Shyam Dhani IPO subscribed 918 times, GMP signals 100% listing gains
Shyam Dhani Industries’ IPO became the fifth most subscribed SME IPO ever in India and the most subscribed for 2025.
- Dec 25, 2025,
- Updated Dec 25, 2025 1:10 PM IST
The IPO of Shyam Dhani Industries, the Jaipur-based masala producer, received a strong response, with final bids totalling 361.6 crore shares on Wednesday, according to NSE data. At a subscription level of 918 times. Shyam Dhani Industries’ IPO became the fifth most subscribed SME IPO ever in India and the most subscribed for 2025, based on figures from Chittorgarh.
The total IPO demand, excluding the anchor segment, corresponded to a book size of slightly over Rs 25,300 crore. The level of oversubscription signals considerable confidence among market participants in the company’s prospects and sector. Meanwhile, GMP of the IPO stood at Rs 70 today, implying 100% listing gains. The price band of the IPO was Rs 65 to Rs 70 per share. The signals the stock could list at Rs 140, according to today's GMP.
The company launched its initial public offering on the NSE SME platform Emerge to raise Rs 38.5 crore. The offer comprised nearly 55 lakh shares with a price band set at Rs 65 to Rs 70 per share. The bidding commenced on December 22 and concluded on Wednesday, December 24. Of the total, 15.6 lakh shares were reserved for anchor investors, and this anchor portion itself saw a 70-fold subscription, with the total anchor demand reaching approximately 11 crore shares.
The company noted in its offer document that the funds raised would be directed towards incremental working capital, repayment of certain outstanding loans, brand creation and marketing, capital expenditure, and installation of a solar rooftop plant at its manufacturing facility. The company manufactures more than 160 types of spices.
The significant scale of investor interest cut across categories. Detailed reservation data for investor classes and precise allotment or listing dates were not available at the time of publication.
The IPO of Shyam Dhani Industries, the Jaipur-based masala producer, received a strong response, with final bids totalling 361.6 crore shares on Wednesday, according to NSE data. At a subscription level of 918 times. Shyam Dhani Industries’ IPO became the fifth most subscribed SME IPO ever in India and the most subscribed for 2025, based on figures from Chittorgarh.
The total IPO demand, excluding the anchor segment, corresponded to a book size of slightly over Rs 25,300 crore. The level of oversubscription signals considerable confidence among market participants in the company’s prospects and sector. Meanwhile, GMP of the IPO stood at Rs 70 today, implying 100% listing gains. The price band of the IPO was Rs 65 to Rs 70 per share. The signals the stock could list at Rs 140, according to today's GMP.
The company launched its initial public offering on the NSE SME platform Emerge to raise Rs 38.5 crore. The offer comprised nearly 55 lakh shares with a price band set at Rs 65 to Rs 70 per share. The bidding commenced on December 22 and concluded on Wednesday, December 24. Of the total, 15.6 lakh shares were reserved for anchor investors, and this anchor portion itself saw a 70-fold subscription, with the total anchor demand reaching approximately 11 crore shares.
The company noted in its offer document that the funds raised would be directed towards incremental working capital, repayment of certain outstanding loans, brand creation and marketing, capital expenditure, and installation of a solar rooftop plant at its manufacturing facility. The company manufactures more than 160 types of spices.
The significant scale of investor interest cut across categories. Detailed reservation data for investor classes and precise allotment or listing dates were not available at the time of publication.