Timetable
Issue Summary
Lot Size Strengths & Risks Financials Company Subscription GMP History Anchor Investors
Closed
SME
Shanti Inorganics IPO
Shanti Inorganics IPO — dates, price band, GMP & allotment.
Grey Market Premium
▲ ₹54
+65.06% over issue price
Updated 07 Sep 2026, 08:24 AM IST
Subscribed
132.3×
Overall, across all categories
Min Investment
₹132,800
Lot size 1600 shares
Listing Gain
90%
CMP ₹177.45
Timetable
Issue Summary
| Price Band | ₹79-83 |
| Face Value | ₹10 |
| Lot Size | 1600 Shares |
| Issue Size | ₹47.24 Cr |
| Sale Type | Fresh capital only |
| Listing On | NSE SME |
| NSE Symbol | SHANTIINOR-SM.NS |
| BSE Scrip Code | SHANTIINOR |
| Min Investment | ₹132,800 |
Reservation
QIB
NII
Retail
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,600 | ₹132,800 |
| Retail (Max) | 1 | 1,600 | ₹132,800 |
| HNI (Min) | 2 | 3,200 | ₹265,600 |
Strengths & Risks
Strengths
- Profit has grown every year, from Rs 4.60 crore in FY2023 to Rs 5.12 crore in FY2024 and Rs 8.26 crore in FY2025.
- EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.
- Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.
- Its chemicals go into many different industries, including oil drilling, pharmaceuticals, food and beverages, paper and water treatment, so demand is not tied to one sector.
- It runs two manufacturing units, so production is not dependent on a single plant.
- The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.
- The whole issue is fresh capital, and the money is going into a new manufacturing facility at Bavla for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite.
- The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.
Risks
- The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.
- The stated object of the issue is Rs 43.00 crore for the new Bavla facility, which is more than the total issue size of Rs 41.5 crore. This does not add up and needs to be checked in the RHP.
- Borrowing is high against own funds. Total borrowing was Rs 25.38 crore as on 31 March 2025 against a net worth of Rs 25.86 crore, and it had jumped from Rs 5.63 crore in FY2023.
- Sales are not growing steadily. Total income actually fell from Rs 46.50 crore in FY2023 to Rs 45.06 crore in FY2024 before recovering to Rs 58.46 crore in FY2025.
- These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.
- Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.
- Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.
- The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- This is an SME issue. One lot is 1,600 shares, which is about Rs 1.33 lakh at the upper band of Rs 83, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
P/E Ratio
9.54
EPS (₹)
8.70
RoCE
23.40%
RoNW
27.68%
PAT Margin
14.01%
Financials (Rs. Crore)
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 66.04 | 52.69 | 27.57 |
| Total Income | 58.46 | 45.06 | 46.50 |
| Profit After Tax | 8.26 | 5.12 | 4.60 |
| EBITDA | 12.11 | 8.73 | 6.97 |
| NET Worth | 25.86 | 17.60 | 12.49 |
| Reserves and Surplus | 25.23 | 16.97 | 11.85 |
| Total Borrowing | 25.38 | 24.34 | 5.63 |
About The Company
Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals. Its products are sodium meta bisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite in powder and solution form.
These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 130.97× | 1,081,600 | — |
| Non-Institutional Investors (NII) | 144.98× | 1,096,000 | — |
| Retail Individual Investors (RII) | 125.72× | 1,894,400 | — |
| Employee | 0× | — | — |
| Total | 132.3× | 4,072,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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Grey Market Premium and pre-listing figures are unofficial, unregulated indicators and are not a forecast of listing performance. This page does not constitute investment advice. NSE & BSE Registered Authorised Person · AMFI Registered Mutual Fund Distributor · ARN 309054.
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