Shanti Inorganics IPO is a Book Built SME public issue of Shanti Inorganics Limited. The IPO comprises a fresh issue of 54,06,400 equity shares with a face value of ₹10 per share. There is no Offer for Sale component. At the upper price band of ₹83 per share, the total issue size is approximately ₹47.24 crore. The equity shares are proposed to be listed on the NSE SME platform.
Shanti Inorganics IPO is scheduled to open for subscription on 31 August 2026 and close on 2 September 2026. The basis of allotment is scheduled for 3 September 2026, refunds and credit of shares to demat accounts are scheduled for 4 September 2026, and the proposed listing date is 7 September 2026. Anchor investor bidding is scheduled for 28 August 2026.
Shanti Inorganics Limited was incorporated in 2010 and is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes sodium metabisulphite, sodium bisulphite, ammonium bisulphite and sodium sulphite products. These chemicals are used across industries including food and beverages, pharmaceuticals, oil drilling, chemicals, pulp and paper, agrochemicals and water treatment.
The company operates manufacturing facilities in Gujarat and sells its products in both domestic and international markets. It exports to several countries across different regions and had 66 employees as of 31 May 2026.
The company proposes to use the IPO proceeds primarily for part funding the capital expenditure required for a new manufacturing facility at Bavla, Ahmedabad, Gujarat. The proposed facility is intended to manufacture sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite. The remaining proceeds are proposed to be used for general corporate purposes.
Shanti Inorganics IPO Details
| Information | Details |
|---|---|
| IPO Name | Shanti Inorganics IPO |
| Company Name | Shanti Inorganics Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹79 to ₹83 Per Share |
| Issue Size | Approx. ₹47.24 Crore |
| Fresh Issue | 54,06,400 Equity Shares |
| Fresh Issue Amount | Approx. ₹44.87 Crore |
| Offer for Sale | Nil |
| Total Issue Shares | 56,91,200 Equity Shares |
| Market Maker Reservation | 2,84,800 Equity Shares |
| Net Issue | 54,06,400 Equity Shares |
| IPO Open Date | 31 August 2026 |
| IPO Close Date | 2 September 2026 |
| Anchor Investor Bidding | 28 August 2026 |
| Basis of Allotment | 3 September 2026 |
| Refund Initiation | 4 September 2026 |
| Shares Credited to Demat Account | 4 September 2026 |
| Listing Date | 7 September 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 1,600 Equity Shares |
| Minimum Application | 2 Lots (3,200 Shares) |
| Minimum Application Amount | ₹2,65,600 |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Vivro Financial Services Private Limited |
| Market Maker | Rikhav Securities Limited |
| DRHP | Available |
| RHP | Available |
The total issue consists of 56,91,200 shares aggregating up to approximately ₹47.24 crore at the upper price band. This includes 54,06,400 shares in the fresh issue and 2,84,800 shares reserved for the market maker.
Shanti Inorganics IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 28 August 2026 |
| IPO Opening Date | 31 August 2026 |
| IPO Closing Date | 2 September 2026 |
| Basis of Allotment | 3 September 2026 |
| Refund Initiation | 4 September 2026 |
| Shares Credited to Demat Account | 4 September 2026 |
| Listing Date | 7 September 2026 |
The IPO is scheduled to open on 31 August 2026 and close on 2 September 2026. The basis of allotment is scheduled for 3 September 2026, followed by refunds and demat credit on 4 September 2026. The proposed listing is scheduled for 7 September 2026.
Shanti Inorganics IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Issue | Up to 50% | |
| Non-Institutional Investors (NII) | Not less than 15% of Net Issue | At least 15% | |
| Retail Individual Investors (RII) | Not less than 35% of Net Issue | At least 35% | |
| Market Maker | 2,84,800 Shares | — | 5.00% |
| Total | 56,91,200 Shares | 100% | 100% |
The IPO reservation follows the SME issue structure, with not more than 50% of the net issue available to QIBs, not less than 15% to NIIs and not less than 35% to individual investors. A separate 2,84,800-share market maker reservation is included in the issue.
