Shayona Engineering Ltd IPO
Status: Closed
Overview
IPO date
22 Jan 2026 to 27 Jan 2026
Face value
₹ 0 per share
Price
₹ 140 to ₹144 per share
Issue Size
1,032,000 shares
(aggregating up to ₹ 14.86 Cr)
(aggregating up to ₹ 14.86 Cr)
Allotment Date
28 Jan 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering
Objectives of Shayona Engineering Ltd IPO
Shayona Engineering Ltd IPO Strategy
About Shayona Engineering Ltd
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T&C*
Strengths vs Risks of Shayona Engineering Ltd
Know the pros & cons
Strengths
Diverse Product Portfolio.- Integrated Operations and Economies of Scale.
- Established Client Relationships.
- Commitment to Quality.
- Experienced Team.
Risks
- Substantial portion of our revenues are dependent on few customers and the loss of, or a significant reduction in purchases
by any one or more such customers could adversely affect its financial performance.
- The Company is subject to export obligations under the EPCG Scheme Non-fulfilment of such obligations may lead to
financial liabilities
- The company's design and engineering team designs its products as per the specifications provided by the OEMs or Service providers.
Any variation from the customer specification may lead to increase in cost or reduce margins.
- The company relys significantly on some suppliers for the supply of its raw materials. If these suppliers are unable or unwilling to
supply raw materials on time or otherwise fails to meet the company's requirements, the company's business will be harmed. An inability to procure
the desired quality, quantity of its raw materials and components in a timely manner and at reasonable costs, or at all, may
have a material adverse effect on the company's business, results of operations and financial condition
- The company's ability to anticipate changes in consumer preference, and industry trends and to meet customers' demands is a significant
factor to remain competitive, any failures to identify and understand the trends may materially adversely affect its business.
- Delay in commencement of production at its new plant may adversely impact the company's operations and financial performance.
- Non-requirement and Future Applicability of Factory License for Unit-2 (New) located at Survey No. 488, Near Uline Pack
LLP & R R Plastic, Por-Kayavarohan Road, Menpura - 391220, Gujarat, India and enhancement of machine capacity in
CTO/CTE in the near future.
- The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a
material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The company is affected by the prices, availability, and quality of the raw materials used in the company's production.
- There have been instances of delays in payment of statutory dues, that is, GST by the Company. In case of any delay in
payment of statutory dues in future by the Company, the regulatory authorities may impose monetary penalties on the company or take
certain punitive actions against the Company in relation to the same which may have an adverse impact on its business,
financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting
requirements under the Companies Act, 2013 to ROC
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting
requirements under the Employees' State Insurance Act of 1948 and The Employees' Provident Funds and Miscellaneous
Provisions Act, 1952
- The company's ability to achieve projected revenue and profitability depends significantly on the optimal capacity utilization of its
manufacturing facilities.
- The company has entered into, and will continue to enter into, related party transactions might not be on the most favorable terms.
- The company may receive subsidy on the expansion of proposed manufacturing plant for which funds are being raised through the
proposed IPO. The company may not be eligible for, or may not receive, the subsidies the company expects to claim for its proposed manufacturing
plant, which may adversely affect the company's financial results and cash flows.
- The company is required to comply with certain restrictive covenants under the company's financing agreements. Any noncompliance may lead
to, amongst others, an accelerated repayment schedule, enforcement of security, and suspension of further drawdowns, which
may adversely affect its business, results of operations, financial condition, and cash flows.
- The company generallys does business with its customers on purchase order basis and do not enter into long term contracts with them. The company's inability to maintain relationships with its customers could have an adverse effect on the company's business, prospects, results of
operations and financial condition.
- The company's inability to effectively manage project execution and milestone schedules may lead to project delays which may adversely
affect its business and the result of operations.
- The company may faces significant competition in the company's business. An inability to compete effectively may lead to a lower market share or
reduced operating margins.
- The may be unable to obtain, renew or maintain statutory and regulatory permits, licenses and approvals required to operate
its business which could result in an adverse effect on the company's results of operations. The company requires certain statutory and regulatory
permits, licenses and approvals for its business.
- Geographical area of our manufacturing units located in the state of Gujarat exposes the company to environmental, regulatory,
operational, and climate-related risks.
- Significant dependence on Gujarat for a major portion of its revenue exposes us to regional economic, political, and
environmental risks.
- Delays or defaults in customer payments could adversely affect the company's financial condition.
- Dependence on continuous order flow from existing customer and not secure new customer acquisition may adversely affect
its Revenue, Profitability, and Financial Performance.
