Shanti Inorganics IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 130.97x |
| NII | 195.53x |
| sNII (₹2L–₹10L) | 155.47x |
| bNII (above ₹10L) | 215.56x |
| Retail (RII) | 125.72x |
| Total | 142.17x |
Bidding day 3 · final figures at close of bidding: 7 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 31 Aug 2026
- Close Date
- 2 Sept 2026
- Listing Date
- 7 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹44.87 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,65,600 |
| HNI (Min) | 3 | 4,800 | ₹3,98,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 16,19,200 | 29.95% |
| QIB (ex-anchor) | 10,81,600 | 20.01% |
| NII | 8,11,200 | 15% |
| — sNII (< ₹10L) | 2,70,400 | 5% |
| — bNII (> ₹10L) | 5,40,800 | 10% |
| Retail | 18,94,400 | 35.04% |
| Total | 54,06,400 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 45.06 | 5.12 | 8.72 | 17.6 | 52.69 | 24.34 | — |
| FY 2025 | 58.46 | 7.99 | 12.06 | 25.6 | 66.04 | 25.38 | — |
| FY 2026 | 72.93 | 10.22 | 15.4 | 48.24 | 97.04 | — | — |
| May 2026 (interim) | 16.1 | 2.5 | 4.02 | 50.74 | 110.73 | — | 8.84 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 9.39x
- P/E (post-issue)
- 9.54x
- RoNW
- 5.05%
- RoE
- 5.05%
- RoCE
- 4.45%
- Debt / Equity
- 0.69
- EPS (pre-issue)
- ₹8.84
- EPS (post-issue)
- ₹8.7
- EBITDA Margin
- 25.16%
- PAT Margin
- 15.53%
- P/BV
- 1.89x
- NAV / share
- ₹43.91
- Market Cap
- ₹143.15 Cr
As of 31 May 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat | ₹42.5 Cr |
| Issue Expenses | ₹4.74 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to BRLM and commission (including selling commission, brokerage and underwriting commission | ₹2.77 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Issue and bidding/uploading charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.03 Cr |
| Fees payable to the Registrar to the Issue | ₹0.01 Cr |
| Listing fees, SEBI filing fees, NSE processing fees and other regulatory expenses | ₹0.14 Cr |
| Printing and stationery expenses | ₹0.04 Cr |
| Advertising and marketing expenses | ₹0.16 Cr |
| Fees payable to legal counsel | ₹0.11 Cr |
| Miscellaneous | ₹1.47 Cr |
Promoters & Shareholding
Promoters: <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>
- Holding (pre-issue)
- 83.65%
- Holding (post-issue)
- 56.05%
- Dilution
- 27.6%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| INDIA MAX INVESTMENT FUND LTD. | Other | 6,03,200 | ₹83 | 5.01 | 37.25% |
| TATTVAM AIF TRUST-Aanjay Ageless AIF Fund | Other | 4,81,600 | ₹83 | 4 | 29.74% |
| FINWAVE GLOBAL OPPORTUNITIES FUND | FII/FPI | 2,91,200 | ₹83 | 2.42 | 17.98% |
| KHANDELWAL FINANCE PVT.LTD. | Other | 1,21,600 | ₹83 | 1.01 | 7.51% |
| TIGER STRATEGIES FUND | Other | 1,21,600 | ₹83 | 1.01 | 7.51% |
Anchor bidding took place on 28 Aug 2026. Anchor lock-in: 50% of shares unlock on 3 Oct 2026, the remainder on 2 Dec 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Shanti Inorganics IPO
The Shanti Inorganics SME IPO runs from 31 Aug 2026 to 2 Sept 2026, offered at a price band of ₹79–83 per share, and is set to list on NSE. The company is looking to raise ₹47.24 crore through the offer. Retail investors bid in lots of 1600 shares, a minimum application of ₹2,65,600.
Issue structure
The IPO is structured entirely as a fresh issue of ₹44.87 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at bavla, ahmedabad, gujarat (₹42.5 crore), alongside issue expenses (₹4.74 crore).
