Shanti Inorganics IPO: Price Band, Lot Size, Financials & Review
Shanti Inorganics IPO listed on NSE on Mon, 7 Sep 2026. The issue was subscribed 142.25x overall.
- Open Date
- 31 Aug 2026
- Close Date
- 2 Sep 2026
Last updated
- Price band
- ₹79 – ₹83
- Lot size
- 1,600 shares
- Min. investment
- ₹2,65,600
- Issue size
- ₹41.5 Cr
- Last GMP
- +₹55
- Subscribed
- 🔥 142.25x
Shanti Inorganics IPO details
Shanti Inorganics IPO is a ₹41.5 Cr book-building IPO on the SME segment, listing on NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Mon, 31 Aug 2026 to Wed, 2 Sep 2026. Allotment was finalised on Thu, 3 Sep 2026, and the shares listed on NSE on Mon, 7 Sep 2026.
The price band is ₹79 to ₹83 per share and the lot size is 1600 shares, so the minimum retail application is ₹2,65,600. Retail investors can apply for up to 2 lots (3,200 shares, ₹2,65,600).
KFin Technologies Limited is the registrar, and Vivro Financial Services Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Shanti Inorganics IPO GMP before listing was +₹55 (+66.27% against the upper price band of ₹83), implying an estimated listing price of ₹138. Across 10 days of tracking, GMP ranged from +₹13 (02 Sep) to +₹55 (07 Sep).
| Last GMP | +₹55 |
|---|---|
| GMP vs upper band | +66.27% |
| Estimated listing price | ₹138 |
| Highest (07 Sep) | +₹55 |
| Lowest (02 Sep) | +₹13 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Shanti Inorganics IPO day-wise GMP.
Subscription
Day-wise subscription →Shanti Inorganics IPO was subscribed 142.25x overall: QIB 130.97x, NII 195.88x and retail 125.72x.
| Category | Subscribed |
|---|---|
| QIB | 130.97x |
| NII | 195.88x |
| └ bNII (above ₹10 lakh) | 215.45x |
| └ sNII (₹2–10 lakh) | 156.40x |
| Retail | 125.72x |
| Total | 142.25x |
Final figures at the close of bidding on 2 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Shanti Inorganics IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 10,81,600 | 0.00% |
| Non-Institutional | 8,11,200 | 0.00% |
| └ BNII | 5,42,400 | 0.00% |
| └ SNII | 2,68,800 | 0.00% |
| Retail Investors | 18,94,400 | 0.00% |
| Total | 37,87,200 | 0.00% |
Shanti Inorganics IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,65,600 |
| Retail (Max) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (Min) | 3 | 4,800 | ₹3,98,400 |
| S-HNI (Max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (Min) | 8 | 12,800 | ₹10,62,400 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
P/E is not meaningful here because earnings per share is zero or negative.
| EPS (pre-issue) Latest earnings per share before the issue | ₹0 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | — |
| EPS (post-issue) EPS on the enlarged share capital | ₹0 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 83.65% |
| Promoter holding (post-issue) | 0.00% |
Shanti Inorganics Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹58.46 Cr to ₹72.93 Cr, and profit after tax rose from ₹7.99 Cr to ₹10.22 Cr. The PAT margin for 31 Mar 2026 was 14.01%.
| Period ended | 31 May 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 110.73 | 97.04 | 66.04 | 52.69 |
| Total Income | 16.10 | 72.93 | 58.46 | 45.06 |
| Profit After Tax | 2.50 | 10.22 | 7.99 | 5.12 |
| EBITDA | 4.02 | 15.40 | 12.06 | 8.72 |
| Net Worth | 50.74 | 48.24 | 25.60 | 17.60 |
| Reserve & Surplus | 39.18 | 36.68 | 24.96 | 16.97 |
| Total Borrowings | 0.00 | 0.00 | 25.38 | 24.34 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | May 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| ROE % | 5.05 | 27.68 | 37.01 | 34.00 |
| ROCE % | 4.45 | 23.40 | 27.16 | 27.59 |
| Debt / Equity | 0.69 | 0.64 | 0.99 | 1.38 |
| RoNW % | 5.05 | 27.68 | 37.01 | 34.00 |
| Pat Margin % | 15.53 | 14.01 | 13.67 | 11.35 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Part 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 |
| 2 | General Corporate Purposes |
About Shanti Inorganics Limited
Shanti Inorganics Ltd. is engaged in the manufacturing and trading of sulphur-based inorganic chemicals. The Company manufactures and supplies a range of specialty inorganic chemical products that are used across several industrial applications, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
Its product portfolio primarily comprises ammonium bisulphite solution, sodium bisulphite, sodium metabisulphite and sodium sulphite powder. These chemicals are used for their properties as preservatives, reducing agents, oxygen scavengers and process intermediates, making them important inputs across a variety of industrial processes.
Product Portfolio
The Company's key products include:
1. Sodium Metabisulphite
Sodium metabisulphite is a sulphur-based inorganic chemical used across several industrial applications. It is commonly used as a reducing agent, preservative and oxygen scavenger, and finds applications in industries such as water treatment, food processing, pharmaceuticals, pulp and paper and other chemical processes.
