Shyam Dhani Industries IPO

About Shyam Dhani Industries IPO

The IPO of Shyam Dhani Industries comprises only a fresh issue with no offer for sale. The fresh issue comprises up to 54,98,000 equity shares. The total offer size is up to 54,98,000 equity shares. The price band is ₹65 to ₹70 per share.

Shyam Dhani Industries IPO opens on December 22, 2025 and closes on December 24, 2025. The allotment of shares will take place on December 26, 2025. The credit of shares to the Demat account will take place on December 29, 2025. The initiation of refunds will take place on December 29, 2025. The listing of shares will take place on December 30, 2025.

The lot size of shares in the IPO is 2000. The minimum number of lots in the IPO for retail investors is 2. The minimum investment amount required by a retail investor is ₹2,80,000 (4000 shares) based on the upper price.

Shyam Dhani Industries is engaged in the manufacturing and processing of 164 types of spices such as ground spices, blend spices and whole spices under the brand name “SHYAM”. In addition to its spice offerings, it’s also engaged in trading and distribution of grocery products such as black salt, rock salt, rice, poha, Kasuri methi (dried fenugreek) etc., and a diverse range of herbs and seasonings which includes organo, peri peri, chilli flakes, mixed herbs, onion flakes, tomato powder etc.

Objectives of Shyam Dhani Industries IPO

The company proposes to utilise the net proceeds received for:

• Funding the incremental working capital requirements
• Repayment/pre-payment, in full or in part, of certain outstanding borrowings
• Brand creation and marketing expenses
• Capital expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit
• Purchase and installation of solar rooftop plant
• General corporate purposes

Industry Outlook

India is the world’s largest spice producer. It is also the largest consumer and exporter of spices. The production of different spices has been growing rapidly over the last few years. Production in 2022-23 stood at 11.14 million tonnes compared to 11.12 million tonnes in 2021-22. During 2022-23, the export of spices from India stood at US$ 3.73 billion from US$ 3.46 billion in 2021-22. During 2021-22, the single largest spice exported from India was chilli followed by spice oils and oleoresins, mint products, cumin, and turmeric.

India is the largest exporter of spice and spice items. During 2023-24 (until February 2024), the country exported spices worth US$ 3.67 billion. For FY23, the country exported spices worth US$ 3.73 billion. In July 2023, the exports of spices from India increased to US$ 298.77 million from US$ 293.84 million in June 2023. From 2016-17 to 2022-23, the total exported quantity from India grew at a CAGR of 5.85%.

For FY23, total volumes of chilli, cumin, turmeric, and ginger exports were 0.51, 0.18, 0.17 and 0.05 million tonnes. During 2022-23, the export of turmeric, coriander, garlic, curry powder, other spices such as asafoetida, tamarind, etc., expanded both in value and volume as compared to 2021-22.

Shyam Dhani Industries Company Information

Shyam Dhani Industries is engaged in the manufacturing and processing of 164 types of spices such as ground spices, blend spices and whole spices under the brand name “SHYAM”. In addition to its spice offerings, it’s also engaged in trading and distribution of grocery products such as black salt, rock salt, rice, poha, Kasuri methi (dried fenugreek) etc., and a diverse range of herbs and seasonings which includes organo, peri peri, chilli flakes, mixed herbs, onion flakes, tomato powder etc.

Strengths of Shyam Dhani Industries

• Integrated pest management
• Experienced management team and promoters with qualified workforce
• Established manufacturing facility and integrated production with cost efficiencies
• Diversified product portfolio
• Strong and consistent financial performance
• Long and strong relationship with customers and dealers and efficient supply chain management.

Risks of Shyam Dhani Industries

• Disruption in the supply of raw materials or any failure of suppliers to deliver products in the necessary quantities or to adhere to delivery schedules may adversely affect business
• The company may face shortage of raw materials because of the seasonal nature of its purchase
• Inaccurate demand forecasting for its semi-perishable product can result in excess inventory and waste which, in turn, could have an adverse effect on its business
• Inability to meet working capital requirements may have an adverse effect on the results of operations
• Decreasing the revenues from top 10 customers could materially and adversely affect business

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on December 19, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Bigshare Services
  
• Book Running Lead Manager: Holani Consultants
  

Business Model

The product portfolio of Shyam Dhani Industries comprises various types of products which includes ground spices like chilli powder, turmeric powder, and coriander powder, as well as blended spices such as sambar masala, garam masala, pav bhaji masala, and chole masala. It also offers whole spices including cumin seeds, cloves, and black pepper etc.

Shyam Dhani Industries Company Growth Trajectory

The revenue from operations of Shyam Dhani Industries has grown from ₹67.9529 crores in FY 23 to ₹124.6804 crores in FY 25. Its EBITDA margin increased from 8.78% in FY 23 to 11.65% in FY 25, while PAT margin increased from 4.30% in FY 23 to 6.45% in FY 25. Integrated pest management and an established manufacturing facility have helped the company grow over the years.

Shyam Dhani Industries Market Position

With over a decade of experience, Shyam Dhani Industries has developed an efficient business model that allows it to manage every step of its process. The company’s products are sold across various Indian states such as Rajasthan, Punjab, Uttar Pradesh, Haryana, Madhya Pradesh, Bihar, Gujarat, West Bengal, Assam, Kerala, Jammu and Kashmir, Karnataka, Odisha and Tamil Nadu. It also exports its products globally to Oman, Mongolia, UAE, Nepal and Saudi Arabia.

How to Apply for Shyam Dhani Industries IPO?

To apply for Shyam Dhani Industries IPO:

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.