Shayona Engineering Lists Flat; Shares Fall Below Grey Market Hopes

Shares of Shayona Engineering Ltd made a muted debut on the BSE SME platform on 30 January 2026, listing at ₹ 144 per share, which was the upper end of its IPO price band.

However, the stock failed to gain post-listing traction and slipped as low as ₹ 137.50, down ₹ 6.50 or about 4.5 % from the listing price during early trade, as investors reacted to softer market sentiment.

📌 IPO & Listing Highlights

• The IPO was priced in the band of ₹ 140 – ₹ 144 per share and was fully subscribed at the upper price.
• Listing Date: 30 January 2026 on the BSE SME platform.

📉 Below Grey Market Expectations

Ahead of listing, unlisted shares of Shayona Engineering were being quoted at around ₹ 148 in the grey market, implying a grey market premium (GMP) of ₹ 4 per share or roughly 2.8 % above the IPO’s top price — a signal that the stock could list higher.

However, the actual debut fell short of these unofficial estimates, with shares trading flat to slightly lower than expected.

📊 Market Reaction and Sentiment

The subdued list and immediate downward pressure reflect cautious market sentiment, particularly for SME IPO stocks, where grey market expectations do not always align with actual market performance.

Investors and market watchers will now track Shayona Engineering’s stock performance in the coming sessions to see whether it stabilises near the IPO price or continues to trade under pressure.