2. Sodium Sulphite Powder
Sodium sulphite powder is used as a reducing and oxygen-scavenging agent in various industrial processes. Its applications extend across sectors such as water treatment, pulp and paper, chemical processing and other industries requiring sulphite-based chemical solutions.
3. Ammonium Bisulphite Solution
Ammonium bisulphite solution is primarily used in industrial applications where sulphite-based reducing and oxygen-scavenging properties are required. The product is used particularly in oil and gas-related applications, including oil drilling and related industrial processes.
4. Sodium Bisulphite Powder/Solution
Sodium bisulphite is available in both powder and solution forms and is used as a reducing agent, preservative and oxygen scavenger. It finds applications across industries including water treatment, food and beverages, pharmaceuticals, pulp and paper and other industrial processes.
Key Applications
The Company's sulphur-based inorganic chemicals cater to a diversified range of end-use industries:
Oil Drilling: Sulphite-based chemicals are used in drilling and related processes, particularly for oxygen scavenging and chemical treatment applications.
Pharmaceuticals: Products are used as reducing agents, preservatives and process chemicals in pharmaceutical manufacturing.
Food & Beverages: Certain sulphite-based products are used as preservatives and for controlling oxidation in food and beverage processing, subject to applicable regulations and specified uses.
Pulp & Paper: Sulphite chemicals are used in various paper manufacturing and processing applications.
Water Treatment: Sodium bisulphite, sodium metabisulphite and related products are used for dechlorination, oxygen removal and other water-treatment processes.
Manufacturing Facilities
Shanti Inorganics Ltd. operates manufacturing facilities in Ahmedabad, Gujarat, comprising the following units:
Manufacturing Unit – I (Vatva Unit)
Plot No. 2015, Phase III,
GIDC, Vatva, Ahmedabad – 382445,
Gujarat, India.
Manufacturing Unit – II (Bavla Unit)
Plot No. 5/A & 5/B, Sankalp Industrial Estate,
Village Chiyada, Taluka Bavla,
Ahmedabad, Gujarat, India.
The Company's manufacturing infrastructure enables it to manufacture and supply its portfolio of sulphur-based inorganic chemicals to customers across multiple industrial segments.
Business Profile
Shanti Inorganics Ltd. operates within the specialty and industrial inorganic chemicals segment, with a focus on sulphur-based chemical products. Its diversified product portfolio serves industries with varied chemical requirements, reducing dependence on a single end-use market.
Through its manufacturing and trading activities, the Company provides products in different forms, including powders and solutions, to meet the technical and application-specific requirements of its customers.
Overall Business Overview
Shanti Inorganics Ltd. is a sulphur-based inorganic chemicals manufacturer and trader with a portfolio comprising sodium metabisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite powder/solution.
Its products serve as preservatives, reducing agents, oxygen scavengers and process intermediates across diverse industries such as oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment. With manufacturing facilities at Vatva and Bavla in Ahmedabad, Gujarat, the Company is positioned to cater to the requirements of customers across a broad range of industrial applications.
Promoters
- Manojkumar Jayantilal Patel
- Avnish Manojkumar Patel
Contact details
Shanti Inorganics Ltd.
Plot No.-2015,
Phase III GIDC, Vatva
Ahmedabad, Gujarat, 382445
Phone: +91-97277 52562
Email: info@shantiinorganics.com
Website: https://shantiinorganics.com/
Shanti Inorganics IPO FAQs
- What is the Shanti Inorganics IPO price band?
- The Shanti Inorganics IPO price band is ₹79 to ₹83 per share.
- What is the Shanti Inorganics IPO lot size and minimum investment?
- The Shanti Inorganics IPO lot size is 1600 shares. The minimum retail investment is ₹2,65,600 for one lot at the upper price band. Retail investors can apply for up to 2 lots (3,200 shares), costing ₹2,65,600.
- When was Shanti Inorganics IPO open for subscription?
- Shanti Inorganics IPO was open for subscription from Mon, 31 Aug 2026 to Wed, 2 Sep 2026.
- What is the Shanti Inorganics IPO subscription status?
- Shanti Inorganics IPO was subscribed 142.25x overall: QIB 130.97x, NII 195.88x and retail 125.72x. Day-wise and category-wise figures are on the subscription page.
- What was the Shanti Inorganics IPO GMP before listing?
- The last Shanti Inorganics IPO GMP before listing was +₹55 (+66.27% against the upper price band of ₹83), implying an estimated listing price of ₹138. Across 10 days of tracking, GMP ranged from +₹13 (02 Sep) to +₹55 (07 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Shanti Inorganics IPO allotment date?
- The Shanti Inorganics IPO basis of allotment was finalised on Thu, 3 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Shanti Inorganics IPO listing date?
- Shanti Inorganics IPO listed on NSE on Mon, 7 Sep 2026.
- Is the Shanti Inorganics IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Shanti Inorganics IPO?
- The registrar for the Shanti Inorganics IPO is KFin Technologies Limited, and the book running lead manager is Vivro Financial Services Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.