Shyam Dhani IPO listing on December 30: Here's what latest GMP indicates

Shyam Dhani IPO listing forecast: Premium spices manufacturer Shyam Dhani Industries is set to debut on the NSE SME platform on Tuesday, December 30, 2025, and early grey market trends suggest a robust start. 

 

The company raised ₹38.49 crore through its IPO, which comprised a fresh issuance of 5.5 million shares. There is no offer for sale (OFS) component. 

 

The overall subscription for the Shyam Dhani IPO was strong at 988.29 times, with total bids at 3.61 billion shares against the 3.65 million shares on offer. The highest demand was received from non-institutional investors (NIIs), whose category was subscribed 1,612.65 times. 

 

 

Similarly, retail investors and qualified institutional buyers also showed strong participation, with their segments subscribed 1,137.92 times and 265.24 times, respectively, as per NSE data.

 

The allotment was finalised on Friday, December 26, 2025, and investors are now awaiting the listing. Ahead of its debut, Shyam Dhani’s unlisted shares were quoted near ₹140 per share in the grey market, reflecting a premium of ₹0 or 100 per cent over the issue price of ₹70, according to sources tracking grey markets.

 

If this sentiment holds, the stock could list around ₹133, offering maximum listing gains of roughly 90 per cent due to the price cap on listings. However, analysts advise caution, noting that the grey market functions outside regulatory supervision and its premium may not accurately predict the actual listing price.  ALSO READ | IPO calendar: Quiet mainboard; 10 SME listings to grab attention next week

Shyam Dhani Industries IPO details

Shyam Dhani Industries IPO comprised a fresh issue of 5.5 million shares aggregating to ₹38.49 crore. The issue was offered at a price band of ₹65 to ₹70 per share, with a lot size of 2,000 shares. The public issue was open for subscription from December 22 to December 24, 2025.

 

Bigshare Services serves as the registrar for the public issue. Holani Consultants is the sole book-running lead manager.

 

According to the Red Herring Prospectus (RHP), the company intends to utilise ₹13.26 crore from the net fresh issue proceeds for meeting its working capital requirements. Additionally, ₹10 crore will be used for repayment or prepayment of certain debt availed by the company, ₹6.35 crore for brand creation and marketing expenses, ₹1.63 crore for purchasing new machinery, and ₹64.9 crore for setting up a solar rooftop plant at the existing manufacturing unit. The remaining funds will be used for general corporate purposes.