Jaipur masala company’s ₹38.5 crore issue draws ₹25,000 crore bids, becomes 2025’s most subscribed SME IPO

Despite concerns over valuations and softer listing gains, investor appetite for initial public offerings (IPOs) remains strong in India. The ₹39-crore IPO of Jaipur-based masala company, Shyam Dhani Industries, is the latest example of this still-ignited frenzy in India’s primary markets, as the issue drew bids worth over ₹25,000 crore.

Shyam Dhani’s ₹38.49-crore public issue garnered a record-breaking subscription of over 900 times, making it the most subscribed SME IPO of the year and the fifth most subscribed in India’s SME market history.

As per exchange data, the Jaipur-based company, with a net worth of ₹23.61 crore as of March 31, 2025, saw its IPO subscribed a staggering 918.12 times. The issue attracted bids for over 361 crore shares worth ₹25,306.20 crore, against just 36.58 lakh shares on offer. Priced in the ₹65–70 per share band, the IPO drew 6,22,075 applications, reflecting extraordinary investor demand for the SME offerings.

The data showed that the IPO garnered massive demand from non-institutional and retail investors. The non-institutional investor (NII) category was subscribed 1,612.65 times, with bids from large NIIs (above ₹10 lakh) at 1,849.56 times and small NIIs (below ₹10 lakh) at 1,138.83 times. Retail investors subscribed the issue 1,137.92 times, submitting over 5.2 lakh applications, while qualified institutional buyers (QIBs), excluding anchor investors, subscribed the issue 256.24 times.

Top 5 most subscribed SME IPOs ever

With this response, Shyam Dhani Industries has entered the list of India’s top five most subscribed SME IPOs, joining HOAC Foods India, which topped the charts with a subscription of about 2,013 times in 2024, followed by Kay Cee Energy & Infra at around 1,052 times in 2024, Koura Fine Diamond Jewellery with roughly 733 times in 2024, and Kahan Packaging at nearly 730 times in 2023. Shyam Dhani Industries ranks fifth with an overall subscription of 918.12 times in 2025.

Issue details

Shyam Dhani Industries’ IPO was entirely a fresh issue of 0.55 crore shares, priced in the band of ₹65–70 per share. The company raised ₹10.92 crore from anchor investors ahead of the issue. The IPO opened on December 22 and closed on December 24, 2025. Allotment of share is expected to be finalised on December 26, while tentative date for listing of stock on the NSE SME platform is December 30, 2025.

GMP signals sharp listing gain

After garnering an overwhelming response for its IPO, the stock has created buzz in the grey market, indicating strong listing. The SME stock was commanding grey market premium (GMP) of ₹70, implying an estimated listing price of around ₹140, or a potential 100% listing gain over the IPO price.

Steady financial performance

Incorporated in 1995, Shyam Dhani Industries is a manufacturer and trader of spices and grocery products under the “SHYAM” brand, processing over 163 varieties of spices. The company has reported steady financial growth, with revenue rising 16% and profit after tax (PAT) increasing 28% between FY24 and FY25. Total income grew to ₹124.75 crore in FY25 from ₹107.64 crore in FY24, while PAT improved to ₹8.04 crore from ₹6.30 crore over the same period. EBITDA also strengthened to ₹14.52 crore in FY25 compared with ₹10.88 crore a year earlier.

The company’s asset base expanded to ₹82.47 crore as of March 31, 2025, up from ₹52.84 crore in FY24, while net worth increased to ₹23.61 crore from ₹15.56 crore.

As of September 30, 2025, assets stood at ₹88.79 crore, total income at ₹63.83 crore, and PAT at ₹4.20 crore. Total borrowings rose to ₹47.24 crore in FY25 from ₹24.45 crore in FY24.

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