Madhusudan Masala Limited | 1.93 | 12.05 | 12.91% | 93.66 |
| NHC Foods Ltd. | 0.65 | 9.6 | 6.7% | 82.71 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 10.43x | 10.7x | 256.24x |
| NII | 77.01x | 373.52x | 1,612.65x |
| S-HNI | 78.27x | 319.08x | 1,138.83x |
| B-HNI | 76.38x | 400.74x | 1,849.56x |
| RII | 90.08x | 360.68x | 1,137.92x |
| Total | 64.54x | 263.55x | 988.29x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 10,44,000 | 26,75,16,000 | 1,872.61 |
| NII | 7,86,000 | 1,26,75,44,000 | 8,872.81 |
| Small NII | 2,62,000 | 29,83,74,000 | 2,088.62 |
| Big NII | 5,24,000 | 96,91,70,000 | 6,784.19 |
| RII | 18,28,000 | 2,08,01,12,000 | 14,560.78 |
| Total | 36,58,000 | 3,61,51,72,000 | 25,306.2 |
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Company Details
- Shyam Dhani Industries Ltd.
- 401-405 & 416-418, 4th Floor, Soni Paris Point, Jai Singh Highway, Bani Park, Jaipur, Rajasthan - 302016
- +91 141 2203996
- info@shyamspices.com
- http://www.shyamspices.com/
Registrar Details
- Bigshare Services Pvt.Ltd.
- +91-22-6263 8200
- ipo@bigshareonline.com
- https://ipo.bigshareonline.com/IPO_Status.html
Frequently Asked Questions
What is the business focus of Shyam Dhani Industries?
Shyam Dhani Industries is a manufacturer and wholesaler of 163 varieties of premium spices under the brand 'SHYAM'. They also trade grocery staples and specialty seasonings, serving both B2B and D2C markets across India and internationally.
When does the Shyam Dhani Industries IPO open and close?
The IPO opens for public subscription on Monday, December 22, 2025, and closes on Wednesday, December 24, 2025.
What is the IPO price band and minimum retail investment?
The price band is fixed at ₹65 to ₹70 per share. The minimum lot size is 2,000 shares, but for retail investors, the minimum application is 2 lots (4,000 shares), requiring an investment of ₹2,80,000 at the upper price band.
What is the latest GMP (Grey Market Premium) for the IPO?
As of December 21, 2025, the GMP is approximately ₹35, indicating a potential listing price of ₹105 (a premium of 50.00% over the issue price).
How did the anchor investment portion perform?
The company successfully raised ₹10.92 crore from anchor investors on December 19, 2025, including institutional names like SIDBI and Rajasthan Global Securities.
Where will the Shyam Dhani Industries shares be listed?
The shares are proposed to list on the NSE SME platform, with a tentative listing date of December 30, 2025.
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