Shanti Inorganics IPO
Listed +90.0%31 Aug – 2 Sep 2026
Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹36 of every ₹100 of sales comes from its "Food and beverages" segment. ₹71 of every ₹100 comes from India and Eswatini.
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2Is it growing, and is profit turning into cash?Sales rose 59% from FY24 to FY26 (₹44.9 cr → ₹71.2 cr). Over 3 years it made ₹23.3 cr of profit and brought in ₹25.1 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.64 for every ₹1 of its own money. The line for specialty / commodity chemicals is ₹2.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹83 you pay about ₹8.87 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 75% before the IPO. The document discloses 2 legal matters.
What the document doesn't lead with
Each line pairs what the document leads with and what it also prints, with both pages.
Every check we run on an offer document, and how often each one fires →
Shanti Inorganics GMP history
| When | GMP | Trackers |
|---|---|---|
| 6 Sept, 06:00 IST | ₹32 (+38.6%) | 1 |
| 6 Sept, 02:23 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 22:34 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 19:11 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 14:07 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 12:50 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 06:03 IST | ₹32 (+38.6%) | 1 |
| 5 Sept, 02:41 IST | ₹32 (+38.6%) | 1 |
| 4 Sept, 23:29 IST | ₹32 (+38.6%) | 1 |
| 4 Sept, 20:14 IST | ₹30 (+36.1%) | 1 |
| 4 Sept, 14:39 IST | ₹20 (+24.1%) | 1 |
| 4 Sept, 13:14 IST | ₹20 (+24.1%) | 1 |
Showing the latest 12 of 49 readings.
Grey-market premium is unregulated and self-reported: a sentiment read, not a promise. Today's GMP for every IPO · How often GMP has been right
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Latest update:
Listed at ₹158 vs ₹83 issue price (+90.0%) · Day-one close ₹166 · GMP before listing +38.6% implied, 51.4 pp below the actual open · Subscribed 142.25× (QIB 131.0× · NII 195.9× · Retail 125.7×) · Price band ₹79–₹83 · Closed 2 Sep 2026 · Listed 7 Sep 2026 (Confirmed)
How it actually listed
₹158 on open, against a ₹83 issue price +90.0%
It ended its first day at ₹166 (+99.5% against the issue price), per the NSE's price archive.
Before it listed, the grey market implied +38.6%. The shares opened 51.4 pp above what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Shanti Inorganics does
We are engaged in the business of manufacturing and supply of sulphur based inorganic chemicals. Our product portfolio consists of ammonium bisulphite solution, sodium bisulphite powder or solution, sodium meta bisulphite and sodium sulphite powder/anhydrous, which are primarily used as preservatives, reducing agents, oxygen scavengers and process intermediates across multiple industries.
Shanti Inorganics financials
Rs crore · Annual| FY24 | FY25 | FY26 | 2M ended May 31, 2026 | ||
|---|---|---|---|---|---|
| Sales | 45 | 57 | 71 | 16 | |
| Operating Profit | 9 | 12 | 15 | 4 | |
| OPM % | 19.4% | 21.1% | 21.6% | 25.2% | |
| Net Profit | 5 | 8 | 10 | 2 | |
| Total Debt | 24 | 25 | 31 | 35 |
Shanti Inorganics IPO offer structure
Fresh issue: ₹47 cr
The fresh issue alone, not the total raise: the document we read does not state the offer-for-sale part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- 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: ₹43 cr
- General Corporate Purposes
Shanti Inorganics promoters and holding
- Manojkumar Jayantilal Patel: Chairman and Managing Director
- Avnish Manojkumar Patel: Joint Managing Director
Shanti Inorganics risks and strengths
- We derive a substantial portion of our revenue from the food and beverages, oil drilling and chemical industries. (p.26)
- Our Company derives revenue from diversified customers, and any loss of major customers could adversely affect us. (p.26)
- We do not maintain long-term contractual arrangements with the majority of our customers. (p.26)
- Geographical diversification through exports to international market. (p.179)
- Long standing relationships with diversified customers across multiple industries. (p.180)
- Strategically located production facilities with access to abundant resources of raw materials and long-term relationships with suppliers. (p.181)
Shanti Inorganics market and competition
We hold one of the largest domestic production capacities for bisulphites with capacity of 18,800 MTPA.
Shanti Inorganics outlook, as the document states it
Our Company intends to set up a new facility at Plot No. 6 and 7, Sankalp Industrial Estate, Chiyada, Bavla on adjacent land already acquired with an installed capacity of 78,544 MTPA to manufacture sodium meta bisulphite, sodium bisulphite powder/solution and ammonium bisulphite. The Proposed Project will cater to growing domestic and export demand and enable us to manufacture higher-grade products with enhanced quality and efficiency.
Shanti Inorganics IPO: common questions
What was the Shanti Inorganics IPO listing price?
The Shanti Inorganics IPO listed at ₹158, 90% above its issue price of ₹83. Before listing, the grey-market premium had implied +38.6%, so the grey market was 51.4 points too low. The listing price is the opening price set by the pre-open call auction on listing day, as reported by the exchange. Listing price vs GMP for every recent IPO →
When does the Shanti Inorganics IPO open and close?
The Shanti Inorganics IPO opened for bidding on 31 Aug 2026 and closed on 2 Sep 2026. Under the T+3 timetable the basis of allotment is fixed on the working day after the close, refunds and demat credits follow a day later, and the shares list on the third working day after the close. Open, allotment and listing dates for every IPO →
What is the Shanti Inorganics IPO price band?
The Shanti Inorganics IPO price band is ₹79–₹83 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end. How book building sets the price →
What is the lot size and minimum investment for the Shanti Inorganics IPO?
One lot is 1600 shares, and a retail application must be at least one lot. That is about ₹2,65,600 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category. Lot size and minimum investment, explained →
How much is the Shanti Inorganics IPO subscribed?
The Shanti Inorganics IPO closed on 2 Sep 2026 subscribed 142.25× in total, the final figure: investors bid for that many times the shares on offer. Each category (QIB, NII and retail) is counted separately, and when retail is oversubscribed its allotment is decided by a lottery for one lot each. What "subscribed 3x" means →
When does the Shanti Inorganics IPO list?
The Shanti Inorganics IPO listed on 7 Sep 2026 on NSE Emerge. On listing day the shares go through a pre-open call auction from 9 to 10 am that sets the opening price, and normal trading starts at 10 am. Allotted shares reach demat accounts the working day before. Every SME IPO in one place →
How do I check the Shanti Inorganics IPO allotment status?
On the allotment status page published by KFin Technologies, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. Allotment status links for every recent IPO →
Shanti Inorganics IPO allotment status
Listed 7 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is KFin Technologies.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →
Check it at the source: The offer document · KFin Technologies (registrar) · NSE issues · SEBI offer documents
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Source: Shanti Inorganics IPO data, IPO agent by Kredfit, updated 15 Oct 2026. https://ipoagent.kredfit.com/ipo/shanti-inorganics-limited-2194.htmlSource: <a href="https://ipoagent.kredfit.com/ipo/shanti-inorganics-limited-2194.html">Shanti Inorganics IPO data – IPO agent by Kredfit</a> (updated 15 Oct 2026)