Shyam Dhani Industries lists at 90% premium after record SME IPO subscription
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Shyam Dhani Industries—the most subscribed SME IPO of 2025—made a blockbuster debut on December 30, with its shares listing at ₹133 apiece on the NSE Emerge platform, a near 90% premium to its IPO price of ₹70 per share. The strong listing valued the company at a market capitalisation of around ₹282 crore.
Following the debut, the stock extended its gains, rising as much as 99.5% to hit an intraday high of ₹139.65, with about 25 lakh shares changing hands on the counter.
The listing performance was broadly in line with grey market expectations. Ahead of the debut, Shyam Dhani Industries’ unlisted shares were trading at a grey market premium (GMP) of over 97% to the IPO price, according to data from Investorgain.
The Jaipur-based spices manufacturer had launched its initial public offering earlier this month to raise ₹38.48 crore at a price band of ₹65–70 per share, which was completely a fresh issue of 55 lakh shares. The 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.
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As per exchange data, the 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.
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.
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.