Shayona Engineering IPO – Complete Analysis, GMP, Subscription & Verdict
Last Updated: 6 Feb 2026 | IPO Period: 22–27 Jan 2026
⚡ LIVE IPO UPDATE
• Grey Market Premium (GMP) remains subdued at ₹0–₹1, indicating cautious listing expectations.
• Non-institutional investor (NII) participation continues to outpace retail demand.
• Retail subscription trend shows gradual improvement, though higher ticket size is limiting aggressive participation.
• As seen in many SME issues, subscription activity typically accelerates closer to the final stages.
Capital Flow Signal:
The muted GMP suggests limited speculative demand, while stronger NII interest reflects selective high-risk capital positioning rather than broad-based retail enthusiasm.
Market View:
Unless subscription momentum strengthens significantly, especially from institutional and retail segments, listing gains may remain constrained. Final allocation dynamics and broader market sentiment will be key triggers for post-listing performance.
📌 IPO Snapshot
| Issue Type | SME IPO – Fresh Issue |
| Issue Size | ₹14.86 Crore |
| Fresh Shares | ~10,32,000 Shares |
| Price Band | ₹140 – ₹144 |
| Lot Size | 1,000 Shares |
| Minimum Investment | ₹1,44,000 |
| Exchange | BSE SME |
| Registrar | Bigshare Services Pvt Ltd |
| Lead Manager | Horizon Management Pvt Ltd |
| Post-IPO Market Cap | ₹92 – ₹98 Crore (Estimated) |
📅 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 | 30 Jan 2026 (Expected) |
📊 Subscription Status (Live)
| Category | Subscription | Sentiment |
|---|
| Retail | 0.31x | Weak |
| NII / HNI | 1.24x | Positive |
| QIB | 0.00x | Absent |
| Total | 0.59x | Selective |
🏭 Company Overview
Shayona Engineering is engaged in precision engineering, fabrication, piping solutions, and industrial manufacturing. The company supplies components to infrastructure, energy, and industrial sectors.
💰 Use of IPO Proceeds
| Plant & Machinery | ₹3.8 Cr |
| Working Capital | ₹4.2 Cr |
| Debt Repayment | ₹2.1 Cr |
| General Corporate | ₹4.7 Cr |
👥 Shareholding Structure
| Pre-IPO Promoter Holding | 87.29% |
| Post-IPO Promoter Holding (Est.) | ~64% – 67% |
| Public Shareholding | ~33% – 36% |
💰 Financial Performance (₹ Cr)
| Year | Revenue | PAT | EBITDA |
|---|
| FY2023 | 12.63 | 0.61 | 1.15 |
| FY2024 | 15.28 | 1.71 | 3.02 |
| FY2025 | 23.18 | 2.42 | 5.04 |
📊 Balance Sheet Snapshot (FY25)
| Total Assets | ₹32.6 Cr |
| Net Worth | ₹14.2 Cr |
| Total Debt | ₹12.8 Cr |
💵 Cash Flow Snapshot (FY25)
| Operating Cash Flow | ₹1.9 Cr |
| Investing Cash Flow | -₹2.4 Cr |
| Financing Cash Flow | ₹3.1 Cr |
📊 Key Valuation Metrics
| EPS (Post IPO) | ₹9.2 – ₹9.6 |
| P/E Ratio | ~15x – 16x |
| ROE | 26% – 30% |
| ROCE | 28% – 32% |
| Debt-to-Equity | 0.85 – 0.95 |
🏆 Peer Comparison
| Company | P/E | ROE |
|---|
| Shayona Engineering | 15–16x | 28% |
| Engineering SME Avg | 22–30x | 15–22% |
📈 GMP vs Subscription Model
| Subscription < 2x | Flat Listing Likely |
| 2x – 6x | Mild Premium (0–8%) |
| 6x – 15x | Moderate Premium (8–25%) |
| 15x+ | Strong Listing Rally |
🎯 Listing Scenario Model
| Bear Case | ₹135 – ₹140 |
| Base Case | ₹140 – ₹148 |
| Bull Case | ₹150 – ₹165 |
⚖️ Strengths & Risks
Strengths
- High revenue growth
- Improving margins
- Engineering sector tailwind
Risks
- SME liquidity risk
- Customer concentration
- High working capital dependency
📊 Analyst Conviction Score
| Business Quality | 7.2 / 10 |
| Growth Potential | 7.8 / 10 |
| Valuation Comfort | 6.4 / 10 |
| Listing Gain Probability | 30% – 45% |
| Overall Score | 6.8 / 10 |
🏁 Final Verdict
Shayona Engineering IPO is a high-risk SME issue with strong growth but muted grey market sentiment. Nil GMP and selective subscription indicate limited listing upside unless final-day demand improves sharply.
- Listing traders: Apply selectively
- High-risk investors: Small exposure only
- Conservative investors: Avoid
Disclaimer: Educational content only. IPO investments involve market risks. Consult a SEBI-registered advisor before investing.
About The Author
“Positional Calls Team provides data-driven positional stock calls, IPO analysis, and technical market insights with a focus on risk management and disciplined trading.”
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