Shyam Dhani Industries made an impressive entry into the stock market as its shares were listed on the NSE SME platform on Tuesday, December 30.
The company had successfully raised ₹38.49 crore through its initial public offering (IPO). On the day of listing, Shyam Dhani Industries shares opened at ₹133 per share on NSE SME.
This listing price was a massive 90% premium over the IPO issue price of ₹70 per share. It is important to note that NSE has set a maximum listing cap of 90% for SME IPOs.
This rule means that SME IPO shares cannot list at a price higher than 90% above their issue price. Shyam Dhani Industries reached this upper limit, reflecting strong investor demand and confidence.
Gray Market Premium Matched Market Expectations
The strong listing performance of Shyam Dhani Industries was in line with gray market expectations. According to market observers, the company’s unlisted shares were trading at around ₹138 per share in the gray market before listing.
This indicated a premium of ₹68 per share, or approximately 97.14% over the issue price of ₹70.
Although the actual listing price was slightly lower than the gray market rate, it still delivered maximum gains allowed under SME listing rules, meeting investor expectations.
IPO Structure and Subscription Details
Shyam Dhani Industries’ IPO was a 100% fresh issue, consisting of 5.5 million new equity shares, with a total issue size of ₹38.49 crore (around $1.5 million).
There was no offer for sale (OFS) component, meaning that all funds raised will go directly to the company.
The IPO was offered in a price band of ₹65 to ₹70 per share, and the company fixed the final issue price at ₹70, the upper end of the band.
Each IPO lot consisted of 2,000 shares. The public issue was open for subscription from December 22 to December 24, 2025.
Investor response to the IPO was exceptionally strong. The issue received bids for 3.61 billion shares, compared to just 3.65 million shares available for subscription.
As a result, the IPO was oversubscribed by a massive 988.29 times, making it one of the most heavily subscribed SME IPOs.
Investor Category-wise Subscription Data
Among different investor categories, non-institutional investors (NIIs) showed the highest level of interest. The NII portion was subscribed 1,612.65 times, according to NSE data.
Retail investors also participated enthusiastically, subscribing their portion 1,137.92 times. Meanwhile, qualified institutional buyers (QIBs) subscribed their quota 265.24 times, which is still considered very strong demand.
Key IPO Details and Use of Funds
The allotment for the Shyam Dhani Industries IPO was finalized on Friday, December 26, 2025. Bigshare Services acted as the registrar for the IPO, while Holani Consultants served as the sole book-running lead manager for the issue.
The company has clearly outlined how it plans to use the funds raised from the IPO. Out of the net proceeds:
₹13.26 crore will be used to meet working capital requirements
₹10 crore will be allocated for repayment of certain loans or advance payments
₹6.35 crore will be spent on brand building and marketing activities
₹1.63 crore will be used to purchase new machinery
₹64.9 lakh will be invested in installing a solar rooftop plant at an existing manufacturing unit
The remaining funds will be used for general corporate purposes
