Shayona Engineering makes flat D-Street debut; misses IPO GMP estimates

Post-listing, Shayona Engineering stock slipped to a low of ₹137.5, down ₹6.5 or 4.5 per cent from the listing price

Shayona Engineering listing: Shares of Shayona Engineering, a manufacturer of castings, dies, and moulds, make a flat D-Street debut on January 30, 2026, after the completion of its initial public offering (IPO). The company's shares listed at ₹144, the upper end of the price band of ₹140 to ₹144, on the BSE SME. 

 

Post-listing, the stock slipped to a low of ₹137.5, down ₹6.5 or 4.5 per cent from the listing price. 

 

Shayona Engineering listing, however, came sharply below the grey market estimates. Ahead of the listing, the unlisted shares of Shayona Engineering were trading at around ₹148, indicating a grey market premium (GMP) of ₹4 per share or approximately 2.8 per cent over the upper end of the issue price, according to the sources tracking grey market activities.

Shayona Engineering IPO details

Shayona Engineering IPO comprised an entirely fresh issue of 1 million equity shares. The public offering was offered at a price band of ₹140–₹144 per share, with a lot size of 1,000 shares. The issue was available for public subscription from January 22 to January 27, 2026.

 

The public issue received bids for over 53 million shares against just 0.98 million shares on offer, resulting in a  oversubscription of 5.43 times, according to BSE data. Among investor categories, Non-Institutional Investors (NIIs) led the charge, oversubscribing their portion by a staggering 9.3 times. Retail investors subscribed 3.73 times their allotted quota, and Qualified Institutional Buyers (QIBs) portion was booked 3.33 times.

 

The basis of allotment of shares was finalised on January 28, 2026. The company set the issue price at ₹55 per share.

 

Shayona Engineering proposes to use the net fresh issue proceeds to purchase plant and machinery for its existing business, repay secured loans, meet working capital requirements, and cover general corporate purposes. 

 

Founded in 2017, Shayona Engineering specialises in precision castings, machining, dies and moulds, industrial automation, heavy fabrication, casting, forging, reverse engineering, and turnkey machinery projects. The company provides tailored solutions for precision castings in special-grade materials, producing components that range from a few grams up to 3 metric tonnes per piece. Shayona Engineering runs three manufacturing facilities in Vadodara, Gujarat.