🟢 Shayona Engineering IPO – Complete Analysis & Verdict
Shayona Engineering IPO:
This page provides a complete, single-source analysis of the Shayona Engineering IPO. It combines live IPO data with business fundamentals, valuation context, risk assessment, and decision guidance to help investors make informed and responsible choices.
This analysis is designed to support decision-making, not to predict listing performance or guarantee returns. GMP and subscription figures reflect market sentiment, not certainty.
Last updated: 24 January 2026
📢 Shayona Engineering IPO is currently open for subscription (22–27 January 2026).
• GMP remains at ₹0, indicating cautious market sentiment.
• NII participation stronger than retail demand.
• Retail subscription improving slowly due to high ticket size.
• Overall trend stable but not aggressive.
Market View: Unless momentum accelerates in final days, listing gains may remain limited.
📌 Shayona Engineering IPO – Live Snapshot
- IPO Status: Open (22–27 January 2026)
- Price Band: ₹140 to ₹144 per share
- Lot Size: 1,000 shares
- Minimum Investment: ₹1,44,000 per lot | ₹2,88,000 (2 lots retail minimum)
- GMP Today: ₹0 (Neutral sentiment)
- Exchange: BSE SME
- Lead Manager: Horizon Management Pvt. Ltd.
📅 IPO Timeline
| Opening Date | 22 Jan 2026 |
| Closing Date | 27 Jan 2026 |
| Allotment Date | 28 Jan 2026 |
| Refund Date | 29 Jan 2026 |
| Demat Credit | 30 Jan 2026 |
| Listing Date | 31 Jan / 01 Feb 2026 (Expected) |
📊 Subscription Status (Live)
| Category | Subscription |
|---|---|
| Retail (64.73%) | 0.31x |
| NII / HNI (29.07%) | 1.24x |
| QIB (1.16%) | 0.00x |
🔥 Subscription Heatmap
| Retail | Weak ⚠️ |
| NII | Positive ✅ |
| QIB | Absent ❌ |
| Overall | Selective Participation ⚖️ |
🏭 Company Overview & Business Model
Shayona Engineering (established 2017) is a Vadodara-based manufacturer specialising in precision castings, machining, fabrication, and turnkey engineering solutions.
- Engineering Division: Heavy fabrication, CNC/VMC components, automation systems
- Piping Division: HDPE and PVC pipes for agriculture and infrastructure
💼 Use of IPO Proceeds
- Plant & Machinery – ₹3.79 Cr
- Loan Repayment – ₹2.17 Cr
- Working Capital – ₹4.00 Cr
- General Corporate Purposes – ₹4.90 Cr
👥 Promoter Shareholding
| Pre-IPO | 87.29% |
| Post-IPO (Est.) | 64.25% |
💰 Financial Performance (₹ Cr)
| Year | Revenue | PAT |
|---|---|---|
| FY23 | 12.63 | 0.61 |
| FY24 | 15.28 | 1.71 |
| FY25 | 23.18 | 2.42 |
📈 Revenue CAGR
📊 Key Financial Ratios
| EPS (Post IPO) | ₹9.44 |
| ROE | 28.6% |
| ROCE | 31.4% |
| Debt to Equity | 0.89 |
| P/E Ratio | ~15.25x |
🏆 Peer Comparison
| Company | P/E | ROE |
|---|---|---|
| Shayona Engineering | 15.25x | 28.6% |
| Small Engineering SME Avg | 22–30x | 15–22% |
🎯 Listing Scenario Model
| Bear Case | ₹135 – ₹140 |
| Base Case | ₹140 – ₹148 |
| Bull Case | ₹150 – ₹160 |
⚖️ Risk vs Reward Matrix
| Risk Level | High (SME) |
| Reward Potential | Moderate |
| Listing Gain Probability | 30–45% |
| Flat Listing Probability | 35–45% |
| Loss Probability | 15–25% |
⚖️ Strengths & Risks
Strengths
- Integrated manufacturing
- Diversified end-use industries
- Strong margin improvement
Risks
- Customer concentration
- Geographic concentration
- SME liquidity risk
🧠 Investor Suitability Matrix
| Conservative Investors | ❌ Avoid |
| Moderate Risk Investors | ⚠️ Selective |
| High Risk Investors | ✅ Suitable |
| Listing Traders | ⚖️ Conditional |
| Long-Term Investors | ⚠️ SME Risk |
🏁 Final Updated Verdict (24 January 2026)
Shayona Engineering IPO remains a high-risk SME issue with improving fundamentals but cautious market sentiment. Nil GMP, moderate retail demand, and selective institutional interest indicate limited listing upside unless subscription momentum improves significantly.
- Short-term investors: Apply selectively if subscription improves
- Medium-term investors: Only with high risk tolerance
- Conservative investors: Avoid
Overall Verdict: ⚖️ High-risk, selective apply — not a high-conviction IPO.
⚠️ Disclaimer
This content is for educational purposes only and does not constitute investment advice. IPO investments involve market and business risks. Consult a SEBI-registered advisor before investing.
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