🟢 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. Grey Market Premium (GMP) and subscription figures should be interpreted as indicators of 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 continues to be stronger than retail demand.
• Retail subscription is improving slowly due to high ticket size.
• Overall subscription trend is stable but not aggressive.
Market View: Unless subscription momentum accelerates sharply in the 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: ₹2,88,000 (Retail Max/Min: 2 Lots)
- GMP Today: ₹0 (Neutral sentiment, unofficial grey market)
- Lead Manager: Horizon Management Pvt. Ltd. (Specialising in SME engineering and manufacturing issues)
📈 Shayona Engineering IPO GMP Today
Last updated: 24 January 2026, 11:00 AM
- Current GMP: ₹0
- Price Band: ₹140 – ₹144
- Estimated Listing Price: ₹144 (0.00% Gain/Loss)
- Sentiment: Neutral ⚖️
The GMP remains at ₹0, suggesting cautious investor sentiment. Historically, SME IPOs with neutral GMP can still deliver modest listing performance if subscription demand improves significantly in the final days.
The absence of positive GMP indicates that investors are prioritising subscription quality and fundamentals over speculative listing expectations. A sharp improvement in retail or NII subscription could change GMP trends closer to closing day.
📊 Shayona Engineering IPO Subscription Status
| Category | Subscription |
|---|---|
| Retail (64.73% Reserved) | 0.31x |
| NII / HNI (29.07% Reserved) | 1.24x |
| QIB (1.16% Reserved) | 0.00x |
Day 2 – Trend Analysis
The IPO is witnessing selective participation, with stronger interest from the NII segment. Retail participation remains moderate due to high minimum investment requirements. If overall subscription crosses 3x–5x by closing day, sentiment may improve.
🧠 Investor Sentiment Score
| Retail Sentiment | Moderate ⚖️ |
| NII / HNI Interest | Positive ✅ |
| QIB Participation | Weak ⚠️ |
| GMP Trend | Neutral ⚖️ |
| Overall Sentiment | Moderate Risk ⚠️ |
🏭 Company Overview & Business Model
Shayona Engineering (established in 2017) is a Vadodara-based manufacturer specialising in precision castings, machining, and turnkey engineering solutions.
- Engineering Division: Heavy fabrication, dies, moulds, CNC/VMC components, and automated machinery.
- Piping Division: HDPE and PVC pipes for agriculture and infrastructure.
💼 Use of IPO Proceeds
- Plant & Machinery – ₹3.79 crore
- Loan Repayment – ₹2.17 crore
- Working Capital – ₹4.00 crore
- General Corporate Purposes – ₹4.90 crore
👥 Promoter Shareholding Snapshot
Pre-IPO: 87.29%
Post-IPO: 64.25% (Estimated)
💰 Financial Performance (₹ Crore)
- FY23: Revenue ₹12.63 | PAT ₹0.61
- FY24: Revenue ₹15.28 | PAT ₹1.71
- FY25: Revenue ₹23.18 | PAT ₹2.42
📊 Valuation Context
At ₹144, the implied P/E is ~15.25x, which appears reasonable compared to engineering peers. However, SME valuations must be interpreted cautiously due to lower liquidity and scale.
⚖️ Strengths & Risks
Strengths
- Integrated manufacturing capabilities
- Diversified end-use industries
- Improving profitability
Risks
- Customer concentration
- Geographic concentration
- SME liquidity risk
✅ APPLY OR AVOID
Apply if:
- You understand SME IPO risks.
- You are comfortable with ₹2.88 lakh investment.
- NII subscription remains strong and retail demand improves.
Avoid if:
- You are risk-averse.
- You seek guaranteed listing gains.
- GMP remains at ₹0 and subscription stays weak.
🏁 Final Updated Verdict (24 January 2026)
Shayona Engineering IPO remains a high-risk SME issue with stable fundamentals but cautious market sentiment. Nil GMP and moderate retail participation indicate limited listing upside unless subscription demand strengthens significantly before closing.
- Short-term investors: Apply selectively if subscription improves.
- Medium-term investors: Consider only with high risk tolerance.
- Conservative investors: Avoid due to uncertainty and liquidity risk.
Overall Verdict: ⚖️ High-risk, selective apply — not a strong conviction IPO.
⚠️ Disclaimer
This content is for educational purposes only and does not constitute investment advice. IPO investments involve market and business risks. Readers should consult a SEBI-registered investment advisor before investing.
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