- The company's success depends on stable and reliable logistics and transportation infrastructure. Disruption of logistics and
transportation services could impair the ability of its suppliers to deliver materials or the company's ability to deliver materials to its
customers and/ or increase the company's transportation costs, which may adversely affect its operations.
- There are no outstanding legal proceedings involving Promoters, and Directors. Any adverse decision in such proceedings
may have a material adverse effect on its business, results of operations and financial condition.
- The company's inability to manage its inventory and foresee accurate demand for the company's products for a future period may adversely affect
its reputation, business, results of operation, and financial performance.
- Risk of Non-listing or Delay in Listing of Equity Shares on the SME Platform of BSE Ltd.
- The company has in the past encountered delays in the implementation and execution of its orders.
- Latent defects in the company's products may increase its after-sales cost or the company may suffer losses on account of replacements/ product
recalls.
- The company's continued success is dependent on its senior management and skilled manpower. The company's inability to attract and retain key
personnel may have an adverse effect on its business prospects.
- If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may
be an adverse effect on the company's results of operations.
- The company's results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the
Equity Shares to be volatile.
- The company's customers may claim against us and/or terminate our services in whole or in part prematurely should the company fails to satisfy
their requirements and expectations or for any other reason.
- The company could be adversely affected if the company fails to keep pace with technical and technological developments.
- The company may not achieve the benefits the company expects from future acquisitions and business partnerships, which may have an adverse
effect on its profitability and ability to manage the company's business prospects.
- Labour disputes pose a significant risk to the company's operations and overall business performance, despite the current
absence of such issues.
- An inability to manage our growth could disrupt its business and reduce the company's profitability
- Some of the reports referred to in this Red Herring Prospectus were commissioned by us. Reliance on unverified market data,
industry forecasts, and internal reports in the Red Herring Prospectus could lead to inaccurate assumptions, misleading
investors, reputational damage, regulatory scrutiny, and adverse impacts on the company's credibility and ability to raise funds
effectively.
- The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital
requirements and capital expenditures.
- The company's management will have broad discretion in how we apply the Net Proceeds of the Offer and there is no assurance that the
Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the
manner intended by the company will result in an increase in the value of your investment.
- The company's insurance coverage may not adequately protect the company against certain operational risks or claims by its employees.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have considerable
influence over the outcome of matters.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's operations may be subjected to a variety of environmental laws and regulations including those relating to hazardous
materials in the future in case the rules are further made more stringent. Any failures to comply with applicable environmental
laws and regulations could have an adverse effect on its financial condition and results of operations.
- The company may be unable to grow its business in additional geographic regions or international markets, which may adversely
affect its business prospects and results of operations.
- The company's future fund requirements, in the form of further Issue of capital or securities and/or loans taken by the company, may be prejudicial
to the interest of the Shareholders depending upon the terms on which they are eventually raised.
- In addition to its existing indebtedness for its existing operations, The company may incur further indebtedness during the course of
business. The company cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- Increased losses due to fraud, employee negligence, theft or similar incidents may have an adverse impact on the company.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- After this Issue, the price of its Equity Shares may be volatile, or an active trading market for the company's Equity Shares may not be
sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the
Issue.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by the company's Promoters
or Promoter Group may adversely affect the trading price of our Equity Shares.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected
by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising
out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign
currency.
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a
shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the
Equity Shares.
How to check the allotment status of Shayona Engineering Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 22 Jan 2026 & closes on 27 Jan 2026.
Shayona Engineering Limited was originally incorporated as Shayona Engineering Private Limited', dated February 14, 2017. On July 20, 2024, the Company transformed from a private to a public limited company and attained the name Shayona Engineering Limited', obtained from RoC, Gujarat.
Prior to its incorporation in 2017, Shayona Engineering operated as a proprietorship firm established in 2010 by Vipul Bhikhabhai Solanki. The firm initially focused on basic machining and fabrication services with a workshop in GIDC Makarpura, Vadodara. Shayona was established in 2010 to become the most reliable and renowned company for machining, dies & moulds, industrial automation, heavy fabrication, casting, forging, reverse engineering and turnkey project machinery. At present, Company manufacture precision metal, rubber and plastic parts, assemblies, and fixtures.
During the proprietorship phase (2010-2017), the firm steadily expanded by acquiring new machinery and hiring skilled workers that began with basic operations and fabrication work evolved into specialized precision engineering and industrial automation projects. The firm became a specialist in turnkey project machinery, die and molds, industrial structure and fabrication works.
