Summary
Shanti Inorganics IPO will open on August 31, 2026, and close on September 2, 2026. The price band for this issue has been set at ₹79-₹83 per equity share. Shanti Inorganics is targeting to raise approximately ₹47.24 crore.
Shanti Inorganics Limited is a manufacturer and distributor of sulphur-based inorganic chemicals, and the lot size for this IPO is 1,600 shares. Retail investors will apply for a minimum of 2 lots, i.e., 3,200 shares.
If the upper price band of ₹83 is considered, then the minimum application value for retail investors would be ₹2,65,600. The minimum requirement for S-HNI investors is 3 lots, i.e., 4,800 shares amounting ₹3,98,400.
IPO of Shanti Inorganics is a book-built issue of ₹47.24 crores. The issue is a 100% fresh issue of 0.57 crore shares, valued at ₹47.24 crore.
The issue of Shanti Inorganics IPO opens on Aug 31, 2026 and closes on Sep 2, 2026. The Shanti Inorganics IPO allotment will take place on Sep 3, 2026. The listing of the Shanti Inorganics IPO is expected to happen on the NSE SME exchange on Sep 7, 2026.
The issue price of the Shanti Inorganics IPO is fixed between ₹79 to ₹83 per share. The number of shares per lot is 1,600 shares. The minimum investment required from an individual retail investor is ₹2,65,600 (3,200 shares) (as per upper price band). The minimum lot size for HNI investment is 3 lots (4,800 shares), which is equivalent to ₹3,98,400.
Shanti Inorganics IPO Key Details
Here is a quick look at the important details of the Shanti Inorganics IPO:
| IPO Open Date | 31 August, 2026 |
| Close Date | 2 September, 2026 |
| Face value | ₹10 per share |
| Price Band | ₹79 to ₹83 |
| Issue price | – |
| IPO Lot Size | 1600 share |
| Offer for sale | – |
| Fresh issue | 54,06,400 shares (Approx ₹45 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | 56,91,200 shares (Approx ~₹47 Cr) |
| Minimum Investment | ₹2,65,600 (3200 shares) |
Shanti Inorganics IPO Timeline
The key dates for the Shanti Inorganics IPO are given below:
| Bidding Opens | 31, August, 2026 |
| Bidding Closes | 2, September, 2026 |
| Allotment Planned For | 3, September, 2026 |
| Refunds Start On | 4, September, 2026 |
| Share Credit to Demat | 4, September, 2026 |
| Listing Scheduled | 7, September, 2026 |
| Cut-off for UPI mandate | 5:00 PM, 2, September, 2026 |
Shanti Inorganics Key Performance Indicators (KPIs)
Shanti Inorganics KPIs are presented in the following table:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | 27.68% | 37.01% | 34% |
| ROCE (%) | 23.40% | 27.16% | 27.59% |
| Debt-Equity (times) | 0.64 | 0.99 | 1.38 |
| RoNW (%) | 27.68% | 37.01% | 34% |
| PAT Margin (%) | 14.01% | 13.67% | 11.35% |
| EBITDA Margin (%) | 21.62% | 21.12% | 19.45% |
| Price Book Value | 1.89 | 1.99 |
Shanti Inorganics IPO Financials
Here is an overview of the company’s financial figures:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 97.03 | 66.04 | 52.68 |
| Revenue from operations | 71.22 | 57.10 | 44.86 |
| Profit After Tax | 10.22 | 7.99 | 51.15 |
(Amount in ₹ Crore)
Shanti Inorganics IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Shanti Inorganics IPO Grey Market Premium
The listing date for the Shanti Inorganics IPO is expected on 7 September 2026, with a price range of ₹79- ₹83 per equity share.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 26-08-2026 | ₹31 | ₹114 | 37.35% | Neutral | 26-08-2026 11:15 |
| 25-08-2026 | ₹31 | ₹114 | 37.35% | Increased ▲ | 25-08-2026 10:30 |
| 24-08-2026 | ₹25 | ₹108 | 30.12% | Neutral | 24-08-2026 12:14 |
Note: GMP represents sentiment in the unofficial market and should not be considered an indication of assured listing returns.
Shanti Inorganics IPO Reservation
The share allocation for each investor category is outlined below:
| Investor Category | Reservation |
| Market Maker | 2,84,800 |
| QIB | Not more than 50% of the net issue |
| NIIs | Not Less than 15% of the net issue |
| Retail Investors | Not less than 35% of the net issue |
| Total Shares | – |
Shanti Inorganics IPO Lot Size
The applicable lot sizes for different investor categories are as follows:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 2 | 3200 | ₹2,65,600 |
| Individual Investor – Maximum | 2 | 3200 | ₹2,65,600 |
| S-HNI Minimum | 3 | 4800 | ₹3,98,400 |
| S-HNI Maximum | 7 | 11,200 | ₹9,29,600 |
| B-HNI Minimum | 8 | 12,800 | ₹10,62,400 |
Shanti Inorganics IPO Anchor Investors
The allotment status of the Shanti Inorganics IPO is currently not yet available. As a result, information related to anchor bidding, share allocation, investment value, and lock-in periods will be added once it is disclosed.
Shanti Inorganics IPO Prospectus
For more information on the Shanti Inorganics IPO, check the links below:
About Shanti Inorganics IPO
Incorporation: 2010
Managing Director: Manojkumar Jayantilal Patel
Shanti Inorganics Limited is an Indian company that produces and supplies sulphur-based inorganic chemicals. It has built its business through various products such as ammonium bisulphite, sodium bisulphite, sodium metabisulphite, and sodium sulphite. These chemicals are used in processes of preservation, reduction, oxygen elimination, and as intermediaries in sectors such as food and beverages, pharmaceuticals, oil drilling, water treatment, the pulp and paper industry, agricultural chemicals, and others.
