SHYAM DHANI INDUSTRIES IPO
A Snapshot of the IPO Offering
| IPO Period | 22nd – 24th Dec 2025 |
|---|---|
| Listing on | 30 Dec 2025 |
| Price Band | ₹65 – ₹70 per equity share |
| Lot Size & Minimum Investment | 2000 shares, amounting to ₹140,000 |
| Total Issue Size | INR 38.49 Crores |
Shyam Dhani Industries Limited is poised to enter the public market with its Initial Public Offering, providing investors an opportunity to participate in a growing player within the FMCG spice segment. The IPO is entirely a fresh issue, indicating that all proceeds will flow directly into the company to fuel its expansion and operational requirements. This offering reflects the company’s ambition to solidify its market position and execute its strategic growth initiatives.
Important Dates for Investors
- Opening Date: 22 Dec 2025
- Closing Date: 24 Dec 2025
- UPI Payment Deadline: 24 Dec 2025 (5 PM)
- Allotment Announcement: 26 Dec 2025
- Refund Processing: 29 Dec 2025
- Demat Credit: 29 Dec 2025
- Stock Market Listing: 30 Dec 2025
- Mandate Validity End: 09 Jan 2026
- Anchor Investor Lock-in Release (50%): 25 Jan 2026
- Anchor Investor Lock-in Release (Remaining): 26 Mar 2026
*Dates may be revised as per official updates. Investors are advised to monitor official notifications for any changes to the IPO schedule.
About Shyam Dhani Industries Limited
Founded in 2010 and subsequently converted into a public company in 2024, Shyam Dhani Industries Limited is a Jaipur-based manufacturer and processor boasting an extensive portfolio of 164 varieties of spices. These products are marketed under its prominent “SHYAM” brand, which has established a recognizable presence in the market. Beyond its core spice business, the company also engages in trading various grocery items, including salts, rice, poha, and a diverse range of herbs and seasonings, catering to a broad consumer base.
The company’s operational philosophy is built on an in-house manufacturing model, which allows for stringent quality control and cost efficiency. Its business approach is characterized by broad product diversity and a well-developed distribution network that effectively serves both retail and wholesale markets. Raw materials, essential for its production, are meticulously sourced from various mandis and suppliers across India, complemented by strategic procurement from select group entities.
Promoted by experienced individuals like Mr. Ramawtar Agarwal, Mrs. Mamta Devi Agarwal, and Mr. Vithal Agarwal, Shyam Dhani Industries benefits from strong leadership and strategic direction. With an expanding operational footprint and planned investments aimed at acquiring new machinery and implementing solar infrastructure, the company is strategically positioned for future growth. Its established brand equity, the expertise of its promoters, and a comprehensive product offering are key pillars enabling the company to strengthen its competitive edge in the dynamic FMCG spice sector.
Issue Structure and Capital Mobilization
| Total Funds Raised | INR 38.49 Crores |
|---|---|
| Fresh Issue Component | INR 38.49 Crores |
| Offer for Sale Component | INR 0 Crores |
The entire issue size of Shyam Dhani Industries’ IPO, amounting to INR 38.49 Crores, is a Fresh Issue. This means that all the capital raised through this offering will be directly infused into the company’s operations. This structure is often viewed favorably by investors as it signifies that the funds are intended for the company’s growth, expansion, and debt reduction rather than for existing shareholders to monetize their holdings. The absence of an Offer for Sale component underscores the company’s commitment to utilizing the IPO proceeds to strengthen its balance sheet and support its future business plans.
Strategic Utilization of IPO Proceeds
The capital raised from the IPO is strategically earmarked for several key objectives designed to enhance Shyam Dhani Industries’ operational capabilities, financial stability, and market presence. The planned allocation reflects a balanced approach towards immediate growth drivers and long-term sustainability.