Shanti Inorganics IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 3,200 Shares | ₹2,65,600 |
| Retail Maximum | 2 Lots | 3,200 Shares | ₹2,65,600 |
| S-HNI Minimum | 3 Lots | 4,800 Shares | ₹3,98,400 |
| S-HNI Maximum | 7 Lots | 11,200 Shares | ₹9,29,600 |
| B-HNI Minimum | 8 Lots | 12,800 Shares | ₹10,62,400 |
The market lot is 1,600 shares. The minimum application is 2 lots, or 3,200 shares. At the upper price band of ₹83, the minimum application amount is ₹2,65,600.
About Shanti Inorganics Limited
Shanti Inorganics Limited was incorporated in 2010 and operates in the sulphur-based inorganic chemicals industry. The company manufactures and supplies specialised inorganic chemical products used as preservatives, reducing agents, oxygen scavengers and process intermediates.
Its principal products include sodium metabisulphite, sodium bisulphite solutions and powder, ammonium bisulphite solution and sodium sulphite. These products have applications across several industrial sectors.
The company has manufacturing operations in Gujarat, including its facility at GIDC Vatva, Ahmedabad and another facility at Bavla, Ahmedabad. It serves both domestic and overseas customers. Its export markets include countries in the Middle East, Asia, Africa and other international regions.
The company states that it has one of the larger domestic production capacities for bisulphites, with capacity of 18,800 MTPA.
Business Operations
Shanti Inorganics operates in the manufacturing and supply of sulphur-based inorganic chemicals.
- Sodium Metabisulphite – Used across food processing, pharmaceuticals, water treatment and industrial applications.
- Sodium Bisulphite – Supplied in powder and solution forms for various industrial uses.
- Ammonium Bisulphite – Used in industrial processes and applications.
- Sodium Sulphite – Used as a chemical processing and reducing agent.
- Domestic Sales – The company supplies its products to customers across Indian markets.
- Export Sales – The company sells products to international customers in several countries.
- Industrial Applications – Its products serve multiple sectors rather than being dependent on one end-use industry.
The diversified end-use applications provide the company with exposure to different industrial demand segments. However, chemical manufacturing remains sensitive to raw-material prices, production costs, environmental requirements and industry competition.
Industry Overview
India’s chemical industry is an important part of the country’s manufacturing and industrial ecosystem. Inorganic chemicals are used as inputs across food processing, pharmaceuticals, water treatment, oil drilling, textiles, pulp and paper, agrochemicals and other industrial activities.
Sulphur-based inorganic chemicals have specialised applications across these sectors. Demand can therefore benefit from growth in industrial production and expansion in sectors that use these chemicals.
Shanti Inorganics participates in this market through manufacturing and supply of specialised sulphur-based inorganic products. Its domestic and export presence provides exposure to both Indian and international demand.
At the same time, the chemical industry faces risks related to raw-material prices, energy costs, regulatory requirements, environmental compliance, competition and fluctuations in industrial demand.
Business Strategy
Shanti Inorganics plans to expand its manufacturing capacity through a proposed new facility at Bavla, Ahmedabad.
The proposed facility is intended to manufacture sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite. The IPO proceeds will be used to part-fund this capital expenditure.
The expansion is expected to increase the company’s manufacturing capabilities and provide additional capacity for future demand. The company also intends to use part of the IPO proceeds for general corporate purposes.
The expansion strategy provides potential growth opportunities, although investors should monitor project execution, capacity utilisation, customer demand and the company’s ability to generate adequate returns from the additional investment.
Shanti Inorganics IPO Financial Information
The company’s financial performance has shown growth over the reported financial years.
