Upcoming Issue
₹47.24 Cr
Opens
31 Aug 2026
- Price Band
- ₹79 – ₹83
- Lot Size
- 1600
- Lot Value
- ₹1,32,800
- Open Date
- 31 Aug 2026
- Close Date
- 02 Sep 2026
- Min Investment
- ₹1,32,800
About Shanti Inorganics
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. The company’s core business involves producing a range of products, including ammonium bisulphite, sodium bisulphite, sodium meta bisulphite, and sodium sulphite. These chemicals serve as preservatives, reducing agents, and oxygen scavengers, generating revenue through their sale to diverse industries. Key sectors that use its products include food and beverages, chemicals, oil drilling, pharmaceuticals, water treatment, and agrochemicals. The company offers products in multiple purity levels, such as food grade and technical grade, to meet the specific application needs of its customers. Its business is focused on serving as a key supplier for various industrial processing and manufacturing applications.
The company manufactures and sells inorganic chemical products as raw materials to customers in various end-use industries including food and beverages, oilfield, chemicals, pharmaceuticals, water treatment, and cosmetics.
Use of IPO Proceeds
Total allocation: ₹43.00 Cr (excludes issue expenses)
Promoters
Manojkumar Jayantilal Patel
Chairman, Managing Director and Promoter · age 64
Over 25 years of experience in the field of manufacturing and trading of sulphur based inorganic chemical industry.
Bachelor of Commerce from Sardar Patel University, Vallabh Vidyanagar
Pre-issue: 60.24%
Avnish Manojkumar Patel
Joint Managing Director and Promoter · age 39
Over 16 years of experience in the field of manufacturing and trading of sulphur based inorganic chemical industry.
Diploma Engineering in Electronics & Tele Communication from Maharashtra State Board of Technical Education
Pre-issue: 14.61%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: NSE SME
Strengths (5)
- •One of the largest domestic producers of bisulphites.
- •Diverse product portfolio with applications across multiple industries.
- •Long-standing relationships with a broad customer base.
- •Strategically located manufacturing units in Gujarat.
- •Experienced promoters and a professional management team.
Risk Factors (5)
- •Heavy dependence on the sale of Sodium Bisulphite.
- •Lack of long-term agreements with suppliers for raw materials.
- •Business is subject to strict and evolving environmental regulations.
- •Operates in a competitive and fragmented industry.
- •Inability to manage working capital requirements effectively could harm the business.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Grey market premium is positive at +16%, but subscription data is not yet available so demand cannot be confirmed. A cautious, limited-data view — weigh the company fundamentals before applying.”
- ✅Positive GMP +16%
- ✅5 business strengths identified
- ⚠️5 risk factors noted
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
Latest: ₹13 (+15.66%)Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| Retail (max) | 13 | 20,800 | ₹17,26,400 |
| S-HNI (min) | 14 | 22,400 | ₹18,59,200 |
| S-HNI (max) | 66 | 1,05,600 | ₹87,64,800 |
| B-HNI (min) | 67 | 1,07,200 | ₹88,97,600 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | — | — | — |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | — | — | — |
| Total | — | — | — |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
IPO Timeline
Issue Opens
31 Aug 2026 · Mon
Issue Closes
02 Sep 2026 · Wed
UPI Deadline
02 Sep 2026 · Wed
Allotment
03 Sep 2026 · Thu
Refund
04 Sep 2026 · Fri · Today
Share Credit
04 Sep 2026 · Fri · Today
Listing
07 Sep 2026 · Mon
Issue Opens
31 Aug 2026 · Mon
Issue Closes
02 Sep 2026 · Wed
UPI Deadline
02 Sep 2026 · Wed
Allotment
03 Sep 2026 · Thu
Refund
04 Sep 2026 · Fri · Today
Share Credit
04 Sep 2026 · Fri · Today
Listing
07 Sep 2026 · Mon
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | NSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹47.24 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Vivro Financial Services Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 57.11 | 8.26 | 129.86 | — | 38.00% |
| FY24 | 44.87 | 5.12 | — | — | — |
| FY23 | 45.74 | 4.6 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 46.5 | 45.06 | 58.46 |
| EBITDA | 6.97 | 8.73 | 12.11 |
| Net Worth | 12.49 | 17.6 | 25.86 |
| Total Borrowings | 5.63 | 24.34 | 25.38 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
0.6x
Price ÷ EPS
EPS (FY25)
₹130
Earnings per share
RoNW
38.00%
Return on net worth
ROCE
27.20%
as reported in filing
EBITDA margin
21.2%
EBITDA ÷ revenue
Price/NAV
0.20x
Price ÷ NAV (as reported)
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹1.14 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Shanti Inorganics offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Manojkumar Jayantilal Patel(Promoter)+60.24%
- Avnish Manojkumar Patel(Promoter)+14.61%
- Suhani Avanishkumar Patel(Promoter Group)+4.40%
- Sarojben Manojbhai Patel(Promoter Group)+4.40%
- Reina R Jaisinghani(Public)+5.51%
- Rameshbhai Bhimjibhai Patel(Public)+4.40%
- Seema Dilip Vora(Public)+1.44%
- Invicta Continuum Fund I(Institutional)+1.44%
- Amrut Bharat Opportunities Fund - Series I(Institutional)+1.21%
- Piyush Kirti Purohit(Public)+1.00%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Shanti Inorganics's filing.
