Shreni Shares IPO
Shreni Shares IPO — date, issue size, SEBI status & DRHP details 2026
Shreni Shares filed its draft red herring prospectus (DRHP) with SEBI on 9 Mar 2026 for an IPO of a fresh issue of up to 69,00,000 shares and an offer for sale of up to 82,00,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Shreni Shares is a SEBI registered stock broker and SME market maker with 8 branches in 7 cities. Restated profit from continuing operations was Rs 16.83 crore in FY2025 on revenue of Rs 28.53 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Shreni Shares IPO stands
From draft to listing. Today is 24 October 2026.
- DRHP filed 09 Mar 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 9 Mar 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Unlisted (pre-IPO) share price
Shreni Shares shares trade off-market before listing. This is the latest indicative dealer quote, not an exchange price.
Shreni Shares IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 69,00,000 shares |
| Offer for sale | Up to 82,00,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Aryaman Financial Services Limited |
| Registrar | Bigshare Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Hitesh Natvarlal Punjani | Promoter | Up to 20,00,000 shares | Rs 2.50 |
| Nidhi Bhavesh Shah | Promoter | Up to 20,00,000 shares | Rs 2.50 |
| Nirmal Himmatlal Shah | Promoter Group | Up to 13,94,800 shares | Rs 2.76 |
| Sapna Bhavesh Shah | Promoter Group | Up to 28,05,200 shares | Rs 2.50 |
The four selling shareholders hold their shares at an average cost of Rs 2.50 to Rs 2.76 per share, against a face value of Rs 10.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 11.95 crore in FY2023 to Rs 31.66 crore in FY2024 and stood at Rs 28.53 crore in FY2025.
- 02Net worth rose from Rs 20.51 crore at 31 March 2023 to Rs 141.59 crore at 31 March 2025 and Rs 168.77 crore at 31 December 2025.
- 03Total borrowings were Rs 9.14 crore at 31 December 2025 against net worth of Rs 168.77 crore. The net debt to equity ratio was 0.05.
- 04The company reports an EBITDA margin of 86.47% and a PAT margin of 58.98% for FY2025, both on continuing operations.
- 05The company says it handled 37 market making mandates over FY2023 to FY2025 and ranks among the top 10 SME market makers, citing the D&B report.
- 06The MTF book grew from Rs 25.24 crore at 31 March 2025 to Rs 44.72 crore at 31 December 2025, adding an interest income line of Rs 3.16 crore in nine months.
- 07Promoters and promoter group hold 71.13% before the offer.
Risks · 9
- 01Treasury operations gave 76.77% of revenue from operations in the nine months to 31 December 2025 and 84.28% in FY2024. These are gains on the company's own securities, so they move with the market.
- 02Operating cash flow was negative at Rs 9.16 crore in FY2025 and Rs 22.93 crore in FY2024, even though restated profit was positive.
- 03Securities held for trading and loans for margin funding were 81.19% of total assets at 31 December 2025, so a market fall can hit the balance sheet directly.
- 04The company has faced penal actions before. SEBI imposed penalties of Rs 0.26 million by an order dated 13 September 2021, and the MCA imposed a further Rs 0.26 million penalty under section 42 of the Companies Act.
- 05The company discontinued its merchant banking business, which gave Rs 6.33 crore of profit in FY2025 after tax.
- 06Counter indemnity given to bankers for guarantees is Rs 24.00 crore, most of the Rs 24.02 crore of contingent liabilities at 31 December 2025.
- 07Of the offer of up to 1,51,00,000 shares, up to 82,00,000 shares are an offer for sale. The company gets no money from those shares.
- 08Fresh issue money is mainly for working capital, Rs 57.00 crore, and the rest of the objects include general corporate purposes with the amount not yet fixed.
- 09Attrition among permanent employees was 44.07% in FY2025 and 28.57% in FY2024.