Total income increased from ₹45.06 crore in FY2024 to ₹58.46 crore in FY2025 and ₹72.93 crore in FY2026. Profit after tax increased from ₹5.12 crore in FY2024 to ₹7.99 crore in FY2025 and ₹10.22 crore in FY2026. EBITDA increased from ₹8.72 crore in FY2024 to ₹12.06 crore in FY2025 and ₹15.40 crore in FY2026.
Shanti Inorganics Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹45.06 Crore | ₹58.46 Crore | ₹72.93 Crore |
| EBITDA | ₹8.72 Crore | ₹12.06 Crore | ₹15.40 Crore |
| Profit After Tax (PAT) | ₹5.12 Crore | ₹7.99 Crore | ₹10.22 Crore |
| Total Assets | ₹52.69 Crore | ₹66.04 Crore | ₹97.04 Crore |
| Net Worth | ₹17.60 Crore | ₹25.60 Crore | ₹48.24 Crore |
| Total Borrowings | ₹24.34 Crore | ₹25.38 Crore | ₹30.67 Crore |
For the period ended 31 May 2026, the company reported total income of ₹16.10 crore and PAT of ₹2.50 crore. Total assets stood at ₹110.73 crore for the same period.
Shanti Inorganics IPO Key Performance Indicators (KPIs)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 27.68% |
| Return on Capital Employed (ROCE) | 23.40% |
| Return on Net Worth (RONW) | 27.68% |
| EBITDA Margin | 21.62% |
| PAT Margin | 14.01% |
| Debt-to-Equity Ratio | 0.64 |
| Earnings Per Share (EPS) | ₹9.36 |
| Net Asset Value (NAV) Per Share | ₹41.74 |
| Price to Earnings (P/E) | 8.44x to 8.87x |
The reported FY2026 financial indicators show ROE of 27.68%, ROCE of 23.40%, EBITDA margin of 21.62% and PAT margin of 14.01%. The debt-to-equity ratio was 0.64 and basic EPS was ₹9.36. Based on the ₹79 to ₹83 price band and FY2026 EPS, the implied P/E range is approximately 8.44x to 8.87x.
Objects of the Shanti Inorganics IPO
The company proposes to utilise the IPO proceeds for the following purposes:
| Object of the Issue | Amount |
|---|---|
| Part Funding of Capital Expenditure for Proposed Bavla Facility | ₹42.50 Crore |
| General Corporate Purposes | ₹4.74 Crore |
| Total | ₹47.24 Crore |
The principal object is to part-fund capital expenditure for establishing the proposed Bavla manufacturing facility for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite. The balance is proposed to be used for general corporate purposes.
Shanti Inorganics IPO GMP
Shanti Inorganics IPO GMP refers to the unofficial premium at which the shares may trade in the grey market before listing.
| Particular | Value |
|---|---|
| Shanti Inorganics IPO GMP | ₹31 |
| IPO Price | ₹79 to ₹83 |
| Estimated Listing Price | ₹114 |
| GMP Percentage | 37.35% |
The available grey-market indication was ₹31 on 25 August 2026, implying an indicative listing price of ₹114 at the upper price band. GMP is unofficial and can change rapidly. It should not be treated as a guaranteed listing price or investment return.
Shanti Inorganics IPO Listing Performance
Shanti Inorganics shares are scheduled to be listed on the NSE SME platform on 7 September 2026.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 7 September 2026 |
| Issue Price | ₹83 Per Share |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing price and listing gain are kept blank because the IPO is upcoming and the shares have not started trading. The actual listing price will be known on the listing date.
Shanti Inorganics IPO Subscription Status
Shanti Inorganics IPO is scheduled to open for subscription on 31 August 2026 and close on 2 September 2026.
Shanti Inorganics IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
Subscription figures are kept blank because the IPO has not yet opened for public bidding. The figures should be updated after the subscription window begins.
Shanti Inorganics IPO Review
Shanti Inorganics Limited operates in the sulphur-based inorganic chemicals industry and supplies specialised chemical products to customers across several sectors.
