The Rs 38.49 crore IPO is entirely a fresh issue and is priced in the range of Rs 65 to Rs 70 per share. At the upper end of the price band, the company is valued at around Rs 144.6 crore. In the unofficial market, the stock is being quoted at a premium of nearly Rs 40-45 over the issue price, suggesting expectations of a strong listing debut if broader market sentiment remains supportive.
Shyam Dhani Industries is an ISO-certified manufacturer and marketer of spices and grocery products, operating under the “Shyam” brand. The company processes over 160 varieties of ground, blended and whole spices and also trades in products such as black salt, rock salt, rice, poha, kasuri methi and seasoning mixes.
Its manufacturing facility is located in Jaipur, Rajasthan, and its products are sold across general trade, modern retail, quick commerce platforms, HoReCa channels and exports.
The IPO structure includes a retail lot size of 2,000 shares, translating into a minimum investment of Rs 2.8 lakh at the upper price band. Ahead of the public issue, the company raised Rs 10.92 crore from anchor investors, helping to anchor demand for the offering.
Financially, the company has reported steady growth over recent years. Revenue rose 16% year-on-year in FY25 to Rs 124.75 crore, while profit after tax increased 28% to Rs 8.04 crore. EBITDA margins stood at about 11.7%, while return on equity was over 41%.
Proceeds from the IPO will be used primarily to fund capital expenditure, including the purchase of new machinery, installation of a solar rooftop system, partial repayment of existing borrowings and incremental working capital requirements.While the steep grey market premium points to strong speculative interest, market participants caution that SME listings tend to be volatile post debut, especially in a year where SME IPO performance has been uneven.
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