Shanti Inorganics IPO
ListedSMEChemicals
142.17×
Subscribed
Price band
₹79 – ₹83
Lot size
1,600
1 lot = ₹1,32,800
Issue size
₹47.24 Cr
Open – close
31 Aug 2026
to 02 Sept 2026
Listing
07 Sept 2026
Listing gain
+90.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 4 signals read positive
Strength91/100
- Undemanding valuation8.9× earnings at the upper band, with no peer set published to compare against
- Conservative balance sheetDebt/equity of 0.36×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 130.97×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens31 Aug 2026
- Closes02 Sept 2026
- Allotment03 Sept 2026
- Listing07 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB130.97x
Non-institutionalNII / HNI195.53x
Big NIIabove ₹10L215.56x
Small NII₹2L – ₹10L155.47x
Retail individualRII125.72x
91,786 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 02 Sept 2026.
Chance of allotment
Retail125.72× subscribed
~1 in 125.7
Minimum 2 lots · 3,200 shares · ₹2,65,600 blocked
Retail is 125.72× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 125.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII195.53× subscribed
~1 in 195.5
Minimum 1 lot · 1,600 shares · ₹1,32,800 blocked
HNI is 195.53× subscribed. This category is allotted proportionately, so a bid receives roughly 1/195.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹55+66.3%
over the upper band · last seen 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹79 – ₹83
Face value₹10
Lot size1,600shares
Minimum application₹1,32,800at cut-off
Total issue size₹47.24 Cr
Fresh issue₹47.24 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
P/E at upper band8.87×
Debt / equity0.36×
ROE5.05%
ROCE4.45%
RoNW5.05%
PAT Margin15.53%
EBITDA Margin25.16%
NAV43.91
Price to Book Value1.89
ISININE1ZEE01019
RegistrarKARVY
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 27,00,800 | 47.46% |
| Anchor Investor | 16,19,200 | 28.45% |
| QIB (Ex. Anchor) | 10,81,600 | 19.00% |
| NII (HNI) | 8,11,200 | 14.25% |
| bNII > ₹10L | 5,40,800 | 9.50% |
| sNII < ₹10L | 2,70,400 | 4.75% |
| Retail | 18,94,400 | 33.29% |
| Market Maker | 2,84,800 | 5.00% |
Total issue 56,91,200 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,65,6002 lots · 3,200 sh
Individual investors (IND) (Max)₹2,65,6002 lots · 3,200 sh
S-HNI (Min)₹3,98,4003 lots · 4,800 sh
S-HNI (Max)₹9,29,6007 lots · 11,200 sh
B-HNI (Min)₹10,62,4008 lots · 12,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted16,19,200
Anchor portion₹13.44 Cr
Bid date28 Aug 2026
Lock-in ends (50%)03 Oct 2026
Lock-in ends (rest)02 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Part 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
- 02General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA substantial portion of revenue is derived from the food and beverages, oil drilling, and chemical industries, which collectively accounted for more than 65% of revenue from operations for the two months ended May 31, 2026 and Fiscal 2026, Fiscal 2025, and Fiscal 2024.
mediumRevenue from the top one customer was 11.23% of total revenue from operations for the two months period ended May 31, 2026, while revenue from the top five customers was 45.02% and revenue from the top ten customers was 71.03%.
Litigation
As on the date of this Prospectus, there are no outstanding criminal proceedings initiated against our Company.
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.36x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Shanti Inorganics
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder/anhydrous. These products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. The company operates two manufacturing units in Ahmedabad, Gujarat. Manufacturing Unit I at Vatva has an installed capacity of 18,800 metric tonnes per annum (MTPA), while Phase I of Manufacturing Unit II at Bavla commenced commercial production in February 2025 with an installed capacity of 18,000 MTPA. Phase II of the Bavla facility is under development with a proposed capacity of 78,544 MTPA. The company holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications and sells its products in the domestic and international markets.
Founded 2010MD Mr Manojkumar Jayantilal PatelSector Chemicals
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Shanti Inorganics IPO GMP today?
The most recent grey-market premium recorded for Shanti Inorganics is ₹55 per share — about 66.3% over the ₹83 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Shanti Inorganics IPO subscribed?
Shanti Inorganics is subscribed 142.17× overall (QIB 130.97×, NII 195.53×, retail 125.72×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Shanti Inorganics IPO?
One lot is 1,600 shares, so a retail application at the ₹83 cut-off price blocks ₹1,32,800. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Shanti Inorganics IPO?
The retail portion is subscribed 125.72×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 126. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Shanti Inorganics IPO allotment date?
Allotment is scheduled for 2026-09-03, with listing on 2026-09-07. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.