Shivchem Agro 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 | 1x |
| NII | 1x |
| sNII (₹2L–₹10L) | 1.08x |
| bNII (above ₹10L) | 0.97x |
| Retail (RII) | 3.5x |
| Total | 2.2x |
Bidding day 3 · final figures at close of bidding: 6 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 28 Sept 2026
- Close Date
- 30 Sept 2026
- Listing Date
- 6 Oct 2026
- Face Value
- ₹5
- Fresh Issue
- ₹13.31 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- Maashitla Securities
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 | 4,000 | ₹2,48,000 |
| HNI (Min) | 3 | 6,000 | ₹3,72,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 1,08,000 | 5.03% |
| NII | 10,14,000 | 47.25% |
| — sNII (< ₹10L) | 3,38,000 | 15.75% |
| — bNII (> ₹10L) | 6,76,000 | 31.5% |
| Retail | 10,24,000 | 47.72% |
| Total | 21,46,000 | 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 | 10.95 | 1.29 | 1.93 | 1.5 | 16.41 | 7.1 | — |
| FY 2025 | 27.5 | 2.6 | 4.32 | 9.67 | 36.29 | 8.26 | — |
| FY 2026 | 33.84 | 3.25 | 5.98 | 12.92 | 45.04 | 7.28 | 6.16 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.06x
- P/E (post-issue)
- 14.39x
- RoNW
- 28.76%
- RoE
- 28.76%
- RoCE
- 30.04%
- Debt / Equity
- 0.56
- EPS (pre-issue)
- ₹6.16
- EPS (post-issue)
- ₹4.31
- EBITDA Margin
- 17.69%
- PAT Margin
- 9.61%
- P/BV
- 2.53x
- NAV / share
- ₹24.5
- Market Cap
- ₹46.7 Cr
As of 31 Mar 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 |
|---|---|
| Funding the working capital requirements of the Company | ₹6.9 Cr |
| Repayment/prepayment, in full or part, of certain loans availed by Company | ₹3.5 Cr |
| General Corporate Purposes | ₹1.51 Cr |
| Issue Expenses | ₹2.1 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees & Underwriting commission | ₹1.28 Cr |
| Brokerage, selling commission and upload fees | ₹0 Cr |
| Legal Advisor to the Issue | ₹0.03 Cr |
| Registrar to the Issue | ₹0.02 Cr |
| Advertising and Marketing Expenses including selling and distribution | ₹0.46 Cr |
| Regulators including stock exchanges | ₹0.08 Cr |
| Printing and Distribution of Issue Stationary | ₹0.02 Cr |
| Fees payable to Peer Review Statutory Auditor | ₹0.1 Cr |
| Fees payable to Peer Review Independent Chartered Accountants | ₹0.01 Cr |
| Miscellaneous Expenses | ₹0.11 Cr |
Promoters & Shareholding
Promoters: <p>Rohit Agarwal, Sachin Agarwal, Deepa Agarwal</p>
- Holding (pre-issue)
- 92.73%
- Holding (post-issue)
- 64.91%
- Dilution
- 27.82%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shivchem Agro | 6.16 | 24.5 | — | 28.76% | — | Restated |
| Sikko Industries Ltd. | 0.33 | 1.98 | 15.21x | 5.92% | 5x | Standalone |
| Super Crop Safe Ltd. | 0.52 | 7.8 | 27.83x | 6.69% | 2x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Shivchem Agro IPO
The Shivchem Agro SME IPO opens for subscription on 28 Sept 2026 and closes on 30 Sept 2026, offered at a price band of ₹59–62 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹14.01 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,48,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹13.31 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 funding the working capital requirements of the company (₹6.9 crore), alongside repayment/prepayment, in full or part, of certain loans availed by company (₹3.5 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Shivchem Agro reported revenue of ₹33.84 crore and a net profit of ₹3.25 crore. Revenue grew from ₹10.95 crore in FY2024 to ₹33.84 crore in FY2026 (+209.0%). Net worth stood at ₹12.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.39× post-issue earnings and 2.53× book value, against a return on net worth of 28.76% and a debt-to-equity ratio of 0.56. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Sikko Industries Ltd. and Super Crop Safe Ltd., with a median peer P/E of about 21.5×. The issue's own post-issue P/E works out to 14.39×.
Promoters
The promoters of the company are <p>Rohit Agarwal, Sachin Agarwal, Deepa Agarwal</p>. Promoter holding stands at 92.73% before the issue and comes down to 64.91% after listing.
