This feat 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 highlight the extraordinary surge in investor appetite over the past three years, with several issues drawing demand that far outstripped supply. Here is a sneak peek into the 10 most subscribed SME issues ever:Notably, 2024 dominates the list with six of the 10 most subscribed SME IPOs. HOAC’s 2024 offering tops the chart with a record 1,963-times subscription, followed by NACDAC Infrastructure at 1,545 times and Hamps Bio at 1,048 times, underscoring the frenzy around select SME listings. Magenta Lifecare (1,007x), Greenhightech Ventures (771x) and Koura Fine Diamond (727x) are among other high-flyers.
The momentum has spilled into 2025 as well, with Shyam Dhani emerging as a standout at 988 times and Austere Systems drawing a 750-times subscription, signalling sustained risk appetite among retail and HNI investors.
Even in 2023, demand remained robust, as seen in Kay Cee Energy (739x), Kahan Packaging (714x) and Trident Techlabs (538x).
ETMarkets.comShyam Dhani Industries IPO GMP
Shares of Shyam Dhani Industries IPO were commanding a grey market premium (GMP) of Rs 65–70 over the upper price band of Rs 70 per share. The estimated listing price is Rs 140, with a likely listing premium of 100%.
Also Read: India tops global IPO volumes in November; ranks second in issue value at $3.7 billion, ahead of US
About the issue
The IPO was entirely a fresh issue and was priced in the range of Rs 65 to Rs 70 per share. At the upper end of the price band, the company is valued at around Rs 144.6 crore.
Shyam Dhani Industries is an ISO-certified manufacturer and marketer of spices and grocery products, operating under the “Shyam” brand. The company processes over 160 varieties of ground, blended and whole spices and also trades in products such as black salt, rock salt, rice, poha, kasuri methi and seasoning mixes.
Its manufacturing facility is located in Jaipur, Rajasthan, and its products are sold across general trade, modern retail, quick commerce platforms, HoReCa channels and export markets.
The IPO structure included a retail lot size of 2,000 shares, translating into a minimum investment of Rs 2.8 lakh at the upper price band. Ahead of the public issue, the company raised Rs 10.92 crore from anchor investors, helping to anchor demand for the offering.
The promoters of the company are Ramawtar Agarwal, Mamta Devi Agarwal and Vithal Agarwal.
Shyam Dhani Industries financials
Financially, the company has reported steady growth in recent years. Revenue rose 16% year-on-year in FY25 to Rs 124.75 crore, while profit after tax increased 28% to Rs 8.04 crore. EBITDA margins stood at about 11.7%, while return on equity was over 41%.
Proceeds from the IPO will be used primarily to fund capital expenditure, including the purchase of new machinery, installation of a solar rooftop system, partial repayment of existing borrowings and incremental working capital requirements.
Lead managers
The Book Running Lead Manager (BRLM) is Bigshare Services Private Limited, while the registrar to the issue is Bigshare Services Private Limited.
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