In 2016, Company made strategic investments in advanced machinery, including precision lathe machines, CNC systems for automated operations, and VMC machines for complex manufacturing. These upgrades significantly increased project handling capacity and operational efficiency. Since its establishment, the Company has established itself as a leading provider of precision engineering services and manufacturing solutions across diverse industrial sectors.
In 2025, Company established a modern manufacturing facility in Menpura, Gujarat, bearing an installed capacity of 250 MT/ month for PVC and HDPE pipes and fittings, targeting the agriculture and infrastructure sectors.
The Company raised funds aggregating to Rs 14.86 crores via its initial public offering and issued 10,32,000 Equity Shares of Rs 10 each on January 27, 2026.
Shayona Engineering Ltd IPO will close on 27 Jan 2026.
- Diverse Product Portfolio.
- Integrated Operations and Economies of Scale.
- Established Client Relationships.
- Commitment to Quality.
- Experienced Team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vipul Bhikhabhai Solanki | 1994500 | 69.73 | 1994500 | 51.24 |
| 2 | Kinnariben Vipulbhai Solanki | 152000 | 5.31 | 152000 | 3.91 |
| 3 | Gaurav Ratukumar Parekh | 350000 | 12.24 | 350000 | 8.99 |
| 4 | --- | --- | --- | --- | --- |
| 5 | Sheela Amit Chauhan | 100 | --- | 100 | --- |
| 6 | Dharmendra Bhikabhai Solanki | 100 | --- | 100 | --- |
| 7 | Archana J Parekh | 100 | --- | 100 | --- |
- Substantial portion of our revenues are dependent on few customers and the loss of, or a significant reduction in purchases by any one or more such customers could adversely affect its financial performance.
- The Company is subject to export obligations under the EPCG Scheme Non-fulfilment of such obligations may lead to financial liabilities
- The company's design and engineering team designs its products as per the specifications provided by the OEMs or Service providers. Any variation from the customer specification may lead to increase in cost or reduce margins.
- The company relys significantly on some suppliers for the supply of its raw materials. If these suppliers are unable or unwilling to supply raw materials on time or otherwise fails to meet the company's requirements, the company's business will be harmed. An inability to procure the desired quality, quantity of its raw materials and components in a timely manner and at reasonable costs, or at all, may have a material adverse effect on the company's business, results of operations and financial condition
- The company's ability to anticipate changes in consumer preference, and industry trends and to meet customers' demands is a significant factor to remain competitive, any failures to identify and understand the trends may materially adversely affect its business.
- Delay in commencement of production at its new plant may adversely impact the company's operations and financial performance.
- Non-requirement and Future Applicability of Factory License for Unit-2 (New) located at Survey No. 488, Near Uline Pack LLP & R R Plastic, Por-Kayavarohan Road, Menpura - 391220, Gujarat, India and enhancement of machine capacity in CTO/CTE in the near future.
- The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The company is affected by the prices, availability, and quality of the raw materials used in the company's production.
- There have been instances of delays in payment of statutory dues, that is, GST by the Company. In case of any delay in payment of statutory dues in future by the Company, the regulatory authorities may impose monetary penalties on the company or take certain punitive actions against the Company in relation to the same which may have an adverse impact on its business, financial condition and results of operations.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to ROC
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Employees' State Insurance Act of 1948 and The Employees' Provident Funds and Miscellaneous Provisions Act, 1952
- The company's ability to achieve projected revenue and profitability depends significantly on the optimal capacity utilization of its manufacturing facilities.
- The company has entered into, and will continue to enter into, related party transactions might not be on the most favorable terms.
- The company may receive subsidy on the expansion of proposed manufacturing plant for which funds are being raised through the proposed IPO. The company may not be eligible for, or may not receive, the subsidies the company expects to claim for its proposed manufacturing plant, which may adversely affect the company's financial results and cash flows.
- The company is required to comply with certain restrictive covenants under the company's financing agreements. Any noncompliance may lead to, amongst others, an accelerated repayment schedule, enforcement of security, and suspension of further drawdowns, which may adversely affect its business, results of operations, financial condition, and cash flows.
- The company generallys does business with its customers on purchase order basis and do not enter into long term contracts with them. The company's inability to maintain relationships with its customers could have an adverse effect on the company's business, prospects, results of operations and financial condition.
- The company's inability to effectively manage project execution and milestone schedules may lead to project delays which may adversely affect its business and the result of operations.
- The company may faces significant competition in the company's business. An inability to compete effectively may lead to a lower market share or reduced operating margins.
