IPO Details

Bidding Dates

26 Sep '23 - 29 Sep '23

Minimum Investment

₹114,000 / 1 Lots ( 3000 Shares )

Price Range

₹36 - ₹38

Maximum Investment

₹114,000 / 1 Lots ( 3000 Shares )

Retail Discount

Not Applicable

Issue Size

₹18.63 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Non-Institutional Investors  |   Retail Individual Investors  |  

Goyal Salt IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 26, 2023

IPO Opening Date

Sep 29, 2023

Basis of Allotment

Oct 5, 2023

Initiation of Refunds

Oct 6, 2023

Credit of Shares to Demat Account

Oct 9, 2023

IPO Listing Date

Oct 10, 2023

Cut-off time for UPI mandate confirmation

Sep 29, 2023

Goyal Salt IPO Subscription Details


Day 1Sep 26, 2023

0.01 6.80 14.25 8.71

Day 2Sep 27, 2023

0.08 26.75 53.95 33.22

Day 3Sep 28, 2023

4.24 43.57 101.31 62.00

Day 4Sep 29, 2023

9.62 85.79 184.43 114.84

Goyal Salt IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 9.62
Non-Institutional Buyers 85.79
Retail Investors 184.43
Total 114.84

About Goyal Salt Ltd

Goyal Salt Ltd. is primarily engaged in the business of refining raw salts procured from sub-soil brine in the state of Rajasthan for use as industrial salts and edible salts. The company supplies triple refined free-flow iodised salt, industrial salt, double fortified salt and triple refined half-dry salt from its refinery at Nawa, Rajasthan. In addition to the refinery, they also have the lease rights to harvest raw salt over 18.66 hectares of land issued by the Government of Rajasthan in the vicinity of salt producing area of Nawa City.

Goyal Salt sources roughly 75% of its raw materials mainly from open market purchases and the rest from promoters-controlled entities and own harvesting of raw salts on owned salt lands.

Industrial salt has diverse applications in the soap and detergent industries, textile industries, glass, polyester, plastics, rubber, leather, etc. Salt is an essential component in the manufacture of paper, tires, brass, bleach and case-hardened steel. It is also used in the pharmaceutical industry, mostly in the preparation of saline solutions and the production of capsules. Salt also finds usage in more areas, such as animal feeding, water softening, etc. 

Over 75% of their revenue came from the sale of refined free-flow iodised salt in FY 2023. In the same year, almost 60% of the revenue came from the sale of manufactured salt, while the rest came from traded salt, and around 33.72% of revenue came from sales to government schemes.

An estimated 87.6% of the total number of salt manufacturers are small producers with less than 10 acres for salt manufacture. The increasing government schemes to improve nutrition and the growing salt exports from India are setting a positive context for the future growth of the company. Both of these factors present an opportunity for organised players like Goyal Salt to grow in future.

Goyal Salt Ltd IPO Details

Goyal Salt Ltd IPO Date

Goyal Salt IPO is open from September 26, 2023, to September 29, 2023.

Goyal Salt Ltd IPO Price Band

Goyal Salt is a fixed-price IPO, with the price set at ₹36 to ₹38 per share.

Goyal Salt Ltd IPO Lot Size

The Goyal Salt Ltd IPO lot size is 3,000 shares per lot.

Goyal Salt Ltd IPO Objectives 

The net proceeds of the fresh issue are proposed to be utilised in the following manner:

  1. Capital expenditure for quality enhancement.
  2. Brand creation and marketing expenses.
  3. Funding the working capital requirements of the company.
  4. General corporate purposes.

Peer Details

The company considered by Goyal Salt as its peer includes Saboo Sodium Chloro Limited. 

How to Check the Allotment Status of the Goyal Salt Ltd IPO?

A: Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you applied for. 
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Goyal Salt Ltd 

Registered office: Plot No. 229-230, Guru Jambeshwar Nagar, Lane No. 7 Gandhi Path, Vaishali Nagar, Jaipur 302021, Rajasthan, India

Phone: +91 - 9116544418

E-mail: cs@goyalsalt.in

Goyal Salt Ltd Company Financials

Particulars FY23 ( ₹ in lakh ) FY22 ( ₹ in lakh ) FY21 ( ₹ in lakh )
Total Income 11,770.68 6,615.00 6,012.96
Profit for the Year 353.74 62.75
Current Ratio (x) 1.68 1.49 1.43
Return on Capital Employed 36.22% 15.78% 16.44%
Net (decrease)/ increase in cash & cash equivalents 4.88 4.86 19.09

Know before investing


  1. Their sources of revenue are not too concentrated. Their top 10 customers contributed to 68.47%, 60.35% and 50.84% of their total revenue from operations for the FY 2022-23, FY 2021-22 and FY 2020-21, respectively.

  2. Industrial salt has a wide variety of industries where it is applicable. Therefore, the risk of market demand suddenly falling is not too high.

  3. The company has shown robust improvements in its finances and operations, especially in terms of having a positive cash flow, and improving its capital efficiency, total revenues and profitability.


  1. They have only one refining unit. Therefore, any natural hazard or regulatory issue affecting the production in a single unit may jeopardise the overall business.

  2. The company has faced raw material losses of 25.86%, 24.30% and 20.48% when refining the salt during the years ending on March 31, 2023, 2022 and 2021. This uptrend in the wastage of raw materials is a sign of operational challenges which can negatively impact profitability.

  3. The company does not have any long-term agreements with suppliers for their raw materials and packaging materials. This exposes the company’s supply chains to changes in price or supplies.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Goyal Salt Ltd IPO FAQs

What is Goyal Salt Ltd's IPO?

Goyal Salt IPO has only a fresh issue component. It is a book-building issue priced at ₹36 to ₹38 per share.

When will Goyal Salt Ltd's IPO be allotted?

The allotment date is Thursday, October 5, 2023.

When will Goyal Salt Ltd's IPO open for subscription?

The IPO subscription window is September 26, 2023, to September 29, 2023.

What minimum lot size can retail investors subscribe to?

The minimum lot size is 3,000 shares per lot.


When will Goyal Salt Ltd list on exchanges?

Goyal Salt Ltd IPO will be listed on the NSE SME on Tuesday, October 10, 2023

How do I check the allotment status of the Goyal Salt Ltd IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.


What would be the listing gains on the Goyal Salt Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on Tuesday, October 10, 2023 on the stock exchange.

I have finished the application process for the Goyal Salt Ltd IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 


How do I approve the UPI mandate request for Goyal Salt Ltd's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.


Can I submit more than one application for the public issue of Goyal Salt Ltd. using one PAN?

You can submit only one application using your PAN card.