The company has factories in Ahmedabad, Gujarat, and is committed to providing quality products, efficient production, and reliable supply. Its products can be found in domestic and foreign markets. Shanti Inorganics Limited is also concerned about research and development.
| Issue Registrar | Kfin Technologies Ltd |
| Lead Manager | Vivro Financial Services Pvt Ltd. |
Shanti Inorganics IPO Objectives
Funds received from the IPO will be directed towards the following purposes:
| Particulars | Amount (in ₹ Cr) |
| Part funding the capital expenditure towards setting up a new facility for manufacturing | ₹42.50 |
| General corporate purposes |
Strengths of Shanti Inorganics
The company is well positioned in sulphur-based inorganic chemicals due to the diverse uses of these chemicals across various industries, its exposure to exports, and modern manufacturing capabilities. There are also other factors that could help the company’s future growth.
- Strong Manufacturing Capabilities: The company has two manufacturing units in Ahmedabad, Gujarat, equipped with modern, automated processes and infrastructure.
- Diverse Product Range: The company offers sodium metabisulphite, sodium sulphite, sodium bisulphite, and ammonium bisulphite, among others, for diverse industrial uses.
- Strong Export Capability: More than 42.57% of its revenue from operations in FY2026 is derived from exports to 15 countries.
- Diverse Clientele: More than 80% of the company’s clients are multinational companies with diverse industry relationships.
- Expansion Potential for Increased Production Capacity: Additional capacity has been planned at the Bavla unit.
- Quality Standards: Shanti Inorganics adheres to international quality and food safety standards and holds ISO, Halal, Kosher, HACCP, and NSF certifications.
Risks of Shanti Inorganics
The organisation Shanti Inorganics is engaged in the manufacture of chemicals, and factors such as increases in raw material prices, risks associated with customer concentration, and the successful execution of growth strategies may affect its profitability. There are certain risks mentioned in Shanti Inorganics prospectus that investors should consider.
- Risks due to Customer Concentration – For the last 2 months period ended 31, May, 2026, 70.72% of the organisation’s sales revenue comes from its top 10 customers. In addition, there are no long-term agreements between Shanti Inorganics and its key customers, making the organisation’s sales revenue prone to order reductions or cancellations.
- Supplier Concentration Risk: The total purchases from the organisation’s top 10 suppliers during the 2- month period ending May 31, 2026, accounted for 84.81% of total raw material and consumable purchases.
- Risks due to the Cost of Raw Materials: Raw material costs accounted for 58.43% of the company’s Total income during the two-month period ending May 31, 2026. An escalation in the cost of raw materials could affect Shanti Inorganics margins.
- Concentration Risk by Industry: The business operates across several industry segments, including food & beverages, oil drilling, and chemicals. A downturn in these industry segments will lead to decreased demand for their products.
- Concentration Risk by Region: The firm’s manufacturing operations are based in Gujarat. This makes its business operations subject to risk from disruptions in that region.
- Foreign Currency Risk: The firm conducts its business in international markets. As a result, foreign exchange fluctuations will impact its performance.
- Liquidity Risk by SME Listing: With the company listed on the SME, its shares will face lower liquidity and greater price volatility than those of mainboard firms.
Shanti Inorganics IPO Review
Shanti Inorganics IPO is for potential investors who want to invest in the inorganic chemicals segment. The company produces sulphur-containing chemicals which are used in pharmaceuticals, food and beverages, oil drilling, pulp and paper, and water treatment.
The planned expansion of manufacturing capabilities could be beneficial for future development and market success. At the same time, investors need to take into account risks associated with raw materials costs, customer reliance, competition, logistics, etc. The company works in an industry which could be affected by regulatory and environmental requirements.
In general, the IPO could be helpful for investors with a long-term strategy who are willing to invest in SME stock, given its higher volatility and liquidity risks.
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Shanti Inorganics IPO FAQs
Shanti Inorganics IPO is a book-built SME public offer expected to be listed on the NSE SME segment. The stock price range is set at ₹79-₹83 per share, with an offer size of around ₹47.24 crore. This will include a fresh issue.
Applications can be made via the ASBA facility through their bank account or via UPI through any broker offering this option. Applicants will have to make the selection for the Shanti Inorganics IPO, fill out the necessary bid details and provide the UPI mandate authorisation. The blocked amount will be deducted only in the event of allotment of shares.
There are certain positives to the IPO, such as its operating in the speciality chemicals industry and expansion plans. However, there are other aspects that investors must keep in mind before investing, such as high customer concentration, high raw material costs and SME liquidity issues.
Expected returns cannot be guaranteed, as the listing price is uncertain given market conditions and investor demand. The grey market premium is unofficial and therefore should not be considered as an assured return on investment.
The Shanti Inorganics initial public offer will open on August 31, 2026, and close on September 2, 2026. The company’s shares will be made available for subscription by retail, NII, and QIB investors during the offer period.
The number of shares per lot in the IPO will be 1,600. For retail investors, the application will be for at least 2 lots, i.e., 3,200 shares, with an application amount of ₹2,65,600 at the higher price band.
The allotment date is set for September 3, 2026. Refunds will start from September 4, 2026, and shares will be credited to the demat accounts of successful applicants from September 4, 2026.
The listing of Shanti Inorganics will take place on the NSE SME platform on September 7, 2026. The actual listing price will depend upon the market conditions at that time.
