The Shyam Dhani Industries Ltd. IPO continued to attract strong investor demand on Day 2, as market participants showed keen interest ahead of the subscription deadline on 24 December 2025. According to grey market data, the latest GMP points to a potential listing price indicating around a ~71 % gain over the issue’s upper price band of ₹70, hinting at robust bullish sentiment among investors anticipating a strong debut on the NSE SME platform.

Grey Market Premium (GMP) and Listing Expectations

Grey market activity — an unofficial indicator of expected listing performance — showed that as of 23 December 2025, the GMP for Shyam Dhani Industries shares stood around ₹50 per share, translating into an implied listing price near ₹120 (₹70 + ₹50). This suggests an expected ~71 % premium on listing compared to the IPO’s upper price band of ₹70.

Note: GMP is unofficial and speculative, based on grey market trading, and actual listing prices may differ from these expectations.

Subscription Status

The IPO has seen substantial subscription interest from investors:

• The issue has attracted bids for over 23.17 million shares against an offer of roughly 3.94 million shares, reflecting heavy demand in the public market.

• Institutional categories such as QIBs, NIIs, and retail investors all showed strong participation on Day 1, with retail investors oversubscribing their quota multiple times.

The subscription window remains open through 24 December 2025, after which the company will finalise the basis of allotment.

Price Band and Lot Size

The price band for the Shyam Dhani Industries IPO has been fixed at:

• ₹65–₹70 per equity share.

Investor requirements:

• Retail investors must apply for a minimum of 2 lots (4,000 shares), equating to a minimum investment of about ₹2.8 lakh at the upper price band.

• Small Non-Institutional Investors and HNI segments have their respective minimum application sizes with higher lot counts, translating to larger investment amounts due to the SME IPO structure.

IPO Timeline and Listing Schedule

Key dates for the Shyam Dhani Industries IPO include:

• Subscription period: 22 Dec 2025 – 24 Dec 2025.

• Basis of allotment: Expected on 26 Dec 2025.

• Shares credited to Demat accounts / refunds: 29 Dec 2025.

• Tentative listing date: 30 Dec 2025 on the NSE SME platform.

Use of IPO Proceeds

Shyam Dhani Industries has outlined that proceeds from the IPO will be deployed to:

• Install new machinery at its existing manufacturing facility in Rajasthan.

• Repay borrowings to reduce debt costs.

• Meet working capital requirements for business expansion.

• General corporate purposes to strengthen overall operations.

The company is a leading manufacturer and exporter of premium spices and related grocery products, including black salt, rock salt, rice, poha, herbs, and seasonings.

What Investors Should Know

While a high GMP suggests strong expected listing gains, investors should remain cautious:

• GMP is unofficial and can fluctuate significantly up to and after the IPO subscription close.

• SME IPOs can face liquidity constraints post-listing, and actual trading volumes can vary.

• Professional financial advice and careful review of the red herring prospectus are recommended before investing.

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