Shayona Engineering IPO: Check GMP, price band, subscription and other details

Shayona Engineering's IPO will open for subscription on Thursday, entering the SME primary market with a flat grey market premium, signalling muted expectations of listing gains at the outset. The IPO is an issue of Rs 14.86 crore and is entirely a fresh issue of 10.32 lakh shares. The price band has been fixed at Rs 140 to Rs 144 per share. The issue will remain open until January 27, with listing on the BSE SME platform scheduled for January 30.

Market participants tracking unofficial trading said the IPO is currently commanding a grey market premium of 0%, suggesting that investors are not factoring in immediate listing gains and are taking a more cautious view on small manufacturing listings amid broader market volatility.

Shayona Engineering operates in the precision engineering space, offering services such as precision castings, machining, dies and moulds, industrial automation, heavy fabrication, forging and turnkey machinery projects. The company also undertakes reverse engineering assignments and supplies customised components, including large single-piece castings weighing up to three metric tonnes.


The company operates from three manufacturing locations in Vadodara, Gujarat, and positions itself as a one-stop engineering solutions provider with in-house capabilities spanning design, manufacturing and after-sales support. Its product portfolio includes tubular conveying systems, die head trolleys, CNC and VMC machined components, heavy metal fabrication solutions and process automation equipment.

Financially, Shayona Engineering has reported steady improvement over the past few years. For the eight months ended November 2025, the company posted a profit after tax of Rs 2.45 crore on total income of Rs 19.15 crore. For FY25, profit stood at Rs 2.42 crore, while net worth improved to Rs 9.91 crore as of March 2025.

The proceeds from the IPO will be used primarily to purchase plant and machinery for existing operations, repay secured loans, fund working capital requirements and meet general corporate expenses.

With a flat GMP and relatively high minimum investment size, analysts say investor response will depend on confidence in the company’s execution capabilities, order visibility and margin sustainability, rather than expectations of short-term listing gains.

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