The company has a diversified product portfolio consisting of sodium metabisulphite, sodium bisulphite, ammonium bisulphite and sodium sulphite products. These chemicals have applications in food and beverages, pharmaceuticals, water treatment, oil drilling, pulp and paper and other industrial sectors.
One of the company’s key growth initiatives is the proposed manufacturing facility at Bavla, Ahmedabad. The IPO proceeds are primarily intended to part-fund this expansion, which could increase production capacity and support future business growth.
Financial performance has also improved during the reported periods. Total income increased from ₹45.06 crore in FY2024 to ₹72.93 crore in FY2026, while PAT increased from ₹5.12 crore to ₹10.22 crore. EBITDA increased from ₹8.72 crore to ₹15.40 crore during the same period.
The company also has exposure to international markets, with its products exported to several countries. This provides geographical diversification but also introduces risks related to foreign markets, currency movements, international regulations and logistics.
Investors should also consider the company’s debt levels. Total borrowings increased from ₹24.34 crore in FY2024 to ₹30.67 crore in FY2026. The proposed expansion will require substantial capital expenditure, making project execution and capacity utilisation important factors for future performance.
Overall, Shanti Inorganics IPO offers exposure to a specialised inorganic chemicals manufacturer with improving financial performance, export exposure and an expansion plan. Investors should evaluate the IPO valuation, debt position, chemical industry risks, capacity expansion and future demand before making an investment decision.
Shanti Inorganics IPO Strengths
- Operating history dating back to 2010.
- Specialised presence in sulphur-based inorganic chemicals.
- Diversified product portfolio.
- Applications across multiple industrial sectors.
- Domestic and international customer base.
- Export presence across several countries.
- Reported growth in revenue and profitability.
- Strong improvement in EBITDA over the reported financial years.
- Proposed expansion at Bavla can increase manufacturing capacity.
- Positive reported ROE and ROCE.
- IPO proceeds are primarily directed toward business expansion.
Shanti Inorganics IPO Risk Factors
- The company operates in a competitive chemical manufacturing industry.
- Raw-material price fluctuations can affect operating margins.
- Chemical manufacturing is subject to environmental and regulatory requirements.
- Expansion of manufacturing capacity involves execution and capital expenditure risks.
- Higher borrowings can increase financial costs and leverage.
- Capacity expansion may not generate expected returns if demand is lower than anticipated.
- Export operations are exposed to currency, logistics and international-market risks.
- Industrial demand can fluctuate with broader economic conditions.
- Changes in chemical regulations could increase compliance costs.
- SME-listed shares can have lower liquidity compared with mainboard stocks.
Shanti Inorganics IPO Promoters
The promoters of Shanti Inorganics Limited are Manojkumar Jayantilal Patel and Avnish Manojkumar Patel.
Shanti Inorganics IPO Promoters Details
| Promoter | Designation |
|---|---|
| Manojkumar Jayantilal Patel | Managing Director |
| Avnish Manojkumar Patel | Joint Managing Director |
The company’s investor information identifies Mr. Manoj Patel as Managing Director and Mr. Avnish Patel as Joint Managing Director.
Shanti Inorganics IPO Management Team
| Name | Designation |
|---|---|
| Manoj Patel | Managing Director |
| Avnish Patel | Joint Managing Director |
| Suhani Patel | Non-Executive Director |
| Niraj Dalal | Independent Director |
| Indira Vora | Independent Director |
The company’s investor information identifies these directors and their respective roles.
Shanti Inorganics IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, processing refunds, crediting shares to successful applicants and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | |
| IPO Allotment Status | |
| Email ID | [email protected] |
| Contact Number | +91-40-67162222 / +91-40-79615565 |
KFin Technologies Limited is identified as the registrar to the issue.
