Mumbai: Jaipur-based spice manufacturer Shyam Dhani Industries concluded its SME IPO on 24 December 2025, closing with an astonishing 988 times over-subscription. The IPO, with an issue size of ₹38.5 crore, received bids worth ₹25,000 crore, signaling strong investor confidence.
Record-Breaking Subscription
Over the three-day IPO period, Shyam Dhani Industries received 6,22,097 applications for 361.55 crore shares, while the company had announced only 36.58 lakh shares for sale. This makes it the most subscribed SME IPO of 2025 and the fifth most subscribed SME IPO ever in India.
The Grey Market Premium (GMP) for the IPO surged to 100%, indicating that the shares could list at double the issue price on the stock exchange.
SME IPO Investor Demand Remains Strong
Investor enthusiasm for SME IPOs has been robust over the past three years, with many issues witnessing subscriptions far exceeding supply. Notable SME IPOs include HOAC (1,963x in 2024), NACDAC Infrastructure (1,545x), Hamps Bio (1,048x), and Magenta Lifecare (1,007x). In 2025, Shyam Dhani Industries reached a landmark with 988x subscription, followed by Austere Systems at 750x, demonstrating strong retail and HNI investor appetite for high-potential small-cap opportunities.
About Shyam Dhani Industries
Shyam Dhani Industries manufactures and markets spices and grocery products under the ‘Shyam’ brand. The company processes over 160 varieties of ground, blended, and whole spices and trades in black salt, rock salt, rice, poha, kasuri methi, and seasoning mixes. Its manufacturing facility is located in Jaipur, Rajasthan, and promoters include Ram Avtar Agrawal, Mamta Devi Agrawal, and Vitthal Agrawal.
IPO Details
The IPO was entirely a fresh issue, priced in the band of ₹65–70 per share, with an upper price-band valuation of ₹144.6 crore. The GMP of ₹65–70 per share surpassed the upper price band, indicating a 100% listing premium and strong investor confidence in the company’s growth prospects.
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