| Objective | Amount (INR Crores) | Allocation % |
|---|---|---|
| Funding incremental working capital | 13.26 | 34.47% |
| Repayment / pre-payment of certain borrowings | 10.00 | 25.99% |
| Brand creation and marketing expenses | 6.36 | 16.51% |
| General corporate purposes | 6.59 | 17.13% |
| Purchase of new machinery | 1.63 | 4.24% |
| Solar rooftop installation | 0.65 | 1.69% |
A significant portion of the proceeds, approximately 34.47%, will be used to fund incremental working capital, which is crucial for supporting the company’s day-to-day operations and facilitating higher production volumes. Another substantial allocation (25.99%) is designated for the repayment or pre-payment of certain borrowings, which will help reduce the company’s debt burden and improve its financial leverage. Investments in brand creation and marketing (16.51%) are critical for enhancing market visibility and consumer recall of the “SHYAM” brand. Additionally, funds are allocated for general corporate purposes (17.13%), providing flexibility for various strategic initiatives, while specific amounts are set aside for the purchase of new machinery (4.24%) to upgrade manufacturing capabilities and for solar rooftop installation (1.69%), reflecting a commitment to sustainable practices and energy efficiency.
Distinctive Advantages and Business Pillars
Shyam Dhani Industries Limited possesses several key strengths that underpin its business model and provide a competitive edge in the market:
- Integrated Pest Management (IPM): The company employs Integrated Pest Management techniques, which significantly contribute to improving product quality and ensuring sustainable sourcing of raw materials. This focus on quality and sustainability resonates well with modern consumer preferences.
- Experienced Promoters and Skilled Workforce: The company benefits from a leadership team comprising experienced promoters and a dedicated, skilled workforce. This combination strengthens operational efficiency and facilitates effective strategic execution across all business functions.
- Established Manufacturing Unit: Shyam Dhani operates an integrated manufacturing unit that allows for end-to-end, cost-efficient production under a single roof. This capability enhances control over the production process, quality, and supply chain.
- Broad Product Portfolio: The company offers a diverse range of products, including ground, blended, and whole spices. This extensive product portfolio caters to varied culinary needs and preferences, thereby expanding its market reach and reducing dependence on a single product category.
- Diverse Sales Channels: Shyam Dhani effectively utilizes multiple sales channels, including modern trade outlets, quick commerce platforms, export markets, and traditional wholesale networks. This diversified distribution strategy ensures broad market penetration and accessibility for its products.
Key Risks to Consider
While Shyam Dhani Industries demonstrates strong growth potential, prospective investors should be aware of certain inherent risks:
- Supplier Dependence: The company’s heavy reliance on a limited number of suppliers for its raw materials increases its vulnerability to supply-side disruptions, price fluctuations, or quality issues from these key providers.
- Ongoing Litigations: The presence of ongoing litigations, particularly involving trademark disputes, could potentially impact the company’s operations, financial performance, and brand reputation if adverse outcomes are reached.
- Past Quality-Control and Regulatory Issues: Previous instances of quality-control failures and penalties imposed by regulatory bodies like FSSAI highlight potential compliance challenges and could lead to reputational damage or further regulatory scrutiny.
- Negative Cash Flows: The company has reported negative cash flows in recent years. Persistent negative cash flows can signal potential liquidity challenges and operational risks, necessitating careful monitoring of financial health.
- Competitive and Fragmented Market: Operating in a highly competitive and fragmented spice market exposes the company to intense pricing pressures, potential erosion of profit margins, and challenges in maintaining or growing market share.
Real-time Investor Interest
The subscription figures provide an early indication of investor interest in the Shyam Dhani Industries IPO. It is important to note that unofficial grey market premium (GMP) figures are not reliable indicators and can be highly speculative. Exchange data, which reflects actual applications, offers a more robust measure of investor demand.
Subscription statistics based on the latest available information as of 05:00 PM on December 22, 2025:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 10.44 | 108.86 | 10.43x |
| Non-Institutional Investors (NII) | 7.86 | 602.94 | 76.71x |
| Retail Individual Investors (RII) | 18.28 | 1614.16 | 88.30x |
| Total | 36.58 | 2325.96 | 63.59x |
*Subscription numbers are dynamic and are updated based on real-time application data from the exchanges.
Participating in the IPO
Investors keen on participating in the Shyam Dhani Industries IPO can do so conveniently through the official Dhan Kirti IPO platform. Ensure your application is submitted before the subscription window officially closes on December 24, 2025. It is advisable to review the Red Herring Prospectus (RHP) thoroughly to make an informed investment decision.
