The initial public offering (IPO) of Shyam Dhani Ltd, a premium spice supplier, is closing today, Wednesday, December 24, 2025.
The IPO, worth Rs 38.49 crore, has been priced in the Rs 65–70 per share range.
As of 10:30 AM on the final day, the IPO received a massive 380.29 times subscription, with bids for 1,39,11,18,000 shares against 36,58,000 shares on offer.
Retail investors: 498.29x subscription
Non-institutional investors (NII): 592x subscription
Qualified institutional buyers (QIBs): 14.21x subscription
Grey Market Shows Strong Listing Prospects
Market observers report that unlisted shares of Shyam Dhani Ltd are trading at around Rs 132 per share in the grey market, which is 89% higher than the issue price of Rs 70.
This indicates a strong potential listing on the NSE SME platform scheduled for December 30, 2025.
The grey market premium (GMP) reflects investor sentiment and shows the willingness to pay above the IPO price, though it may fluctuate before the listing.
IPO Details
Shyam Dhani Industries is raising Rs 38.49 crore through a book-built IPO, comprising 0.55 crore equity shares.
The public issue opened on December 22 and closes today, with allotment expected on December 26.
Lot size: 2,000 shares
Retail minimum investment: Rs 2.8 lakh (for 4,000 shares at upper price band)
High net-worth individuals: Minimum 6,000 shares (Rs 4.2 lakh)
About Shyam Dhani Industries
Founded in 1995, Shyam Dhani Industries is an ISO-certified company involved in manufacturing, exporting, and wholesale trading of premium spices.
Its product portfolio includes:
Spice powders and whole spices
Grocery items like black salt, rock salt, rice, poha, kasuri methi
Herbs and seasonings such as oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder
The company reported a 16% rise in revenue and a 28% increase in profit after tax in FY25 compared to the previous year.
Holani Consultants Pvt. Ltd. is managing the IPO as the book running lead manager and market maker, while Bigshare Services Pvt. Ltd. is the registrar.