Shreni Shares financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 45.94 | 28.53 | 31.66 | 11.95 |
| Total Income | 46.03 | 28.66 | 31.69 | 11.95 |
| EBITDA | 41.90 | 24.67 | 28.46 | 9.23 |
| Profit After Tax | 29.92 | 16.83 | 19.60 | 5.56 |
| Net Worth | 168.77 | 141.59 | 84.23 | 20.51 |
| Total Borrowing | 9.14 | 9.72 | 5.21 | 13.60 |
| Total Assets | 199.15 | 170.90 | 101.63 | 38.95 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹65 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Shreni Shares
The company is a SEBI registered stock broker engaged in share broking and market making services. It says it is among the top 10 market makers in the SME exchange ecosystem and handled 37 mandates over FY2023 to FY2025, citing the D&B industry report.
It serves clients through a network of 8 branches in 7 cities, 6 Authorised Persons (agents appointed after approval from the stock exchange) and online and digital platforms. It also offers Margin Trading Facility (MTF), where clients trade with borrowed money. The MTF book was Rs 44.72 crore at 31 December 2025, against Rs 25.24 crore at 31 March 2025.
Most of the revenue does not come from broking. Income from treasury operations, which is the company's own trading and investing in securities, was 76.77% of revenue from operations in the nine months to 31 December 2025 and 68.00% in FY2025. Broking commission, fees and consultancy income was 6.33% and 20.80% in the same periods. Market maker fees were 8.46% and 3.58%, and MTF interest income was 6.87% and 5.40%.
Securities held for trading were Rs 116.94 crore at 31 December 2025, out of total assets of Rs 199.15 crore. The company has also discontinued its merchant banking business, which shows up as profit from discontinued operations of Rs 6.33 crore in FY2025.
The promoters are Bhavesh Himmatlal Shah, Hitesh Natvarlal Punjani and Nidhi Bhavesh Shah. Bhavesh Shah is the Chairman, Chief Executive Officer and Managing Director. Aryaman Financial Services Limited is the only lead manager to the offer.
The industry
The industry report by D&B, commissioned by the company, covers India's capital market and stock broking. It says BSE market capitalisation rose from Rs 101.5 lakh crore in FY2015 to Rs 412.9 lakh crore in FY2025, a 10-year CAGR of 15.1%. NSE market capitalisation rose from Rs 99.3 lakh crore to Rs 410.9 lakh crore, a CAGR of 15.3%.
Promoters & management
Promoters hold 53.48% and the promoter group 17.65% before the issue, together 71.13%.
| Name | Role |
|---|---|
| Bhavesh Himmatlal Shah | Chairman, Chief Executive Officer and Managing Director |
| Hitesh Natvarlal Punjani | Whole-Time Director |
| Nidhi Bhavesh Shah | Whole-Time Director and Chief Financial Officer |
| Rachana Pranav Sheth | Independent Director |
| Vikash Gautamchand Jain | Independent Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
4 issues handled (2 mainboard, 2 SME)Best listing: Shankesh Jewellers (+11.1%). Weakest: Narmadesh Brass Industries (-3.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Shreni Shares IPO: frequently asked
When will the Shreni Shares IPO open?
The Shreni Shares IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Shreni Shares IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Shreni Shares IPO?
Shreni Shares filed its draft red herring prospectus (DRHP) with SEBI on 9 Mar 2026 for an IPO of a fresh issue of up to 69,00,000 shares and an offer for sale of up to 82,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Shreni Shares IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Shreni Shares IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Shreni Shares IPO GMP once the RHP and price band are out.
What will Shreni Shares do with the IPO money?
As per the DRHP: Meet working capital requirements (₹57 crore); Repay or prepay part of certain borrowings (₹8 crore); General corporate purposes.
Who are the lead managers of the Shreni Shares IPO?
The book running lead managers are Aryaman Financial Services Limited. Bigshare Services Private Limited is the registrar.
How does Shreni Shares make money?
Income from treasury operations was 76.77% of revenue from operations in the nine months to 31 December 2025. Broking commission and fees were 6.33%, market maker fees 8.46% and MTF interest 6.87%.
Who are the promoters of Shreni Shares?
Bhavesh Himmatlal Shah, Hitesh Natvarlal Punjani and Nidhi Bhavesh Shah. Together with the promoter group they hold 71.13% before the offer.
Is Shreni Shares profitable?
Yes. Restated profit from continuing operations was Rs 16.83 crore in FY2025 and Rs 19.60 crore in FY2024. Operating cash flow was negative at Rs 9.16 crore in FY2025.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Shreni Shares files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
