Shayona Engineering IPO Overview
Shayona Engineering Limited, a Vadodara, Gujarat–based diversified engineering and manufacturing company, is launching its IPO on the BSE SME platform to raise approx ₹14.86 crore through a 100% fresh issue of 10,32,000 equity shares. This SME IPO is priced in the ₹140–₹144 per share range, with 1,000 shares per lot (min. retail investment ₹2,88,000 for 2 lots).
The IPO proceeds will be used for plant & machinery purchase, repayment of secured loans, working capital requirements and general corporate purposes.
Shayona Engineering’s business spans precision engineering (castings, machining, dies & moulds, automation), heavy fabrication, forging, reverse engineering & turnkey project machinery, and manufacturing of HDPE & PVC piping systems.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (BSE SME) |
| IPO Open Date | 22 January 2026 |
| IPO Close Date | 27 January 2026 |
| Allotment Date | 28 January 2026 (Expected) |
| Credit to Demat | 29 January 2026 (Expected) |
| Refund Initiation | 29 January 2026 (Expected) |
| Listing Date | 30 January 2026 (Tentative) |
| Price Band | ₹140 to ₹144 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Min Investment (Retail) | ₹2,88,000 (2 lots) |
| sNII Minimum | ₹4,32,000 (3,000 shares) |
| bNII Minimum | ₹10,08,000 (7,000 shares) |
| Issue Size | ~₹14.86 crore |
| Fresh Issue | ~₹14.86 crore (100%) |
| Offer for Sale | Nil |
| Total Shares Offered | 10,32,000 equity shares |
| Listing | BSE SME |
Note: This is a 100% fresh issue — promoters are not selling any shares in this IPO and will retain majority stake post‑issue.
Issue Break‑up
| Category | Allocation (Approx) | Shares |
| Retail Individual Investors | ~64.73% | 6,68,000 |
| NII (HNI) | ~29.07% | 3,00,000 |
| QIB | ~1.16% | 12,000 |
| Market Maker | ~5.04% | 52,000 |
| Total | 100% | 10,32,000 |
Selling Shareholders (OFS)
NO OFFER FOR SALE – Entire IPO is Fresh Issue.
No promoter is selling shares; funds raised go entirely to the company’s operations and growth plans.
Objects of the Issue (Fund Utilization)
The company proposes to use the net IPO proceeds for:
- Purchase of Plant & Machinery – to expand manufacturing capabilities.
- Repayment/Pre‑payment of Secured Loans – to strengthen the balance sheet and reduce finance costs.
- Working Capital Requirements – supporting day‑to‑day operations.
- General Corporate Purposes – other corporate needs as decided post pricing.
Strategic Context:
- Plant & machinery capex supports diversification into higher‑value HDPE & PVC pipe production.
- Reducing secured debt improves financial ratios and cash flow sustainability.
- Working capital funding is critical for order execution and supply chain management in engineering businesses.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Horizon Management Pvt. Ltd.
- Registrar: KFin Technologies Ltd.
Promoters & Management
Shayona Engineering is promoter‑driven with three individual promoters holding majority pre‑IPO shares (~87.28%):
- Vipul Bhikhabhai Solanki – Chairman & Managing Director (experience ~20+ years).
- Gaurav Ratukumar Parekh – Promoter & Whole‑time Director.
- Kinnariben Vipulbhai Solanki – Whole‑time Director.
Promoter holding remains high, indicating management continuity and strategic control through the IPO.
COMPANY DETAILS
Shayona Engineering Limited was incorporated on 14 February 2017 and later converted into a public limited company on 20 July 2024. It operates from three manufacturing units in Vadodara, Gujarat serving sectors such as construction, infrastructure, automotive, agriculture, heavy engineering, marine, chemical and pharmaceuticals with a focus on precision engineering and piping systems.
Business Activities Include:
- Precision engineering solutions (castings, machining, dies & moulds).
- Industrial automation and heavy fabrication.
- HDPE & PVC pipe and fitting manufacturing.
- Turnkey machinery projects and reverse engineering services.
Company Strengths
- Diversified product portfolio across precision engineering & piping solutions.
- Integrated design‑to‑manufacturing capabilities under one roof.
- Established manufacturing footprint with three units in Vadodara, Gujarat.
- Long track record (~15+ years including predecessor proprietorship).
- Focus on industry segments with consistent industrial demand (automotive, infrastructure).
- Healthy profitability metrics relative to SME peers.
- Promoter commitment reflected in no OFS and retained majority stake.
Key Risks & Challenges
- SME & Niche Market: Smaller scale relative to larger engineering peers limits negotiating power.
- Customer Concentration: Heavy reliance on a few large customers can impact topline if any reduce orders.
- Debt Levels: Higher leverage and working capital requirements can strain finances.
- Market & Cyclicality: Engineering and fabrication demand is cyclical and tied to macro‑economic investment cycles.
- Competition: Faces stiff competition from established engineering and piping firms.
- SME Listing Volatility: SME IPOs can show significant listing price swings or limited liquidity.
Disclaimer
This document is for educational and informational purposes only and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult financial advisors before making investment decisions. Past performance is not indicative of future results.
