Shyam Dhani Industries IPO sees strong Day 3 momentum as GMP indicates a 90% listing gain

Shyam Dhani Industries IPO, which opened on December 22 and closes on December 24, is witnessing strong investor demand on Day 3, with overall subscription crossing 360 times by mid-morning. The SME IPO has attracted heavy interest across categories, supported by a sharp rise in grey market premium to ₹62, indicating a potential listing premium of around 89% over the upper price band of ₹70. Ahead of the issue, the company raised ₹10.92 crore from anchor investors. The ₹38.5 crore IPO is a fresh issue with no offer for sale and plans to utilise proceeds for working capital, repayment of borrowings, marketing expenses, installation of a solar rooftop plant, and general corporate purposes. The issue is proposed to list on the NSE SME on December 30.