Shanti Inorganics IPO Lead Manager Details
Vivro Financial Services Private Limited is the Book Running Lead Manager for the Shanti Inorganics IPO.
| Particular | Details |
|---|---|
| Lead Manager | Vivro Financial Services Private Limited |
| Role | Book Running Lead Manager |
Shanti Inorganics Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Shanti Inorganics Limited |
| Registered Office | Plot No.-2015, Phase III GIDC, Vatva, Ahmedabad, Gujarat – 382445 |
| Website | https://shantiinorganics.com |
| Email ID | [email protected] |
| Contact Number | +91-97277 52562 |
The company’s registered office and contact details are provided in the company’s IPO-related information.
How to Check Shanti Inorganics IPO Allotment Status
Investors can check the Shanti Inorganics IPO allotment status after the basis of allotment is finalised through the registrar’s IPO allotment facility.
Through KFin Technologies Limited
- Visit the official IPO allotment facility of KFin Technologies.
- Select Shanti Inorganics IPO from the available IPO list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
The basis of allotment is scheduled for 3 September 2026. Refund initiation and demat credit are scheduled for 4 September 2026, while the proposed listing date is 7 September 2026.
Shanti Inorganics IPO Conclusion
Shanti Inorganics IPO provides investors with an opportunity to participate in an SME company operating in the sulphur-based inorganic chemicals industry.
The company manufactures products such as sodium metabisulphite, sodium bisulphite, ammonium bisulphite and sodium sulphite, which serve multiple industrial applications. It has domestic as well as international market exposure.
The company’s financial performance has improved, with total income increasing from ₹45.06 crore in FY2024 to ₹72.93 crore in FY2026. PAT increased from ₹5.12 crore to ₹10.22 crore over the same period.
The IPO has a price band of ₹79 to ₹83 per share and a total issue size of approximately ₹47.24 crore. The IPO is scheduled to open on 31 August 2026 and close on 2 September 2026.
The main use of IPO proceeds is the proposed expansion of the Bavla manufacturing facility, which could increase the company’s production capacity. However, investors should carefully evaluate execution risks, leverage, raw-material costs, regulatory requirements, export exposure and future capacity utilisation.
Since the IPO is upcoming, subscription figures and actual listing performance have been left blank. Investors should rely on the final offer documents and updated exchange information before making an investment decision.
Shanti Inorganics IPO FAQs
What is Shanti Inorganics IPO?
Shanti Inorganics IPO is a Book Built SME public issue of Shanti Inorganics Limited, a manufacturer and supplier of sulphur-based inorganic chemicals.
What is the Shanti Inorganics IPO Price?
The Shanti Inorganics IPO price band is ₹79 to ₹83 per equity share.
What is the Shanti Inorganics IPO Issue Size?
The Shanti Inorganics IPO issue size is approximately ₹47.24 crore at the upper price band. The issue comprises 54,06,400 fresh shares and 2,84,800 shares reserved for the market maker.
When will Shanti Inorganics IPO open and close?
The IPO is scheduled to open on 31 August 2026 and close on 2 September 2026.
What is the Shanti Inorganics IPO Lot Size?
The Shanti Inorganics IPO lot size is 1,600 equity shares. The minimum application is 2 lots, or 3,200 shares.
What is the minimum investment in Shanti Inorganics IPO?
At the upper price band of ₹83 per share, the minimum application of 3,200 shares requires ₹2,65,600.
What is the Shanti Inorganics IPO GMP?
The available grey-market premium was ₹31 on 25 August 2026. GMP is unofficial and can change before listing.
When is the Shanti Inorganics IPO Allotment Date?
The Shanti Inorganics IPO basis of allotment is scheduled for 3 September 2026.
What is the Shanti Inorganics IPO Listing Date?
Shanti Inorganics shares are scheduled to be listed on the NSE SME platform on 7 September 2026.
Who is the registrar for Shanti Inorganics IPO?
KFin Technologies Limited is the registrar to the Shanti Inorganics IPO.
