The Shanti Inorganics IPO is a book-built issue valued at ₹47.24 crore. The entire issue consists of a fresh issue of 56.91 lakh shares.
Subscription for the Shanti Inorganics IPO opened on August 31, 2026, and will close on September 2, 2026. Share allotment for the IPO is expected to be finalized on September 3, 2026. The IPO will be listed on the NSE SME platform, with the tentative listing date set for September 7, 2026.
The price band for the Shanti Inorganics IPO has been fixed at ₹79 to ₹83 per share. The application lot size is 1,600 shares. The minimum investment amount for an individual (retail) investor is ₹2,65,600 (3,200 shares), based on the upper price band. For HNIs, the minimum investment is 3 lots (4,800 shares), amounting to ₹3,98,400.
Vivro Financial Services Private Limited is the book-running lead manager, and KFin Technologies Limited is the registrar to the issue. Rikhav Securities Limited is the market maker for the company.
For detailed information, please refer to the Shanti Inorganics IPO Red Herring Prospectus (RHP).
Shanti Inorganics Subscription Status
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIB | 1081600 | 252800 | 0.23 |
| HNIs | 811200 | 356800 | 0.44 |
| bHNI | 540800 | 206400 | 0.38 |
| sHNI | 270400 | 150400 | 0.56 |
| Individual | 1894400 | 2067200 | 1.09 |
| Total | 3787200 | 2676800 | 0.71 |
| Application-Wise Breakup | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 113 | 16 | 0.14 |
| HNIs (3-10L) | 56 | 29 | 0.52 |
| Individual | 592 | 646 | 1.09 |
Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIB | 8.98 | 2.1 | 0.23 |
| FII | - | 0 | - |
| FI | - | 0 | - |
| IC | - | 0 | - |
| MF | - | 0 | - |
| OTH | - | 2.1 | - |
| HNIs | 6.73 | 2.96 | 0.44 |
| bHNI | 4.49 | 1.71 | 0.38 |
| sHNI | 2.24 | 1.25 | 0.56 |
| Individual | 15.72 | 17.16 | 1.09 |
| Total | 31.43 | 22.22 | 0.71 |
QIB Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0 | @8% ₹0 | @9% ₹0 | @10% ₹0 | @11% ₹0 | @12% ₹0 |
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 3200 | 265600 | 592 |
| sHNI | 3 | 4800 | 398400 | 56 |
| bHNI | 8 | 12800 | 1062400 | 113 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 5691200 | 100% |
| Anchor | 1619200 | 28.45% |
| QIB | 1081600 | 19% |
| HNI | 811200 | 14.25% |
| INDIVIDUAL | 1894400 | 33.29% |
| Market Maker | 284800 | 5% |
About the Company
IPO Details
| Total Issue Size | 56,91,200 shares (aggregating up to ₹47.24 Cr) |
| Fresh Issue | 56,91,200 shares (aggregating up to ₹47.24 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,15,56,200 Equity Shares |
| Share Holding Post Issue | 1,72,47,400 Equity Shares |
| Reserved for Market Maker | 2,84,800 shares (aggregating up to ₹2.36 Cr) |
| Market Maker | Rikhav Securities |
Key Performance Indicators (KPI)
| KPI | May-26 | Mar-26 | Mar-25 |
|---|---|---|---|
| RONW | 27.68% | 37.01% | 34.00% |
| EPS (BASIC) | 2.16 | 9.36 | 7.86 |
| P/E Pre IPO | 9.39 | ||
| P/E Post IPO | 9.54 |
Company Financial (In ₹Crore)
| Period Ended | May-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Assets | 110.73 | 97.04 | 66.04 | 52.69 |
| Total Income | 16.10 | 72.93 | 58.46 | 45.06 |
| Profit After Tax | 2.5 | 10.22 | 7.99 | 5.12 |
| EBITDA | 4.02 | 15.4 | 12.06 | 8.72 |
| NET Worth | 50.74 | 48.24 | 25.6 | 17.6 |
| Reserves and Surplus | 39.18 | 36.68 | 24.96 | 16.97 |
| Total Borrowing | - | - | 25.38 | 24.34 |
Peer Comparision
Company does not have any similar and comparable listed peer which is involved in same line of business.
About Company
Incorporated in January 2010, Shanti Inorganics Ltd. manufactures and trades sulfur-based inorganic chemicals, including sodium metabisulphite, sodium sulfite powder, ammonium bisulfite solution, and sodium bisulfite powder/solution.
Its products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
The company operates two manufacturing facilities in Gujarat, located at GIDC, Vatva, Ahmedabad, and Sankalp Industrial Estate, Chiyada, Bavla, Ahmedabad.
The company serves both domestic and international markets. It exported its products to countries including the UAE, Malaysia, Qatar, Nigeria, Russia, Colombia, Turkey, Vietnam, Egypt, Ghana, and the Philippines, among others.
As of May 31, 2026, the company had 66 employees across various departments.
Strengths
Growing International Presence: The company sells its products across several international markets, including the UAE, Malaysia, Qatar, Nigeria, Russia, and other countries. Its presence across overseas markets supports its international business operations.
Diversified Customer Base: The company serves customers across multiple industries and markets. Its customer base includes both domestic and international customers, supporting diversification across different business segments.
Strategic Manufacturing Locations: The company operates two manufacturing facilities in Gujarat, located in Vatva and Bavla, Ahmedabad. These facilities support its manufacturing operations and product supply to domestic and international markets.
Risk Factors
Industry Concentration Risk: The company derives a substantial portion of its revenue from the food and beverages, oil drilling, and chemical industries. Any material decline in these industries or failure to sustain and grow sales within them could adversely affect its business and financial performance.
Customer Acquisition and Retention Risk: Although the company has a diversified customer base, its inability to acquire new customers or the loss of a substantial portion of its major customers could materially affect its business, results of operations, cash flows, and financial condition.
No Long-Term Customer Contracts: The company does not maintain long-term contractual arrangements with the majority of its customers. The loss of key customers or a significant reduction in their demand for its products could adversely affect its business, operations, financial condition, and cash flows.
Lead Managers
Registered Address
Shanti Inorganics Ltd. Plot No.-2015,Phase III GIDC, VatvaAhmedabad, Gujarat, 382445Phone: +91-97277 52562E-mail: info@shantiinorganics.comWebsite: https://shantiinorganics.com/
Registrar
https://ipostatus.kfintech.com/
Kfin Technologies Limited KFintech, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Gachibowli, Hyderabad, Telangana India - 500 032.