Financials
In FY2026, Shanti Inorganics reported revenue of ₹16.1 crore and a net profit of ₹2.5 crore. Revenue declined from ₹45.06 crore in FY2024 to ₹16.1 crore in FY2026 (-64.0%). Net worth stood at ₹50.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 9.54× post-issue earnings and 1.89× book value, against a return on net worth of 5.05% and a debt-to-equity ratio of 0.69. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>. Promoter holding stands at 83.65% before the issue and comes down to 56.05% after listing.
Grey market premium (GMP)
In the unofficial grey market, Shanti Inorganics shares are quoted at a premium of ₹54 implying an expected listing around ₹137, about +65.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Shanti Inorganics IPO was subscribed 142.17 times overall. The strongest demand came from non-institutional investors (NII) at 195.53 times, with qualified institutional buyers (QIB) at 130.97× and retail investors at 125.72×.
Listing performance
Shanti Inorganics listed on 7 Sept 2026 at ₹157.7, a premium of +90.0% over the issue price of ₹83.
What to weigh
When evaluating the Shanti Inorganics IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Shanti Inorganics
Shanti Inorganics Ltd. is engaged in the business of manufacturing and trading of sulphur based inorganic chemicals. The product portfolio consists of ammonium bisulphite, sodium bisulphite solutions, sodium meta/ bisulphite, and sodium sulphite powder, which are primarily used as preservatives, reducing agents, oxygen scavengers and process intermediates across multiple industries such as oil drilling, pharmaceuticals, food and beverages, pulp & paper and water treatment. The company's manufacturing facilities are located at plot no. 2015, phase III, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India (“Vatva Unit” or “Manufacturing Unit – I”) and plot no. 5/A & 5/B Sankalp industrial estate, Village: Chiyada, Ta.: Bavla, Ahmedabad (“Bavla Unit” or “Manufacturing Unit – II”). Products: Sodium meta bisulphite Sodium sulphite powder Ammonium bisulphite solution Sodium bisulphite powder/solution Competitive Strengths: Geographical diversification through exports to international market Long standing relationship with diversified customers across multiple industries Strategically located production facilities with access to abundant resources of raw materials and long-term relationships with suppliers Certifications and compliance with quality and food safety standards
Shanti Inorganics — Contact Details
- Registered office
- Plot No.-2015,, Phase III GIDC, Vatva, Ahmedabad, Gujarat, 382445
- Phone
- +91-97277 52562
- Website
- shantiinorganics.com/
- Registrar (IPO queries)
- shanti.ipo@kfintech.com
Frequently asked questions
- What is the Shanti Inorganics IPO price band?
- The Shanti Inorganics IPO price band is ₹79 to ₹83 per share, with a lot size of 1600 shares.
- What was the Shanti Inorganics IPO GMP before listing?
- The final grey market premium recorded before the Shanti Inorganics IPO listed was ₹54. The IPO listed on 7 Sept 2026 at ₹157.7, +90.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Shanti Inorganics IPO open and close?
- The Shanti Inorganics IPO opens on 31 Aug 2026 and closes on 2 Sept 2026.
- When is the Shanti Inorganics IPO allotment and listing date?
- Allotment is expected on 3 Sept 2026. The shares are scheduled to list on 7 Sept 2026 on NSE.
- How many times was the Shanti Inorganics IPO subscribed?
- The Shanti Inorganics IPO was subscribed 142.17 times in total across all investor categories.
- What is the reservation split in the Shanti Inorganics IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 20.01% (plus 29.95% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Shanti Inorganics and what is their holding?
- The promoters are <p>Manojkumar Jayantilal Patel, Avnish Manojkumar Patel</p>. Promoter holding is 83.65% before the issue and 56.05% after listing.
- What is the P/E ratio of the Shanti Inorganics IPO?
- At the upper price band, the Shanti Inorganics IPO is valued at 9.39× pre-issue earnings and 9.54× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shanti Inorganics IPO?
- The net proceeds go primarily toward part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at bavla, ahmedabad, gujarat, among 2 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Shanti Inorganics IPO?
- The book-running lead manager is Vivro Financial Services Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Shanti Inorganics a Mainboard or SME IPO?
- Shanti Inorganics is an SME IPO, listing on NSE (SME platform).