Shyam Dhani Industries: The Most Subscribed SME IPO of 2025 | The IPO List

Shyam Dhani Industries, known in the market as Jaipur Masala, has shattered records by receiving bids worth over ₹25,000 crore. The issue was subscribed nearly 988 times, making it the most successful SME IPO of the year. This frenzy highlights the extreme liquidity currently present in the small and medium enterprise segment of the market.\n\nThe company manufactures and markets spices under a popular regional brand. Their focus on the "purity" and "traditional taste" has allowed them to command a loyal customer base in Rajasthan and neighboring states. The IPO funds are intended for setting up a new automated processing unit to scale production by 3x.\n\nWith an issue price of ₹70, the Grey Market Premium (GMP) is already indicating a 100% listing gain. This "doubling of money" expectation is what led to the massive oversubscription across all categories. However, such high premiums often lead to high volatility on the listing day, as traders look to book quick profits.\n\nFrom a fundamental perspective, the company’s valuation at 988x subscription is more about scarcity and sentiment than immediate earnings. Investors who missed out on the allotment should be careful about chasing the stock if it lists at a 150%+ premium, as the P/E ratio would then become significantly stretched compared to peers like Tata Consumer or MTR.\n\nThe Shyam Dhani story is a reminder of the power of strong branding in the FMCG sector. Even a small-scale regional player can attract massive capital if it demonstrates a clear path to becoming a national brand. The listing on December 30 will be a major event for the NSE SME platform.