December 10, 2025
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Shyam Dhani Industries IPO
Shyam Dhani Industries Ltd. is launching a Book-Built SME IPO of Rs. 38.49 crore, entirely a fresh issue of 54,98,000 equity shares.
The IPO opens on December 22, 2025 and closes on December 24, 2025.
The allotment is expected on December 26, 2025, and the tentative listing on December 30, 2025, on NSE SME.
The price band is Rs. 65 to Rs. 70 per share.
The lot size is 2,000 shares.
As the lot value exceeds Rs. 2.50 lakh, minimum 2 lots (4,000 shares) are required for retail investors — Rs. 2,80,000 minimum at upper price.
Lead Manager: Holani Consultants Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Holani Consultants Pvt. Ltd.
🕗 Last Update: 10 December 2025, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Dec 22, 2025 – Dec 24, 2025 |
| Listing | NSE SME |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 65 to Rs. 70 |
| Lot Size | 2,000 shares |
| Issue Size | 54,98,000 shares (Rs. 38.49 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 2,80,000 shares (Rs. 1.96 Cr) |
| Net Offer to Public | 52,18,000 shares (Rs. 36.53 Cr) |
| Pre-Issue Shares | 1,48,72,000 |
| Post-Issue Shares | 2,03,70,000 |
| Market Cap (Pre-IPO) | Rs. 142.59 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Mon, Dec 22, 2025 |
| IPO Close | Wed, Dec 24, 2025 |
| Allotment | Fri, Dec 26, 2025 |
| Refunds | Mon, Dec 29, 2025 |
| Shares in Demat | Mon, Dec 29, 2025 |
| Listing Date | Tue, Dec 30, 2025 |
| UPI Cut-off | 5 PM, Dec 24, 2025 |
Reservation Structure
| Investor Category | Shares | % |
|---|---|---|
| Market Maker | 2,80,000 | 5.09% |
| QIB | 26,04,000 | 47.36% |
| NII (HNI) | 7,86,000 | 14.30% |
| Retail | 18,28,000 | 33.25% |
| Total | 54,98,000 | 100% |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–Max) | 2 | 4,000 | 2,80,000 |
| S-HNI (Min) | 3 | 6,000 | 4,20,000 |
| S-HNI (Max) | 7 | 14,000 | 9,80,000 |
| B-HNI (Min) | 8 | 16,000 | 11,20,000 |
Company Financials (Rs. in Crore)
| Period | 30-Sep-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 88.79 | 82.47 | 52.84 | 27.51 |
| Total Income | 63.83 | 124.75 | 107.64 | 68.10 |
| PAT | 4.20 | 8.04 | 6.30 | 2.92 |
| EBITDA | 8.66 | 14.52 | 10.88 | 5.97 |
| Net Worth | 27.81 | 23.61 | 15.56 | 9.26 |
| Borrowings | 48.18 | 47.24 | 24.45 | 12.75 |
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| ROE | 41.06% |
| ROCE | 39% |
| Debt/Equity | 2.00 |
| RoNW | 34.07% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.65% |
| P/BV | 4.41 |
| EPS (Pre/Post) | Rs. 5.41 / Rs. 4.12 |
| P/E (Pre/Post) | 12.95x / 16.97x |
About the Company
Incorporated in 1995, Shyam Dhani Industries Ltd. is an ISO-certified manufacturer, exporter and supplier of premium, blended, ground and whole spices. The company processes 163 varieties of spices under the brand “SHYAM”.
It also trades grocery products such as black salt, rock salt, poha, rice, kasuri methi, and various herbs & seasonings (oregano, peri-peri, chilli flakes, mixed herbs, onion flakes, tomato powder).
The company sells through General Trade, Modern Trade, Q-Commerce platforms, and also undertakes Private Labelling, HoReCa sales, and exports.
Its manufacturing facility is located in Jaipur, Rajasthan, supported by 394 employees across functions.
Competitive Strengths
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Wide portfolio of 163 spice varieties.
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Integrated manufacturing facility with cost efficiencies.
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Strong distribution across GT, MT and Q-Commerce.
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Experienced promoters and skilled workforce.
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Consistent financial growth and healthy margins.
Objects of the Issue
| S. No. | Purpose | Amount (Rs. in Mn) |
|---|---|---|
| 1 | Purchase of machinery for existing Jaipur unit | 9.13 |
| 2 | Purchase of 200KW Solar Rooftop PV system | 6.60 |
| 3 | Part-repayment of Cash Credit facility | 70 |
| 4 | Working capital requirements | 146.50 |
| 5 | General corporate purposes | — |
Company Contact
Shyam Dhani Industries Ltd.,
Khasra No. 06/1067, Manpura Road, Jatawali,
Near Delhi Bypass, Tehsil Chomu, Jaipur, Rajasthan.
Lead Manager
Holani Consultants Pvt Ltd.
Registrar
Bigshare Services Pvt. Ltd.
📞 +91-22-6263 8200
🌐 https://ipo.bigshareonline.com
Chanakya IPO Review (Short)
Shyam Dhani Industries has delivered strong revenue and profit growth with excellent ROE/ROCE (>39%). The spice segment is highly competitive but the company’s large portfolio, multi-channel distribution and scale benefits offer stability. Debt levels are on the higher side (D/E 2.0), but proceeds will reduce working-capital stress.
Valuations at P/E 16.97x post-issue look reasonable for a branded FMCG-spices player in the SME segment.
Chanakya View: Suitable for medium-term investors; listing gains possible depending on subscription and sentiment.
