Listing Performance
Listed
Issue Price
₹60
Listed On
11 Jun 2026
- Price Band
- ₹60 – ₹60
- Lot Size
- 2000
- Lot Value
- ₹1,20,000
- Open Date
- 04 Jun 2026
- Close Date
- 08 Jun 2026
- Min Investment
- ₹1,20,000
IPO Timeline
Issue Opens
04 Jun 2026 · Thu
Issue Closes
08 Jun 2026 · Mon
Bidding Cut-off (UPI Mandate)
08 Jun 2026 · 5:00 PM IST
Allotment
09 Jun 2026 · Tue
Listing
11 Jun 2026 · Thu
About Vahh Chemicals
Vahh Chemicals Limited is a Surat-based manufacturer and trader of textile auxiliary chemicals used in pre-treatment, dyeing, printing and finishing processes across the textile industry. The company offers 92 SKUs catering to cotton, polyester, silk and synthetic textile applications, serving 71+ regional and local textile companies.
B2B manufacturer and supplier of specialty textile auxiliary chemicals, selling to textile processing units primarily in Surat and across Gujarat.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Long-standing relationships with diversified customer base of 71+ regional and local companies
- •Business model focused on customized solutions and strong customer relationships
- •Experienced promoters and management team
- •Strong customer retention with personalized engagement and consistent high-quality product delivery
- •Economies of scale enabling better raw material purchasing power and cost reduction
- •Expanded product portfolio through key customer relationships and market segmentation approach
Risk Factors (6)
- •First public issue with no formal market history; no assurance of active trading or price sustainability post-listing.
- •Inability to vary utilization of net proceeds without shareholder approval may delay fund deployment and impact operations.
- •High degree of risk in equity investments; investors may lose entire investment if adverse events occur.
- •Actual results may differ materially from forward-looking statements due to unforeseen risks and market uncertainties.
- •Company operates in chemical industry subject to regulatory changes and government policy impacts.
- •Limited operational history as company incorporated in December 2019; unproven business model and growth trajectory.
📊 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
“Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations.”
- ✅Subscribed 6x
- ✅Positive GMP +18%
- ✅6 business strengths identified
- ⚠️6 risk factors noted
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
IPO Details
| Registrar | Kfin Technologies Ltd. |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹13.00 Cr |
| Fresh Issue | ₹13.45 Cr |
| OFS Size | — |
| Lead Managers | Marwadi Chandarana Intermediaries Brokers Private Limited |
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | ₹8.00 Cr |
| Issued Capital | ₹8.00 Cr |
| Paid-up Capital | ₹6.06 Cr |
| Equity Shares (Pre-Issue) | 5,36,78,160 |
| Equity Shares (Post-Issue) | 6,06,38,680 |
Source: Vahh Chemicals offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Hiren I. Desai(Promoter)+25.15%
- Hetal H. Desai(Promoter)+51.53%
- Aayush H. Desai(Promoter)+23.32%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Vahh Chemicals's filing.
Source: Vahh Chemicals offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- Retail+50.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Vahh Chemicals offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Hiren Indravadan Desai₹0.48 Cr p.a.
Managing Director
Promoter with business operations experience
- Hetal Hirenbhai Desai₹0.03 Cr p.a.
Non-Executive Director
Promoter
- Aayush Hiren Desai₹0.48 Cr p.a.
Whole-Time Director
Promoter
- Jigar Kamlesh Vyas
Non-Executive Independent Director
Bachelor of Commerce, Fellow Member of the Institute of Company Secretaries of India
Over a decade of experience in secretarial and corporate legal advisory services
- Dhairya Bharat Tulsiani
Non-Executive Independent Director
Master of Business Administration in Technology Management from NMIMS, Mumbai
2 years of experience in strategy, business development, market research, and product development
- Param Vipulkumar Desai
Non-Executive Independent Director
Bachelor of Science (Honours) from The University of Manchester, England
4 years of experience in Finance
Key Managerial Personnel (2)
- Shivani Parth Kothari₹0.01 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce from Devi Ahilya Vishwavidyalaya, Indore; Certificate of membership from Institute of Company Secretaries of India (ACS 46602)
3 years of experience in secretarial and finance
- Sahil Bhaveshkumar Modi₹0.06 Cr p.a.
