Shayona Engineering Ltd. IPO
Shayona Engineering IPO is a book building SME issue of Rs. 14.86 crore, comprising a fresh issue of 0.10 crore equity shares aggregating to Rs. 14.86 crore and an offer for sale of 0.00 crore equity shares aggregating to Rs. 0.00 crore. The IPO opens for subscription on Thursday, January 22, 2026 and closes on Tuesday, January 27, 2026. The allotment is expected to be finalised on Wednesday, January 28, 2026, and the shares are proposed to be listed on the BSE SME platform with a tentative listing date of Friday, January 30, 2026.
The IPO is offered in a price band of Rs. 140 to Rs. 144 per share with a lot size of 1,000 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,88,000 for 2 lots (2,000 shares), while HNI investors are required to apply for a minimum of 3 lots (3,000 shares), amounting to Rs. 4,32,000. Horizon Management Pvt. Ltd. is the Book Running Lead Manager to the issue, Kfin Technologies Ltd. is the Registrar, and Horizon Financial Consultants Pvt. Ltd. is the Market Maker for the IPO.
🕗 Last Update: 17 January 2026, 6.00 AM
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IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 14.86 Cr |
| Fresh Issue | 9,80,000 shares (Ex Market Maker) (agg. up to Rs. 14.11 Cr) |
| Offer for Sale | — |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 140 to Rs. 144 |
| Lot Size | 1,000 shares |
| Listing Platform | BSE SME |
| Market Cap (Pre-IPO) | Rs. 56.05 Cr |
| Total Issue Size | 10,32,000 shares (agg. up to Rs. 14.86 Cr) |
| Market Maker Reservation | 52,000 shares (agg. up to Rs. 0.75 Cr) |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Thu, Jan 22, 2026 |
| IPO Closes | Tue, Jan 27, 2026 |
| Allotment | Wed, Jan 28, 2026 |
| Refunds | Thu, Jan 29, 2026 |
| Credit of Shares | Thu, Jan 29, 2026 |
| Listing | Fri, Jan 30, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 52,000 | — |
| QIB | 12,000 | — |
| NII (HNI) | 3,00,000 | — |
| Retail (RII) | 6,68,000 | — |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min & Max) | 2 | 2,000 | 2,88,000 |
| S-HNI (Min) | 3 | 3,000 | 4,32,000 |
| S-HNI (Max) | 6 | 6,000 | 8,64,000 |
| B-HNI (Min) | 7 | 7,000 | 10,08,000 |
Issue Management
| Role | Name |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Market Maker | Horizon Financial Consultants Pvt. Ltd. |
| Shayona Engineering Ltd. Address | Shed No. 113/1, GIDC, Makarpura, M.I. Estate, Vadodara, Gujarat, 390010 |
| Phone / Email | +91 9310806080 | compliance@shayonaengg.com |
| Lead Manager | Horizon Management Pvt. Ltd. |
About the business
Shayona Engineering Ltd. was incorporated in 2017 and is engaged in the business of precision castings, machining, dies and moulds, industrial automation, heavy fabrication, casting, forging, reverse engineering, and turnkey project machinery.
The company offers customised solutions for precision castings in special grades, with weights ranging from a few grams to 3 metric tons in a single piece. The company operates from three locations in Vadodara, Gujarat, using sophisticated technology-based equipment to deliver accurate engineering solutions, along with after-sales support under one roof.
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Proven track record in large-scale operations | Ability to execute complex engineering assignments at scale |
| Strategic supply chain management | Vendor network and sourcing capability supporting delivery timelines |
| Advanced technology investment | Use of modern equipment to deliver precision outcomes |
| State-of-the-art manufacturing | Manufacturing set-up across three locations |
| Future-ready automation | Capabilities in industrial automation and turnkey solutions |
Company Financials (Restated – Rs. Cr.)
| Period Ended | 30 Nov 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 41.12 | 29.60 | 12.58 | 7.27 |
| Total Income | 19.15 | 23.18 | 15.28 | 12.63 |
| EBITDA | 4.08 | 5.00 | 3.00 | 1.15 |
| PAT | 2.45 | 2.42 | 1.71 | 0.61 |
| Net Worth | 12.36 | 9.91 | 3.99 | 2.01 |
| Reserves & Surplus | 9.50 | 7.05 | 1.72 | 1.01 |
| Total Borrowings | 22.61 | 13.92 | 5.42 | 3.45 |
Key Performance Indicators (KPI)
| KPI | Nov 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROCE | 13.08% | 29.03% |
| Debt / Equity | 1.83 | — |
| RoNW | 22.01% | 34.81% |
| PAT Margin | 12.80% | 10.44% |
| EBITDA Margin | 21.33% | 21.64% |
| Price to Book Value | 3.33 | 4.16 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 8.46 | 9.44 |
| P/E (x) | 17.03 | 15.25 |
| Promoter Holding | 87.29% | — |
Objects of the Issue
| No. | Object | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Purchase of plant and machinery for the existing line of business | 3.79 |
| 2 | Repayment of secured loan availed by the company from financial institution | 2.17 |
| 3 | Funding of working capital requirements | 4.00 |
| 4 | General corporate purpose | Balance |
Promoters
The promoters of the company are Mr. Vipul Bhikhabhai Solanki, Mrs. Kinnariben Vipulbhai Solanki, and Mr. Gaurav Ratukumar Parekh.
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
sel.ipo@kfintech.com
Visit Website
IPO Lead Manager(s)
Horizon Management Pvt. Ltd.Â
Contact Details
Shayona Engineering Ltd. Address
Shed No. 113/1,
GIDC, Makarpura,
M.I. Estate,
Vadodara, Gujarat, 390010
+91 9310806080
compliance@shayonaengg.com
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
