Vahh Chemicals 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 | 0x |
| NII | 74.08x |
| Retail (RII) | 100.18x |
| Total | 87.17x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 4 Jun 2026
- Close Date
- 8 Jun 2026
- Listing Date
- 11 Jun 2026
- Face Value
- ₹10
- Fresh Issue
- ₹12.77 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,40,000 |
| HNI (Min) | 3 | 6,000 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 10,64,000 | 50% |
| Retail | 10,64,000 | 50% |
| Total | 21,28,000 | 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 2025 | 23.75 | 2.58 | 4.68 | 6.87 | 39.28 | 11.25 | — |
| FY 2026 | 43.19 | 5.09 | 8.23 | 14.92 | 43.87 | 11.31 | 8.39 |
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)
- 7.15x
- P/E (post-issue)
- 9.79x
- RoNW
- 32.21%
- RoE
- 34.11%
- RoCE
- 31.76%
- Debt / Equity
- 0.76
- EPS (pre-issue)
- ₹8.39
- EPS (post-issue)
- ₹6.13
- EBITDA Margin
- 19.06%
- PAT Margin
- 11.79%
- P/BV
- 2.44x
- NAV / share
- ₹24.6
- Market Cap
- ₹49.84 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 incremental working capital requirements of Company | ₹5.84 Cr |
| Setting up a new manufacturing facility at Surat, Gujarat (Proposed facility) | ₹1.93 Cr |
| Repayment of loan availed by Company | ₹1.84 Cr |
| General Corporate Purposes | ₹2.02 Cr |
| Issue expenses | ₹1.82 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the Book Running Lead Manager & Underwriter | ₹0.52 Cr |
| Selling Commission | ₹0.25 Cr |
| Fees Payable to Registrar to the Issue | ₹0.02 Cr |
| Fees Payable to the Legal Advisor to the Issue | ₹0.03 Cr |
| Fees Payable Advertising, Marketing Expenses and Printing Expenses | ₹0.4 Cr |
| Fees Payable to Regulators including Stock Exchange and other regulators like NSDL & CDSL | ₹0.15 Cr |
| Fees payable to Peer Review Auditor | ₹0.15 Cr |
| Fees Payable to Market Maker (for first Year) | ₹0.03 Cr |
| Processing fees to SCSBs for ASBA Applications procured by the members of the Syndicate or Registered Brokers and submitted with the SCSBs | ₹0.02 Cr |
| Processing fees to Issuer banks for UPI Mechanism w.r.t application Forms procured by the members of the Syndicate, Registered Brokers, RTA or the CDPs and submitted to them | ₹0.01 Cr |
| Fees Payable to other professional (like PCS & Chartered Engineer) | ₹0.25 Cr |
Promoters & Shareholding
Promoters: Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai
- Holding (pre-issue)
- 88.52%
- Holding (post-issue)
- 64.63%
- Dilution
- 23.89%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Vahh Chemicals | 8 | 24.6 | 7.5x | 32.21% | 2.5x | Consolidated |
| Bhatia Colour Chem Ltd. | 2.95 | 73.8 | 18.07x | 4% | 0.73x | 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 Vahh Chemicals IPO
The Vahh Chemicals SME IPO is open between 4 Jun 2026 and 8 Jun 2026, offered at an issue price of ₹60 per share, and is set to list on BSE. The IPO seeks to raise ₹12.77 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹12.77 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 incremental working capital requirements of company (₹5.84 crore), alongside general corporate purposes (₹2.02 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Vahh Chemicals reported revenue of ₹43.19 crore and a net profit of ₹5.09 crore. Revenue grew from ₹23.75 crore in FY2025 to ₹43.19 crore in FY2026 (+82.0%). Net worth stood at ₹14.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 7.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 9.79× post-issue earnings and 2.44× book value, against a return on net worth of 32.21% and a debt-to-equity ratio of 0.76. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai. Promoter holding stands at 88.52% before the issue and comes down to 64.63% after listing.
Subscription
The Vahh Chemicals IPO was subscribed 87.17 times overall. The strongest demand came from retail investors at 100.18 times, with qualified institutional buyers (QIB) at 0× and non-institutional investors (NII) at 74.08×.
Listing performance
Vahh Chemicals listed on 11 Jun 2026 at ₹70, a premium of +16.7% over the issue price of ₹60.
What to weigh
When evaluating the Vahh Chemicals IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. 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 Vahh Chemicals
Vahh Chemicals is an ISO 9001:2015 certified company engaged in the manufacturing, trading, and supply of textile auxiliary chemicals. The company offers a broad range of chemical solutions used across textile processing stages such as pre-treatment, dyeing, printing, and finishing. It primarily serves dyeing and printing units and also develops customized formulations based on specific customer requirements. As of September 30, 2025, the company’s portfolio includes 92 SKUs catering to multiple textile substrates including cotton, polyester, silk, and synthetic blends. It also provides specialty textile chemicals designed to deliver enhanced functional properties such as water repellency, flame resistance, antimicrobial protection, UV resistance, and wrinkle-free finishes. The company follows a primarily B2B business model and operates through a facility spread over approximately 301.25 square meters . It has built a strong distribution presence in Surat and serves customers through long-standing business relationships within the textile industry. Business operations are divided into three segments: Trading – Supply and distribution of textile chemicals used in pre-treatment, dyeing, and finishing applications. Blending – Development of customized chemical blends tailored to improve textile processing and fabric performance. Nutrition – Nutraceutical products marketed through its subsidiary, HSHS Nutraceuticals Limited , under the brand “Divine Nutrition.” These products are distributed across India through online marketplaces, supplement retailers, and gym distribution channels. Competitive strengths: Established relationships with a diversified customer base Customer-focused business model centered on customized chemical solutions Experienced promoters and management team with industry expertise
Vahh Chemicals — Contact Details
- Registered office
- Plot 2/5198 ETC, 5th Floor, 5003, World Trade Centre, Near Udhna Darawaja, Ring Road, Surat, Gujarat, 395002
- Phone
- +91 26 1234 4045
- Website
- www.vahhchemicals.com/
- Registrar (IPO queries)
- vcl.ipo@kfintech.com
Frequently asked questions
- What is the Vahh Chemicals IPO price band?
- The Vahh Chemicals IPO price band is ₹60 per share, with a lot size of 2000 shares.
- When does the Vahh Chemicals IPO open and close?
- The Vahh Chemicals IPO opens on 4 Jun 2026 and closes on 8 Jun 2026.
- When is the Vahh Chemicals IPO allotment and listing date?
- The shares are scheduled to list on 11 Jun 2026 on BSE.
- How many times was the Vahh Chemicals IPO subscribed?
- The Vahh Chemicals IPO was subscribed 87.17 times in total across all investor categories.
- What is the reservation split in the Vahh Chemicals IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Vahh Chemicals and what is their holding?
- The promoters are Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai. Promoter holding is 88.52% before the issue and 64.63% after listing.
- What is the P/E ratio of the Vahh Chemicals IPO?
- At the upper price band, the Vahh Chemicals IPO is valued at 7.15× pre-issue earnings and 9.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vahh Chemicals IPO?
- The net proceeds go primarily toward funding incremental working capital requirements of company, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Vahh Chemicals IPO?
- The book-running lead manager is Marwadi Chandarana Intermediaries Brokers Pvt.Ltd..
- Is Vahh Chemicals a Mainboard or SME IPO?
- Vahh Chemicals is an SME IPO, listing on BSE (SME platform).