Shyam Dhani Industries IPO is heading to the public markets. This is an SME IPO, offering equity shares carrying a face value of ₹10 each. The company aims to raise ₹38.49 crore, entirely through a fresh issue, giving investors a chance to participate in its next phase of expansion. The IPO will open for subscription on 22 December 2025 and close on 24 December 2025, giving a three-day window for applicants.
The company is set to make its debut shortly after, with listing scheduled on 30 December 2025 on the NSE SME platform. Let’s learn more about this IPO in detail in this blog.
Shyam Dhani Industries IPO Details
These are the main highlights of the IPO presented in a tabular format.
| Bid Opening Date | 22 December 2025 |
| Bid Closing Date | 24 December 2025 |
| Face Value | ₹10 |
| Price Band | ₹65 to ₹70/share |
| Issue Price | – |
| IPO Lot Size | 2000 Shares |
| Sale Type | Fresh issue |
| Offer for Sale | – |
| Fresh Issue | 0.55 crore shares (₹38.49 Cr) |
| Issue Type | Book Built IPO |
| Listing | NSE SME |
| Total Issue Size (₹ Cr) | 54,98,000 shares (₹38.49 Cr) |
| Minimum Investment(₹) | ₹2,80,000 (4000 shares) |
Shyam Dhani Industries IPO Timeline
A step-by-step look at the IPO milestones is shared here.
| Bidding Period Opens | 22 December 2025 |
| Bidding Period Closes | 24 December 2025 |
| Allotment Date | 26 December 2025 |
| Refunds Initiation | 29 December 2025 |
| Shares Credited to demat | 29 December 2025 |
| Listing Date | 30 December 2025 |
| Deadline for UPI Mandate Confirmation | 5 PM, 24 December 2025 |
Shyam Dhani Industries Limited Key Performance Indicator
Below is a comparison of major financial ratios over the last three years for the Shyam Dhani Industries.
| KPIs | 2025 | 2024 | 2023 |
| ROCE (%) | 39.00 | 46.16 | 39.69 |
| Debt-Equity Ratio (in times) | 1.15 | 1.57 | – |
| RoNW (%) | 34.07 | 40.50 | 31.53 |
| PAT Margin (%) | 6.45 | 5.85 | 4.29 |
| EBITDA Margin (%) | 9.81 | 8.23 | – |
| Price-Book Value | – | – | – |
| ROE (%) | 41.06 | 50.78 | 37.49 |
Shyam Dhani Industries Limited Financial Information
Given in this section is the concise view of Shyam Dhani Industries Limited financial information.
| Aspect | 2025 (₹ Lakhs) | 2024 (₹ Lakhs) | 2023 (₹ Lakhs) |
| Total Income (Revenue) | 12,475.00 | 10,764.00 | 6,810.00 |
| Total Asset | 8,247.00 | 5,284.00 | 2,751.00 |
| Profit/Loss (PAT) | 804.00 | 630.00 | 292.00 |
Shyam Dhani Industries IPO Subscription Status in India
The IPO’s subscription status is recorded across all three bidding days and will be displayed here.
| Day | QIB | NII | Individual Investor | Total |
| Day 1 | – | – | – | – |
| Day 2 | – | – | – | – |
| Day 3 | – | – | – | – |
Shyam Dhani Industries IPO Grey Market Premium (GMP)
Shyam Dhani Industries IPO GMP today is recorded at a rate of ₹0, hinting no visible variation in grey market interest.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 10 December 2025 | ₹0 | ₹70(0.00%) | ₹0 | ↔️ Neutral |
| – | – | – | – |
Note: GMP offers a rough glimpse of early investor interest by capturing informal market reactions before subscription begins.
Shyami Dhani Industries IPO Reservation
The table summarises the reservation percentage assigned to each investor group.
| Category | % of Shares Offered | Number of Shares Offered |
| QIBs | 47.36% | 26,04,000 |
| Retail Investors | 33.25% | 18,28,000 |
| NII (HNI) | 14.30% | 7,86,000 |
| Market Marker | 5.09% | 2,80,000 |
| Total Shares Offered | 100% | 54,98,000 |
Shyam Dhani Industries IPO Lot Size
The following data shows the IPO lot size and its corresponding costs.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 2 | 4,000 | 2,80,000 |
| Retail Investors (Maximum) | 2 | 4,000 | 2,80,000 |
| S-HNI (Minimum) | 3 | 6,000 | 4,20,000 |
| S-HNI (Maximum) | 7 | 14,000 | 9,80,000 |
| B-HNI (Minimum) | 8 | 16,000 | 11,20,000 |
Shyam Dhani Industries IPO Anchor Investors Details
A brief summary of shares placed through the anchor book.
| Bid Date | December 19, 2025 |
| Shares Offered | 15,60,000 equity shares (28.37% of the offer) |
| Anchor Portion Size | ₹10.92 crores (approx. at upper price band) |
Shyam Dhani Industries IPO Prospectus
All relevant regulatory and offer documents for the IPO can be viewed through the links below.