Grey market premium (GMP)
In the unofficial grey market, Shivchem Agro shares are quoted at a premium of ₹1.5 implying an expected listing around ₹63.5, about +2.4% 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 Shivchem Agro IPO was subscribed 2.2 times overall. The strongest demand came from retail investors at 3.5 times, with qualified institutional buyers (QIB) at 1× and non-institutional investors (NII) at 1×.
Listing performance
Shivchem Agro listed on 6 Oct 2026 at ₹62, a premium of +0.0% over the issue price of ₹62.
What to weigh
When evaluating the Shivchem Agro 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 Shivchem Agro
Incorporated in 2021, Shivchem Agro is an ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified agrochemical company based in India. The company manufactures stock, distribute, and sell a wide range of agricultural formulations, including insecticides, fungicides, herbicides, plant growth regulators, rodenticides, and fertilizers. These products are available in both solid (powders) and liquid (emulsifiable concentrates) forms, helping farmers improve crop protection and productivity. Products: Insecticides to manage pest challenges in agriculture Fungicides used to combat fungal diseases in crops and seeds Herbicides offer a solution to tackle unwanted plants or weeds Plant Growth Regulators: plant hormones or vitamins Rodenticide : Chemical substances to control rodent populations by killing or repelling Fertilizers used to meet the needs of various soils and crops The company is licensed under the Insecticides Act, 1968 to manufacture 176 agrochemical products—88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators, and 3 rodenticides—approved by the Central Insecticides Board and Registration Committee (CIBRC), Haryana. It is also authorized to manufacture 82 fertilizers under the Fertilizer Control Order, 1985. The company is licensed to sell and distribute our products in Andhra Pradesh, Telangana, Odisha, Assam, and Madhya Pradesh, with a network of 516 distributors and 6 godowns across these states as of March 31, 2025. Manufacturing facility: Its manufacturing facility in Jhajjar, Haryana, is equipped with modern machinery and pollution control systems, including an Effluent Treatment Plant (ETP) and a Wet Scrubber Unit. As on August 31, 2025, its total workforce has 59 permanent employees. Competitive strengths: Diversified product portfolio including a wide range of insecticides, fungicides, herbicides, plant growth regulators, rodenticides, and fertilizers Large and diverse Distributors and Distribution Network: As of March 31, 2025, we have 516 distributors. On-Field product demonstrations Manufacturing facility with ability to manufacture a wide range of products Enhanced Efficiency through automated filling and packaging machines
Shivchem Agro — Contact Details
- Registered office
- Unit No. 703, 704, Amba Tower,, Plot No.2, Community Centre, D.C Chowk, Sector-9, Rohini Sec-11, North West Delhi, New Delhi, 110085
- Phone
- +91 11 46008555
- Website
- www.shivchemagro.com/
- Registrar (IPO queries)
- investor.ipo@maashitla.com
Frequently asked questions
- What is the Shivchem Agro IPO price band?
- The Shivchem Agro IPO price band is ₹59 to ₹62 per share, with a lot size of 2000 shares.
- What was the Shivchem Agro IPO GMP before listing?
- The final grey market premium recorded before the Shivchem Agro IPO listed was ₹1.5. The IPO listed on 6 Oct 2026 at ₹62, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Shivchem Agro IPO open and close?
- The Shivchem Agro IPO opens on 28 Sept 2026 and closes on 30 Sept 2026.
- When is the Shivchem Agro IPO allotment and listing date?
- Allotment is expected on 1 Oct 2026. The shares are scheduled to list on 6 Oct 2026 on BSE.
- How many times was the Shivchem Agro IPO subscribed?
- The Shivchem Agro IPO was subscribed 2.2 times in total across all investor categories.
- What is the reservation split in the Shivchem Agro IPO?
- Of the total shares offered, retail investors get 47.72%, QIBs 5.03%, non-institutional investors 47.25%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Shivchem Agro and what is their holding?
- The promoters are <p>Rohit Agarwal, Sachin Agarwal, Deepa Agarwal</p>. Promoter holding is 92.73% before the issue and 64.91% after listing.
- What is the P/E ratio of the Shivchem Agro IPO?
- At the upper price band, the Shivchem Agro IPO is valued at 10.06× pre-issue earnings and 14.39× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shivchem Agro IPO?
- The net proceeds go primarily toward funding the working capital requirements of the company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Shivchem Agro IPO?
- The book-running lead manager is Shannon Advisors Pvt.Ltd.. Maashitla Securities is the registrar to the issue.
- Is Shivchem Agro a Mainboard or SME IPO?
- Shivchem Agro is an SME IPO, listing on BSE (SME platform).