Shanti Inorganics IPO
smeclosedAbout the company
Shanti Inorganics IPO will open for subscription on Monday, 31 August 2026. The company produces and distributes inorganic chemicals based on sulphur and has one of the largest capacities in India for bisulphite production at 18,800 MTPA. The company’s product portfolio includes ammonium bisulphite, sodium bisulphite, sodium metabisulphite and sodium sulphite anhydrous. It offers both food-grade and technical-grade products, enabling it to cater to customers across various end-use industries. It operates under the business-to-business (B2B) model and had 64 domestic customers and 20 international customers in FY26. The company runs two manufacturing units in Ahmedabad, Gujarat. Vatva Unit ran at a high capacity utilisation of 92.60% in FY26. Phase I of the Bavla Unit, which commenced its operations in February 2025, had a capacity utilisation of 15.01% in FY26. The firm has a varied end-user base, where food & beverages and chemicals are the most dominant industries for the firm. Food & beverages made up 35.8% of the revenue from operations in FY26, whereas chemicals made up 22.3%. Oil Drilling, pharmaceuticals, ceramics and agrochemicals had contributions of 12.8%, 8.1%, 8.9% and 5.1%, respectively. The company has a diverse client base spread out over many geographic regions and has exported to 15 countries in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 02 Sep | ₹0 | ₹83 | -1 |
| 01 Sep | ₹1 | ₹84 | 0 |
| 31 Aug | ₹1 | ₹84 | 0 |
| 30 Aug | ₹1 | ₹84 | 0 |
| 29 Aug | ₹1 | ₹84 | +1 |
| 28 Aug | ₹0 | ₹83 | -1 |
| 27 Aug | ₹1 | ₹84 | -1 |
| 26 Aug | ₹2 | ₹85 | 0 |
Strengths
Risks
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed31 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed02 Sept 2026Last day to place your bid
Basis of Allotment
In Progress04 Sept 2026Share allotment finalised
0d since Basis of AllotmentToday · 04 Sept 20261d to Refund InitiationRefund Initiation
Upcoming05 Sept 2026Refunds credited for non-allottees
Credit to Demat
Upcoming06 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Upcoming07 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹132,800 | 1 | ₹132,800 | 1 lot only |
| HNI | 2 | 3200 | ₹265,600 | 2 | ₹265,600 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,901,235 | 23.5 | 667,284 | 0.23x | 100% |
| NII | 15% | 870,370 | 7.05 | 1,366,481 | 1.57x | 63.7% |
| Retail | 35% | 2,030,864 | 16.45 | 3,513,395 | 1.73x | 57.8% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
31 Aug Day 1 | 0.26x | 0.04x | 0.23x | 0.00x | 0.00x | 0.16x | 0.69x |
01 Sep Day 2 | 1.04x | 0.13x | 0.96x | 0.00x | 0.00x | 0.59x | 2.72x |
02 Sep Day 3 | 1.73x | 0.23x | 1.57x | 0.00x | 0.00x | 1.24x | 4.77x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.