The Shayona Engineering IPO has a total size of up to ₹15 crore. It will issue 10,32,000 shares at ₹10 face value. The subscription opens on January 22, 2026. Bids will be accepted till January 27, 2026. The allotment date for the issue has been set for January 28, 2026. The shares are scheduled to list on the BSE SME on January 30, 2026.
Applications will be made in lots of 1,000 shares in the price range of ₹140 to ₹144. For retail participants, the minimum bid is 2 lots, making their investment ₹2,88,000. The sNII category will have to bid for a minimum of 3 lots with ₹4,32,000, and the bNII category will have an outlay of ₹10,08,000 for 7 lots.
Shayona Engineering IPO Details
Key information related to the IPO is summarised in the table that follows:
| Particulars | Details |
| Bidding Opens | January 22, 2026 |
| Bidding Closes | January 27, 2026 |
| IPO Lot Size | 1,000 Shares |
| Face value | ₹10 per share |
| Price Band | ₹140 to ₹144 |
| Issue Price | |
| Issue Type | Bookbuilding |
| Offer for Sale | |
| Fresh Issue | 10,32,000 shares (Up to ₹15 Crore) |
| Listing at | BSE SME |
| Total Issue | 10,32,000 shares (Up to ₹15 Crore) |
| Minimum Investment | ₹2,88,000 |
Shayona Engineering IPO Timeline
The issue will run as per the given timeline:
| Particulars | Details |
| Bidding Opens | January 22, 2026 |
| Bidding Closes | January 27, 2026 |
| Scheduled Allotment | January 28, 2026 |
| Refund Initiation | January 29, 2026 |
| Demat Account Credit | January 29 2026 |
| Listing Proposed on | January 30, 2026 |
| Cut-off time for UPI mandate | – |
Shayona Engineering Key Performance Indicator
The following KPIs highlight Shayona Engineering’s performance over the years:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 41.71 | 56.93 | 34.81 |
| ROCE (%) | 27.12 | 37.92 | 29.03 |
| Debt Equity (times) | – | – | – |
| RoNW (%) | 41.71 | 56.93 | 34.81 |
| PAT Margin (%) | 4.81 | 11.18 | 10.44 |
| EBITDA margin (%) | 9.18 | 19.67 | 21.64 |
| Price Book Value | – | – | 4.16 |
Shayona Engineering IPO Financials
An overview of the company’s financial numbers is provided below:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 1,263.22 | 1,528.44 | 2,317.68 |
| Total Asset | 727.47 | 1,258.00 | 2,960.12 |
| Profit | 60.77 | 170.95 | 241.91 |
Shayona Engineering India IPO Subscription Status
The following table shows the subscription details of this IPO:
| Day | NII | Individual Investor | Total |
| Day 1 | |||
| Day 2 | |||
| Day 3 |
Grey Market Premium of Shayona Engineering IPO
The Shayona Engineering IPO is trading at a GMP of ₹0, indicating a flat market response. Based on recent trends, investors should not expect any gains at the time of listing.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 20-01-2026 | ₹0 | ₹144 | 0% | Neutral |
| 19-01-2026 | ₹0 | ₹144 | 0% | Neutral |
Note: The GMP is derived from unofficial market activity and may change as subscription trends and demand evolve.
Shayona Engineering IPO Reservation
The IPO follows a category-wise reservation structure for allotment of shares:
| Investor Category | Reservation |
| Market Maker Shares Offered | 52,000 (5.04%) |
| QIB Shares | 12,000 (1.16%) |
| NII (HNI) Shares | 3,00,000 (29.07%) |
| Retail Shares | 6,68,000 (64.73%) |
| Total Shares | 10,32,000 (100.00%) |
Shayona Engineering IPO Lot Size
Applications can be submitted according to the specified lot sizes:
| Investor Type | Lots | Shares | Amount |
| Individual Investors – Retail (Min. Application) | 2 | 2,000 | ₹2,88,000 |
| Individual Investors – Retail (Max. Application) | 2 | 2,000 | ₹2,88,000 |
| S-HNI (Min. Application) | 3 | 3,000 | ₹4,32,000 |
| S-HNI (Max. Application) | 6 | 6,000 | ₹8,64,000 |
| B-HNI (Min. Application) | 7 | 7,000 | ₹10,08,000 |
Details of Shayona Engineering IPO Anchor Investors
Shayona Engineering IPO is an SME issue, where participation by anchor investors is not mandatory. The company has not allocated a portion for anchor investors in this offering. As a result, details such as anchor bidding dates, allocation size, and lock-in periods are not applicable and are therefore not disclosed.
