Shyam Dhani shares soar on debut, list at 90% premium on NSE SME platform
Shyam Dhani Industries debuted on the NSE SME platform with a remarkable 90% premium, opening at Rs 133 against its IPO price of Rs 70. This stellar listing followed an aggressively subscribed IPO, attracting significant demand across all investor categories. The company, a manufacturer of spices and grocery products, reported steady financial growth and strong return ratios in recent years.
In a stellar entry on Dalal Street, shares of Shyam Dhani Industries listed with a 90% premium over the IPO price on the NSE SME platform on Tuesday. The stock opened at Rs 133 on the NSE SME platform as compared to the issue price of Rs 70.
The strong grey market buzz comes on the back of one of the most aggressively subscribed SME IPOs of the year. The Rs 38.49 crore public issue was subscribed a staggering 988.29 times overall, led by massive demand from non-institutional investors, whose portion was subscribed 1,612.65 times. Retail investors bid 1,137.92 times their quota, while qualified institutional buyers subscribed 256.24 times the non-anchor portion, underscoring broad-based appetite across investor categories.
Shyam Dhani Industries, incorporated in 1995, is engaged in the manufacturing, processing and trading of spices and grocery products under the "Shyam" brand. The company processes over 160 varieties of spices and has built a diversified distribution presence across general trade, modern retail, quick commerce platforms, HoReCa and exports. Its manufacturing facility is located in Jaipur, Rajasthan, and the company had 394 employees as of November 2025.
Financially, the company has delivered steady growth over recent years. Revenue rose 16% year-on-year in FY25, while profit after tax increased 28%. For FY25, Shyam Dhani reported a PAT margin of 6.45% and an EBITDA margin of 11.65%, with return ratios remaining strong, including a 41.06% ROE.
The IPO, which was entirely a fresh issue, values the company at a pre-IPO market cap of about Rs 145 crore.
Proceeds from the issue are largely earmarked for working capital requirements, repayment of borrowings, brand creation and marketing, capacity expansion through new machinery, and installation of a solar rooftop plant at the existing facility.
In a year when SME IPO outcomes have been mixed, Shyam Dhani stands out as one of the rare offerings to attract both deep institutional interest and frenzied retail participation.
With grey market signals pointing to a potential 90% listing gain, all eyes will be on whether demand sustains once the stock hits the secondary market, or if profit booking caps the upside after an explosive start.
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