Source: Shanti Inorganics offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Shanti Inorganics offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Manojkumar Jayantilal Patel
Chairman and Managing Director
Bachelor of Commerce from Sardar Patel University, Vallabh Vidyanagar
Over 25 years in manufacturing and trading of sulphur based inorganic chemical industry
- Avnish Manojkumar Patel
Joint Managing Director
Diploma in Electronics & Telecommunication from Maharashtra State Board of Technical Education
Over 16 years in manufacturing and trading of sulphur based inorganic chemical industry
- Suhani Avanishkumar Patel
Non-Executive Director
Higher Secondary Education from Gujarat Secondary and Higher Secondary Education Board
Over seven years of experience in Administration
- Indira Suresh Vora
Independent Director
Fellow Member of ICAI (Chartered Accountant), Insolvency Professional
More than fourteen years professional experience including as Chief Manager in Union Bank of India
- Niraj K Dalal
Independent Director
Bachelor of Commerce from Veer Narmad South Gujarat University, Associate Member of ICAI (Chartered Accountant)
Over twelve years of professional experience in finance
Key Managerial Personnel (2)
- Raval Kalpeshbhai Ambaprasad₹0.14 Cr p.a.
Chief Financial Officer
Bachelor of Commerce from Gujarat University, Advanced GST Practitioner
Over 30 years of experience in accountancy
- Abhik Jain₹0.04 Cr p.a.
Company Secretary and Compliance Officer
Master of Business Administration from Rajasthan Technical University, Kota; Associate Member of Institute of Company Secretaries of India
Over 10 years of experience in legal compliance, company law, statutory regulations and advisory
Source: Shanti Inorganics offer document (DRHP/RHP).
Industry & Market
Per CARE Analytics and Advisory Private Limited, a report commissioned by the company (not independent).
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Shanti Inorganics IPO opening?
The Shanti Inorganics IPO opens on 31 Aug 2026 and closes on 02 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Shanti Inorganics IPO?
The price band for the Shanti Inorganics IPO is ₹79 to ₹83. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Shanti Inorganics IPO?
The minimum lot size is 1600 shares with a minimum investment of ₹1,32,800. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Shanti Inorganics IPO today?
The latest Grey Market Premium for Shanti Inorganics is ₹13 (+15.66%). GMP is unofficial data and is not a guarantee of listing price.
When will the Shanti Inorganics IPO list on NSE and BSE?
The Shanti Inorganics IPO is expected to list on 07 Sep 2026 on NSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Shanti Inorganics IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Shanti Inorganics IPO a mainboard or SME issue?
Shanti Inorganics is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Shanti Inorganics IPO?
You can apply for the Shanti Inorganics IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Shanti Inorganics IPO?
Based on the current GMP of ₹13, the expected listing price of Shanti Inorganics is ₹96 (issue price ₹83 + GMP ₹13). Note that GMP is unofficial grey market data and actual listing price may differ.
Should I subscribe to Shanti Inorganics IPO?
Based on our algorithmic analysis, Shanti Inorganics IPO is rated NEUTRAL with medium confidence. Grey market premium is positive at +16%, but subscription data is not yet available so demand cannot be confirmed. A cautious, limited-data view — weigh the company fundamentals before applying. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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