Shivchem Agro Limited IPO
Listed 06 Oct 2026, 2.11× subscribed, on the SME platform.
What the filing says
Arithmetic on the offer document and exchange data.
The disclosed numbers are strong — 2 of 3 signals read positive
- Positive: Strong revenue growthRevenue compounding at 75.8% across the reported years
- Positive: Conservative balance sheetDebt/equity of 0.56×
- Neutral: Institutional book coveredQIB portion subscribed 1.00×
Describes the offering as disclosed, pulled toward neutral for gaps; not a listing-price forecast or advice to apply.
Dates
Issuer's timetable, IST.
- 28 SeptBidding opens
- 30 SeptBidding closesRetail UPI mandates by 5 pm IST
- 1 OctAllotmentStatus from Maashitla Securities Private Limited
- 6 OctListingSME platform
- 28 SeptBidding opens
- 30 SeptBidding closesRetail UPI mandates by 5 pm IST
- 1 OctAllotmentStatus from Maashitla Securities Private Limited
- 6 OctListingSME platform
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB1.00×
- Non-institutionalNII1.00×
- Above ₹10 lakhbNII1.14×
- ₹2–10 lakhsNII1.05×
- RetailRII3.46×
Max 3.5×; tick = 1× (fully subscribed). 950 applications.
How this is worked out
Retail is 3.46× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 3.5 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 1× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.
Grey-market premium
Unofficial dealer quotes; not from NSE, BSE or SEBI.
over the upper band, flat since 29 Sept 2026
Unchanged across 21 daily quotes
Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹59 – ₹62
- Face value
- ₹5.00
- Lot size
- 2,000 shares
- Minimum application
- ₹2,48,0002 lots at the upper band
- Total issue size
- —
- Anchor investors
- None
- Registrar
- Maashitla Securities Private Limited
- Lead managers
- Shannon Advisors Private Limited
- ISIN
- INE18CU01023
Company and valuation
- P/E at upper band
- —
- EPS, peer table
- ₹6.16as printed in the peer comparison
- EPS, issue terms
- ₹8.50a second figure in the document: another period or basis
- NAV per share
- ₹24.50
- Debt to equity
- 0.56×
- ROE, latest period
- 28.76%
- ROCE, latest period
- 30.04%
- RoNW, latest period
- 28.76%
- PAT Margin, latest period
- 9.61%
- EBITDA Margin, latest period
- 17.69%
- P/B (x), latest period
- 2.53
“Latest period” rows can be a part year, so ratios there may read low.
Who gets what
Split by investor category, and minimum bids.
- QIB4.8%
- NII (HNI)44.9%
- Retail45.3%
- Market Maker5.0%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 1,08,000 | 4.78% |
| NII (HNI) | 10,14,000 | 44.87% |
| bNII > ₹10L | 6,76,000 | 29.91% |
| sNII < ₹10L | 3,38,000 | 14.96% |
| Retail | 10,24,000 | 45.31% |
| Market Maker | 1,14,000 | 5.04% |
Total issue 22,60,000 shares. Indented rows sit inside the row above.
What each category may bid
- Individual investors (IND) (Min)
- ₹2,48,0002 lots, 4,000 shares
- Individual investors (IND) (Max)
- ₹2,48,0002 lots, 4,000 shares
- S-HNI (Min)
- ₹3,72,0003 lots, 6,000 shares
- S-HNI (Max)
- ₹9,92,0008 lots, 16,000 shares
- B-HNI (Min)
- ₹11,16,0009 lots, 18,000 shares
Small-HNI minimum is several lots, not one.
What the money is for
Stated use of net proceeds, ₹ Cr.
- Working capitalFunding the working capital requirements of our Company₹6.90 Cr
- Debt repaymentDebt Repayment₹3.50 Cr
- General purposesGeneral Corporate Purpose—
Unstated amounts (general purposes) mean the rows do not sum to the issue.
Financials
Restated, ₹ crore.
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 10.943 | — | — | 1.501 | — |
| 2025 | 27.465 | — | — | 9.672 | — |
| 2026 | 33.816 | — | — | 12.92 | — |
— = not printed.
How the issuer compares
Peers named by the issuer itself.
| Company | EPS (₹) | P/E | NAV (₹) | RoNW |
|---|---|---|---|---|
| Shivchem Agro Limitedthis issue | 6.16 | — | — | 28.76% |
| Super Crop Safe Limited | 0.52 | 27.8× | — | 6.69% |
| Sikko Industries Limited | 0.33 | 15.2× | — | 5.92% |
The offer document prints no P/E for the issuer; figures are pre-listing.
Risks worth reading
Ranked by severity.
Outstanding criminal proceedings: NIL. Actions initiated by regulatory or statutory authorities: NIL. No outstanding claims relating to direct and indirect taxes involving the Relevant Parties. No other pending litigation involving the Relevant Parties as determined to be material by the Board. No disciplinary actions including penalties imposed by SEBI or stock exchanges against Promoters in the last five Financial Years.
Positives the filing discloses (1)
- Strong revenue growth
Restated revenue CAGR of 75.8%.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Vedant Poly Fabs Limited | 1.9× | unchanged 0.0% | |
| Maxwell Engineering Solutions Limited | 491× | up +90.0% | |
| HGS (India) Limited | 231× | up +33.3% | |
| Ravita Engineering Services Limited | 6.7× | unchanged 0.0% | |
| Vaibhav Vyapaar Limited | 3.1× | down minus 2.0% | |
| R.K. Fashion Accessories Limited | 2.6× | down minus 2.4% | |
| Eventions Limited | 2.3× | down minus 5.9% | |
| Papadmalji Agro Foods Limited | 2.5× | up +0.4% |
Different companies at different prices. Bars share one scale (full = 90%).
Offer documents
Primary sources.
- PROSPECTUS28 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
What is the Shivchem Agro Limited IPO GMP today?
The most recent grey-market premium recorded for Shivchem Agro Limited is ₹10 per share — about 16.1% over the ₹62 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 Shivchem Agro Limited IPO subscribed?
Shivchem Agro Limited is subscribed 2.11× overall (QIB 1.00×, NII 1.00×, retail 3.46×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Private Limited.
What is the minimum investment in the Shivchem Agro Limited IPO?
One lot is 2,000 shares, so a retail application at the ₹62 cut-off price blocks ₹1,24,000. 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 Shivchem Agro Limited IPO?
The retail portion is subscribed 3.46×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. 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 Shivchem Agro Limited IPO allotment date?
Allotment is scheduled for 2026-10-01, with listing on 2026-10-06. 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, Maashitla Securities Private Limited.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.