Shayona Engineering is set to launch its initial public offering (IPO) through the book-building route, aiming to raise ₹14.86 crore. The IPO consists entirely of a fresh issue of 0.10 crore equity shares, with no offer for sale component.
The IPO will open for subscription on January 22, 2026, and close on January 27, 2026. The basis of allotment is expected to be finalised on January 28, 2026, while the shares are likely to be listed on the BSE SME platform on January 30, 2026.
The price band for the issue has been fixed at ₹140 to ₹144 per share. Investors can apply in lots of 1,000 shares. At the upper end of the price band, the minimum investment required for retail investors is ₹2,88,000 for 2,000 shares. For high net-worth individuals (HNIs), the minimum application size is three lots, or 3,000 shares, amounting to ₹4,32,000.
Horizon Management Pvt. Ltd. is acting as the book-running lead manager for the IPO, while Kfin Technologies Ltd. has been appointed as the registrar. Horizon Financial Consultants Pvt. Ltd. will serve as the market maker for the issue.
Shayona Engineering IPO Objectives
- The company proposes to utilise a portion of the net proceeds towards the purchase of plant and machinery for its existing business operations, with an estimated allocation of up to ₹379 lakh. This is expected to support capacity expansion and operational efficiency.
- Part of the issue proceeds will be used for the repayment of secured loans availed by the company from financial institutions, amounting to up to ₹217 lakh. This is aimed at reducing finance costs and strengthening the balance sheet.
- The company plans to deploy funds towards meeting its working capital requirements, up to ₹400 lakh, along with general corporate purposes. The allocation for general corporate purposes will be finalised after determining the offer price and will not exceed 15% of the gross issue proceeds or ₹10 crore, whichever is lower.
About Shayona Engineering Limited
Incorporated in 2017, Shayona Engineering Limited operates in the engineering and manufacturing space, offering a wide range of precision-based solutions. The company is engaged in precision castings, machining, dies and moulds, industrial automation, heavy fabrication, casting, forging, reverse engineering, and turnkey project machinery. It specialises in customised precision castings across special grades, with component weights ranging from a few grams to as high as 3 metric tonnes in a single piece.
Shayona Engineering operates from three manufacturing facilities located in Vadodara, Gujarat. These units are equipped with advanced, technology-driven machinery that enables the company to deliver accurate and reliable engineering solutions. By providing end-to-end services, including prompt after-sales support, the company aims to offer comprehensive solutions under one roof to its diversified industrial clientele.
Industry Outlook
- India’s precision engineering and manufacturing sector is witnessing healthy growth. The CNC machining market is expected to grow from USD 1.2 billion in 2024 to USD 2.1 billion by 2030 (9.8% CAGR), while industrial automation is projected to double from USD 2.5 billion to USD 5.1 billion during the same period (12.6% CAGR), driven largely by automotive and electronics demand.
- Government initiatives such as Make in India and PLI schemes have boosted manufacturing investments by 15% in 2024. Rising demand from EVs, aerospace, defense, and electronics has led to a sharp increase in precision component requirements, with EV-related demand growing nearly 90% year-on-year.
- Adoption of Industry 4.0 technologies, automation, and IoT has improved efficiency by over 30% and reduced downtime significantly. By 2025, over 70% of Indian manufacturers have adopted smart manufacturing, supporting long-term competitiveness and sustainable growth.
How To Apply for the Shayona Engineering IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the SHAYONA ENGINEERING IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Shayona Engineering IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Shayona Engineering IPO
Shayona Engineering Ltd. Address, Shed No. 113/1, GIDC, Makarpura, M.I. Estate, Vadodara, Gujarat, 390010
Phone: +91 9310806080
Email: compliance@shayonaengg.com
Shayona Engineering IPO Reservation
| Investor Category | % of Shares Offered |
| Market Maker | 5.04% |
| QIB | 1.16% |
| NII (HNI) – Total | 29.07% |
| └ bNII (> ₹10 lakh) | 17.44% |
| └ sNII (< ₹10 lakh) | 11.63% |
| Retail Investors | 64.73% |
| Total | 100.00% |
Shayona Engineering IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Retail Investors (Minimum) | 2 | 2,000 | ₹2,88,000 |
| Retail Investors (Maximum) | 2 | 2,000 | ₹2,88,000 |
| S-HNI (Minimum) | 3 | 3,000 | ₹4,32,000 |
| S-HNI (Maximum) | 6 | 6,000 | ₹8,64,000 |
Shayona Engineering IPO Promoter Holding
The promoters of the company are Vipul Bhikhabhai Solanki, Gaurav Ratukumar Parekh, and Kinnariben Vipulbhai Solanki.
| Share Holding Pre-Issue | 87.29% |
| Share Holding Post Issue | To be updated |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Shayona Engineering IPO
| KPI | Value (Nov 30, 2025) |
| EBITDA Margin (%) | 21.33% |
| Profit After Tax Margin (%) | 12.80% |
| Return on Net Worth (%) | 22.01% |
| Return on Capital Employed (%) | 13.08% |
| Net Debt / EBITDA (times) | 5.52 |
Shayona Engineering IPO Registrar and Lead Managers
Shayona Engineering IPO Lead Managers
Horizon Management Pvt.Ltd.
Registrar for Shayona Engineering IPO
Kfin Technologies Ltd.
Contact Number: 04067162222, 04079611000
Email Address: sel.ipo@kfintech.com
Financials of Shayona Engineering Limited
| Financial Metric | Nov 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
| Revenue from Operations (₹ Lakhs) | ₹1,914.19 | ₹2,308.83 | ₹1,526.46 | ₹1,256.87 |
| EBITDA (₹ Lakhs) | ₹408.22 | ₹499.54 | ₹300.32 | ₹115.35 |
| Profit After Tax (₹ Lakhs) | ₹245.07 | ₹241.91 | ₹170.95 | ₹60.77 |
Strengths and Opportunities of Shayona Engineering Limited
- Shayona Engineering has consistently demonstrated execution capabilities through the successful delivery of large-scale and complex engineering projects across multiple industries.
- Years of operational excellence and quality delivery have helped the company build long-term relationships and earn client confidence.
- A well-established procurement framework and strong supplier relationships enable efficient management of raw materials and minimise supply disruptions.
- The company serves multiple sectors, reducing dependency on any single industry and providing revenue stability.
- Continuous investments in modern CNC and VMC machinery enhance precision, productivity, and the ability to handle complex and high-value components.
Risks and Threats of Shayona Engineering Limited
- A significant portion of the company’s revenue is derived from a limited number of customers. Any loss of, or reduction in business from, key customers could adversely impact revenues and profitability.
- Operational revenue is concentrated in a few segments, including turnkey engineering solutions, HDPE/PVC pipes and fittings, and export-oriented auto components, limiting diversification.
- The company has outstanding export obligations of ₹440.50 lakh under the EPCG scheme. Failure to meet these obligations may lead to penalties, interest liabilities, or withdrawal of benefits.
- Products are designed strictly as per OEM specifications. Any variation or inefficiency in design execution can increase costs and negatively affect margins.
- The company relies heavily on a limited number of suppliers, many without comprehensive written agreements, increasing the risk of supply disruption, cost escalation, or disputes.