Shayona Engineering IPO Prospectus
Refer to the documents given below for more details on the IPO:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed |
About Shayona Engineering
Founded in 2017, Shayona Engineering Limited is based in Vadodara, Gujarat. Mr. Vipul Bhikhabhai Solanki leads the company as the Chairman and Managing Director and is also part of the promoter group, along with Kinnariben Vipulbhai Solanki and Gaurav Ratukumar Parekh. Shayona Engineering is engaged in the manufacturing of precision engineering products, including castings, fabricated structures, dies and moulds, industrial automation, and turnkey project machinery.
In addition, the company has expanded into PVC and HDPE pipes and fittings, catering to infrastructure, construction, agriculture, and industrial applications. The company operates within the engineering and industrial manufacturing sector, serving clients across multiple industries such as renewable energy, automotive, aerospace, defence, and infrastructure.
| Issue Registrar | Kfin Technologies |
| Lead Manager | Horizon Management |
Shayona Engineering IPO Objectives
The company plans to utilise the funds raised through the IPO for the given purposes:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Purchase of plant and machinery | 379.00 |
| 2. | Repayment of borrowings | 217.00 |
| 3. | Working capital needs | 400.00 |
| 4. | General Corporate Purposes | – |
Strength Of Shayona Engineering
The growth of Shayona Engineering has been supported by the following key strengths:
- Strong Operating History: The company has built trust by consistently delivering quality products across large projects, backed by manufacturing and engineering experience.
- Efficient Supply Chain: A well-established supplier network and diversified client base help manage demand shifts while ensuring smooth production and timely deliveries.
- Technology-Driven Growth: Planned investments in Computer Numerical Control (CNC) and Vertical Machining Centre (VMC) machines will improve precision, expand capacity, and support more complex engineering requirements.
- Modern Manufacturing Setup: Advanced pipe extrusion machinery and injection moulding systems enable the company to serve construction, infrastructure, and utility sectors efficiently.
- Automation Focus: Ongoing automation initiatives aim to enhance efficiency, reduce errors, and maintain consistent quality as operations scale.
Risk of Shayona Engineering
Key risks investors should consider when evaluating Shayona Engineering include:
- Customer Concentration: The business relies heavily on a small set of customers for its revenue. Any reduction or loss of key clients could impact sales and profitability.
- Export Obligation Exposure: The business operates under export requirements linked to benefits availed through the Export Promotion Capital Goods (EPCG) scheme. Missing these commitments may attract penalties and potential loss of scheme benefits.
- Cash Flow Volatility: Past financial records show that the company has experienced negative cash flows. Continued working capital pressure or high capex could affect liquidity.
- Supplier Dependence: Operations rely heavily on a few raw material suppliers. Disruptions, quality issues, or delays could affect production and financial performance.
- Raw Material Sensitivity: Fluctuations in steel and metal prices, supply shortages, or quality issues may impact margins if costs cannot be passed on to customers.
Shayona Engineering IPO Review
Shayona Engineering shows steady revenue growth, improving margins, and a diversified presence across engineering and infrastructure segments. Its focus on automation and capacity expansion supports long-term scalability. However, the current GMP of ₹0 indicates muted listing expectations. Risks around customer concentration and cash flow history remain. With a medium-to-long-term outlook, the IPO is better suited for investors willing to accept higher risk exposure.
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Shayona Engineering IPO FAQs
Shayona Engineering IPO is a book-built SME issue raising up to ₹15 crore through a fresh issue of 10,32,000 equity shares. The IPO will be listed on the BSE SME platform.
Applications can be placed through a broker or a trading platform. The payment can be completed using UPI or the ASBA facility, with bids submitted before the end of the subscription period.
The IPO shows business growth and expansion plans, but the GMP is currently flat. It may suit investors with a higher risk appetite and a medium-to-long-term investment horizon.
With a current GMP of ₹0, no immediate listing gains are indicated. Returns will depend on long-term business performance.
The IPO opens for subscription on Jan 22, 2026, and closes on Jan 27, 2026.
The lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares), amounting to ₹2,88,000 at the upper price band.
The Shayona Engineering IPO allotment is expected to be finalised on Jan 28, 2026.
The IPO is scheduled to list on Jan 30, 2026, on the BSE SME platform.
