Shayona Engineering, a Gujarat-based company with a diversified portfolio in casting, machining, and industrial automation, will open its IPO for public subscription on Thursday, January 22, 2026. The issue is a 100% fresh offering of 10.32 lakh equity shares with a fixed price band of ₹140 to ₹144 per share.

The company has transitioned from a small fabrication unit into a multi-faceted engineering group. It recently expanded into the piping segment with a new plant in Menpura, Gujarat, capable of producing 250 MT of PVC and HDPE pipes per month. Financially, Shayona has demonstrated robust growth, with its revenue rising from ₹15.28 crore in FY24 to ₹23.18 crore in FY25, while maintaining a healthy PAT margin of over 10%.

As of today, Wednesday, January 21, 2026, the Grey Market Premium (GMP) is trading at ₹0, indicating a neutral or "at par" listing expectation. However, with the anchor book having attracted early interest, investors are watching for the retail subscription momentum on Day 1.

Key IPO Details & Timetable

*Note: Retail investors are required to apply for a minimum of 2 lots (2,000 shares) for this issue.

Important Note for Investors

• Integrated Infrastructure: Shayona operates three manufacturing facilities in Vadodara. Its ability to produce massive single-piece castings (up to 3 metric tons) serves a niche market in power plants and mining.

• Capital Efficiency: The company boasts a high Return on Equity (ROE) of 34.81% and a ROCE of 29.03%, which are strong indicators of how efficiently the management is using its capital to generate profits.

• Debt and Cash Flow Risks: Investors should note that the company has a relatively high Debt-to-Equity ratio (approx 1.4x) and has historically faced negative operating cash flows due to heavy capital expenditure and long credit cycles.

• Utilization of Funds: Over 25% of the proceeds will go toward new machinery (CNC and VMC machines), which is expected to further improve precision and production speed, potentially boosting future margins.