About Shyam Dhani Industries Limited
Shyam Dhani Industries Limited, established in 1995 and incorporated in 2010, is headquartered in Jaipur, Rajasthan. The company manufactures, wholesales, and exports whole spices, ground spices, blended spices, and premium spice powders under the Shyam brand. Ramawtar Agarwal serves as Managing Director with over 30 years of experience. ISO 22000, HACCP, and Agmark certified, it exports to Kenya, Philippines, Dubai, Singapore, Canada, Nigeria, and more across Africa and Europe.
| Book running lead managers | Holani Consultants Private Limited |
| Registrar of the issue | Bigshare Services Private Limited |
Shyam Dhani Industries IPO Objectives
The table outlines the specific purposes allocated for IPO proceeds.
| Particulars | Amount (in ₹ Lakhs) |
| Purchase of machinery for installation at existing manufacturing units. | 91.30 |
| Purchase of 200 KW Solar Rooftop Grid-connected PV System | 66.00 |
| Part Repayment of existing Cash Credit Facility | 700.00 |
| Funding incremental working capital requirements | 1,465 |
| General reasons | – |
Shyam Dhani Industries Limited: Strengths
These points validate the core strengths driving the company’s performance.
- Diverse product portfolio: The company manufactures and processes over 163 varieties of spices, including ground spices, blend spices, and whole spices, catering to a wide range of consumer tastes and preferences.
- Established manufacturing infrastructure: With a manufacturing unit in Chomu, Jaipur, and a dedicated packaging and R&D unit in the Vishwakarma Industrial Area, the company has integrated production capabilities that drive cost efficiencies and quality control.
- Multi-channel sales network: The company effectively operates across B2B and D2C markets, including private labelling, HoReCa (Hotel, Restaurant, Catering) sales, and exports, ensuring multiple revenue streams.
- Proficient management: Led by promoters Ramawtar Agarwal, Mamta Devi Agarwal, and Vithal Agarwal, the leadership team brings over a decade of industry experience in the consumer food sector.
- Strategic endorsement: The company has strengthened its brand visibility through strategic marketing initiatives, including a 24-month endorsement deal with celebrity Preity Zinta.
Shyam Dhani Industries Limited: Risks
The primary challenges and risks surrounding the business.
- Raw material price volatility: The business is highly dependent on agricultural commodities (spices), making its margins vulnerable to fluctuations in raw material prices due to weather conditions, crop yields, and seasonality.
- Geographical focus: A significant portion of the company’s operations and manufacturing facilities are concentrated in Rajasthan, exposing it to regional risks such as regulatory changes, labour issues, or natural calamities in that specific area.
- Highly competitive market: The spice and FMCG sector is intensely competitive with both organised players (like MDH, Everest) and unorganised regional competitors, which could impact market share and pricing power.
- Regulatory compliance: As a food manufacturer, the company is subject to stringent food safety standards (FSSAI). Any failure to maintain quality standards could lead to product recalls, legal action, and reputational damage.
- Working capital intensity: The business requires significant working capital for inventory management and operations. Inability to secure adequate funding or manage cash flows effectively could hamper growth.
Shyam Dhani Industries IPO Review
The Shyam Dhani Industries IPO offers a chance to invest in a growing spice business with a ₹38.49 crore SME issue. With strong fundamentals but risks like raw material volatility, investors should review their options before the subscription opens on 22 December 2025.
Other Recent IPO List
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Shyam Dhani Industries IPO FAQs
The Shyam Dhani Industries IPO is a ₹38.49 crore SME book-built issue of equity shares with a face value of ₹10, priced in a band of ₹65–₹70 per share, to be listed on the NSE SME platform.
You can apply through your broker’s IPO section during the 22–24 December 2025 bidding window by selecting the issue, choosing lots and price, and approving the UPI mandate.
The IPO shows solid revenue and profit growth with healthy return ratios, but operates in a competitive, commodity-linked spice market and is an SME issue with higher risk.
Current grey market premium is reported at ₹0, implying no indicated listing gain over the upper price band of ₹70. Actual returns will depend on final subscription levels, post-listing demand, and more.
The Shyam Dhani Industries IPO will open for subscription on 22 December 2025 and close on 24 December 2025, giving investors a three-day bidding window.
The IPO lot size is 2,000 shares. For retail investors, the minimum and maximum application is 2 lots, meaning 4,000 shares in total, which translates to a minimum investment of approximately ₹2,80,000 at the upper price band.
The expected date for finalising the Shyam Dhani Industries IPO basis of allotment is 26 December 2025, with refunds and credit of shares to successful applicants’ demat accounts scheduled for 29 December 2025.
The Shyam Dhani Industries IPO is proposed to be listed on the NSE SME platform on 30 December 2025, shortly after completion of allotment, refund processing, and credit of shares to investors’ demat accounts.