Chief Financial Officer
Bachelor of Commerce from Veer Narmad South Gujrat University
Approximately 7 years of experience in Finance Management, Accounting, Audit, and Taxation
Source: Vahh Chemicals offer document (DRHP/RHP).
Industry & Market
Per Confederation of Indian Industry (CII), a report commissioned by the company (not independent).
Use of IPO Proceeds
Total allocation: ₹11.63 Cr (excludes issue expenses)
Promoters
Hiren Indravadan Desai
Chairman & Managing Director
Pre-issue: 22.26% · Post-issue: 16.25%
Hetal Hirenbhai Desai
Non-Executive Non-Independent Director
Pre-issue: 45.61% · Post-issue: 33.3%
Aayush Hiren Desai
Whole Time Director
Pre-issue: 20.65% · Post-issue: 15.08%
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 | 2,000 | ₹1,20,000 |
| Retail (max) | 13 | 26,000 | ₹15,60,000 |
| S-HNI (min) | 14 | 28,000 | ₹16,80,000 |
| S-HNI (max) | 66 | 1,32,000 | ₹79,20,000 |
| B-HNI (min) | 67 | 1,34,000 | ₹80,40,000 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 1 | 0.002 |
| Tax | Directors | 5 | 0.91 |
| Tax | Subsidiaries | 6 | 0.64 |
The company and its directors/KMPs face two pending show cause notices from the Registrar of Companies, Ahmedabad: one regarding delayed filing of Form MR-1 for the appointment of Managing Director (proposed penalty ₹10 lakhs) and another for non-display of company name and registered office at warehouses (proposed penalty ₹11 lakhs). Both matters are procedural in nature and currently pending adjudication.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Kfin Technologies Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 43.15 | 5.09 | 8.00 | — | 34.11% |
| FY24 | 23.75 | 2.58 | — | — | — |
| FY23 | 10.16 | 0.34 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 1.12 | 4.68 | 8.23 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
7.5x
Price ÷ EPS
EPS (FY25)
₹8
Earnings per share
RoNW
34.11%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
19.1%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Subscription Status
| Category | Day 5 |
|---|---|
| QIB | — |
| sNII (S-HNI) | — |
| bNII (B-HNI) | — |
| Retail | 8.68x |
| Total | 6.48x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
8.68x
Allotment Ratio
1 lot per 9 applicants
Allotment Probability
~11.5%
Non-Institutional Investors (NII / HNI)
Subscription
4.28x
Allotment Type
Proportionate allotment
Total Subscription
6.48x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
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| Optimystix Entertainment India Limited | 14 Aug 2026 | — |
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Related IPOs
Documents
Frequently Asked Questions
When is the Vahh Chemicals IPO opening?
The Vahh Chemicals IPO opens on 04 Jun 2026 and closes on 08 Jun 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Vahh Chemicals IPO?
The price band for the Vahh Chemicals IPO is ₹60 to ₹60. 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 Vahh Chemicals IPO?
The minimum lot size is 2000 shares with a minimum investment of ₹1,20,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Vahh Chemicals IPO today?
The latest Grey Market Premium for Vahh Chemicals is ₹11 (+18.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Vahh Chemicals IPO list on NSE and BSE?
The Vahh Chemicals IPO is expected to list on 11 Jun 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Vahh Chemicals IPO allotment status?
The registrar for this IPO is Kfin Technologies Ltd.. 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 Vahh Chemicals IPO a mainboard or SME issue?
Vahh Chemicals 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 Vahh Chemicals IPO?
You can apply for the Vahh Chemicals 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 Vahh Chemicals IPO?
Based on the current GMP of ₹11, the expected listing price of Vahh Chemicals is ₹71 (issue price ₹60 + GMP ₹11). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Vahh Chemicals IPO?
Based on the retail subscription of 8.68x, the estimated allotment ratio is 1 lot per 9 applicants (approximately 11.5% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Vahh Chemicals IPO?
Based on our algorithmic analysis, Vahh Chemicals IPO is rated NEUTRAL with high confidence. Mixed signals — moderate demand and average GMP suggest cautious participation. Apply based on company fundamentals rather than listing gain expectations. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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