- The may be unable to obtain, renew or maintain statutory and regulatory permits, licenses and approvals required to operate its business which could result in an adverse effect on the company's results of operations. The company requires certain statutory and regulatory permits, licenses and approvals for its business.
- Geographical area of our manufacturing units located in the state of Gujarat exposes the company to environmental, regulatory, operational, and climate-related risks.
- Significant dependence on Gujarat for a major portion of its revenue exposes us to regional economic, political, and environmental risks.
- Delays or defaults in customer payments could adversely affect the company's financial condition.
- Dependence on continuous order flow from existing customer and not secure new customer acquisition may adversely affect its Revenue, Profitability, and Financial Performance.
- The company's success depends on stable and reliable logistics and transportation infrastructure. Disruption of logistics and transportation services could impair the ability of its suppliers to deliver materials or the company's ability to deliver materials to its customers and/ or increase the company's transportation costs, which may adversely affect its operations.
- There are no outstanding legal proceedings involving Promoters, and Directors. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The company's inability to manage its inventory and foresee accurate demand for the company's products for a future period may adversely affect its reputation, business, results of operation, and financial performance.
- Risk of Non-listing or Delay in Listing of Equity Shares on the SME Platform of BSE Ltd.
- The company has in the past encountered delays in the implementation and execution of its orders.
- Latent defects in the company's products may increase its after-sales cost or the company may suffer losses on account of replacements/ product recalls.
- The company's continued success is dependent on its senior management and skilled manpower. The company's inability to attract and retain key personnel may have an adverse effect on its business prospects.
- If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may be an adverse effect on the company's results of operations.
- The company's results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the Equity Shares to be volatile.
- The company's customers may claim against us and/or terminate our services in whole or in part prematurely should the company fails to satisfy their requirements and expectations or for any other reason.
- The company could be adversely affected if the company fails to keep pace with technical and technological developments.
- The company may not achieve the benefits the company expects from future acquisitions and business partnerships, which may have an adverse effect on its profitability and ability to manage the company's business prospects.
- Labour disputes pose a significant risk to the company's operations and overall business performance, despite the current absence of such issues.
- An inability to manage our growth could disrupt its business and reduce the company's profitability
- Some of the reports referred to in this Red Herring Prospectus were commissioned by us. Reliance on unverified market data, industry forecasts, and internal reports in the Red Herring Prospectus could lead to inaccurate assumptions, misleading investors, reputational damage, regulatory scrutiny, and adverse impacts on the company's credibility and ability to raise funds effectively.
- The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- The company's management will have broad discretion in how we apply the Net Proceeds of the Offer and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by the company will result in an increase in the value of your investment.
- The company's insurance coverage may not adequately protect the company against certain operational risks or claims by its employees.
- The Promoter and Promoter Group will continue to exercise control post completion of the Issue and will have considerable influence over the outcome of matters.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company's operations may be subjected to a variety of environmental laws and regulations including those relating to hazardous materials in the future in case the rules are further made more stringent. Any failures to comply with applicable environmental laws and regulations could have an adverse effect on its financial condition and results of operations.
- The company may be unable to grow its business in additional geographic regions or international markets, which may adversely affect its business prospects and results of operations.
- The company's future fund requirements, in the form of further Issue of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the Shareholders depending upon the terms on which they are eventually raised.
- In addition to its existing indebtedness for its existing operations, The company may incur further indebtedness during the course of business. The company cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- Increased losses due to fraud, employee negligence, theft or similar incidents may have an adverse impact on the company.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- After this Issue, the price of its Equity Shares may be volatile, or an active trading market for the company's Equity Shares may not be sustained.
- The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by the company's Promoters or Promoter Group may adversely affect the trading price of our Equity Shares.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
The Issue type of Shayona Engineering Ltd is Book Building - SME.
The minimum application for shares of Shayona Engineering Ltd is 2000.
The total shares issue of Shayona Engineering Ltd is 1032000.
Public issue of up to 10,32,000 equity shares of face value Rs. 10/- each ("Equity Shares") of the company for cash at a price of Rs.144 per equity share (Including a Securities Premium of Rs.134 per Equity Share) (The "Issue Price"), aggregating up to Rs.14.86 crores ("Issue") of the issue, 52,000 equity shares aggregating to Rs.0.75 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 9,80,000 equity shares of face value of Rs. 10 each at an issue price of Rs.144 per equity share aggregating to Rs.14.11 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 26.51% and 25.18%, respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 144 per equity share of face value Rs.10/- each.
The floor price is 14.4 times of the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.