Jaipur Masala Company becomes 5th most subscribed SME IPO; Rs. 38 crore issue of Rs. 25,000 crore bids

SME company Shyam Dhani Industries, whose initial public offer (IPO) ended on Friday, has received Rs. 38.5 crore against an issue size of Rs. 25,000 crore share bid was received. It was subscribed 988 times over a period of three days, receiving 361.55 crore share bids (6,22,097 applications) against the available quota of 36.58 lakh shares.

This achievement makes it the most subscribed SME IPO in 2025 and the fifth most subscribed ever.

Top 10 Most Subscribed IPOs

Subscription trends in the SME IPO segment reflect a phenomenal surge in investor appetite over the past three years, with several issues driving demand outstripping supply. Here is a glimpse of the 10 most subscribed SME issues:

Notably, 2024 dominates the list with six of the 10 most subscribed SME IPOs. HOAC’s 2024 offering topped the chart with a record 1,963-times subscription, followed by NACDAC Infrastructure 1,545 times and Hemps Bio 1,048 times, underlining the frenzy surrounding the select SME listings. Magenta Lifecare (1,007x), GreenHitech Ventures (771x) and Kaura Fine Diamond (727x) are among the other high-flyers.

Momentum has also picked up in 2025, with Shyam Dhani emerging as the standout at 988 times and Austere Systems gaining 750-times subscription, signaling continued risk appetite among retail and HNI investors.

Even in 2023, demand remained strong, as seen in KC Energy (739x), Kahan Packaging (714x) and Trident Techlabs (538x).

Shyam Dhani Industries IPO GMP

Shares of Shyam Dhani Industries IPO Rs. 70 per share above the upper price band of Rs. 65-70 were commanding a gray market premium (GMP). Estimated listing price is Rs. 140, with a potential listing premium of 100%.

Also Read: India tops global IPO volume in November; It is second only to the US in issue value at $3.7 billion

About the issue

The IPO was a completely new issue and priced per share at Rs. 65 to Rs. was in the range of 70. At the upper end of the price band, the company is valued at around Rs. 144.6 crores.

Shyam Dhani Industries is an ISO-certified manufacturer and marketer of spices and grocery products, operating under the brand “Shyam”. The company processes more than 160 varieties of ground, blended and whole spices and also deals in products like black salt, rock salt, rice, poha, kasoori methi and seasoning mix.

Its manufacturing facility is located in Jaipur, Rajasthan and its products are sold in general trade, modern retail, quick commerce platforms, HoReCa channels and export markets.

The IPO structure includes a retail lot size of 2,000 shares, at an upper price band of Rs. 2.8 translates to a minimum investment of Rs. Prior to the public issue, the company raised Rs. 10.92 crore was raised, which helps anchor demand for the offering.

The promoters of the company are Ramavatar Aggarwal, Mamta Devi Aggarwal and Vitthal Aggarwal.

Shyam Dhani Industries Financial

Financially, the company has recorded steady growth in recent years. Revenue in FY25 grew by 16% YoY to Rs. 124.75 crore, while profit after tax increased by 28% to Rs. 8.04 crores. EBITDA margin was around 11.7%, while return on equity was over 41%.

The proceeds from the IPO will be used primarily to fund capital expenditure including purchase of new machinery, installation of solar rooftop systems, partial repayment of existing borrowings and incremental working capital requirements.

Lead managers

The Book Running Lead Manager (BRLM) is Bigshare Services Pvt Ltd, while the Registrar of the Issue is Bigshare Services Pvt Ltd.

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