Shanti Inorganics IPO
IPO Details
Bidding Dates
31 Aug '26 - 02 Sep '26
Minimum Investment
₹2,65,600 (2 lots / 3200 shares)
Price Range
₹79 to ₹83
Maximum Investment
₹2,65,600 (2 lots / 3200 shares)
Retail Discount
NA
Issue Size
₹47 crore
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)Shanti Inorganics IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Aug 31, 26
IPO Closing Date
Sep 2, 26
Basis of Allotment
Sep 3, 26
Initiation of Refunds
Sep 4, 26
IPO Listing Date
Sep 7, 26
About Shanti Inorganics IPO
Shanti Inorganics IPO is a book-built issue worth ₹47.24 crore.
The IPO will open for subscription on August 31, 2026, and close on September 2, 2026. The basis of allotment is expected to be finalised on September 3, 2026, with the tentative listing scheduled for September 7, 2026, on NSE SME.
The price band has been fixed at ₹79 to ₹83 per share, with a lot size of 1,600 shares. Retail investors will need to invest a minimum of ₹2,65,000 at the upper price band.
Vivro Financial Services Private Limited is the book-running lead manager, while KFin Technologies is the registrar to the issue.
About Shanti Inorganics Limited
Incorporated in 2010, Shanti Inorganics Limited deals in manufacturing and trading of sulfur-based inorganic chemicals such as sodium sulfite powder, metabisulphite, ammonium bisulfite and sodium bisulfite powder/solution. These chemicals are primarily used as preservatives, reducing agents, and process intermediates across industries such as pharmaceuticals, food and beverages, pulp and paper, oil drilling and water treatment.
Shanti Inorganics has two main manufacturing facilities set up in Gujarat. They sell their products in both domestic and international markets. They primarily export to countries like United Arab Emirates, Qatar, Nigeria, Turkey, Vietnam, Egypt, Ghana, Malaysia, Colombia, the Philippines and others. operates through two key segments, Manufacturing and EPC. As of May 31, 2026, the company had 66 employees across different departments.
Industry Outlook
The Indian chemical industry was valued at approximately $220 billion in FY26, compared with $178 billion in FY20, registering a CAGR of around 3.6%.
The Indian specialty and inorganic chemical market are estimated to grow significantly, driven by a domestic market CAGR of around 5.8% to 8% through FY31 to FY33.
Growth in the inorganic chemical segment is primarily supported by rising demand for sulfur-based compounds such as sodium metabisulfite, sodium sulfite powder, and ammonium bisulfite solutions. These compounds are primarily used as a raw material for creating bleaching agents and reducing agents.
Increasing industrial applications across key end-user sectors including oil drilling, pharmaceuticals, food & beverages, water treatment, and pulp & paper, have contributed significantly to overall market demand.
Higher domestic production capacity along with export opportunities across over 15 countries have further driven business growth and improved volume realisations.
Going forward, government initiatives like the Production Linked Incentive (PLI) scheme for specialty chemicals and strict environmental mandates for industrial wastewater treatment are expected to sustain demand.
Capital expenditure towards setting up large-scale greenfield chemical plants (such as expanding bisulfite capacity to 78,544 MTPA) is projected to support domestic supply and reduce import dependency.
Shanti Inorganics IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
- Invest in capital expenditure that is required to set up a new manufacturing facility that will help in scaling and maximising operations.
- Towards general expenses such as day-to-day operational requirements and strengthening business development.
Financial Performance of Shanti Inorganics Limited
Particulars | 2 Months Ended May 31, 2026 | FY26 | FY25 | FY24 |
Revenue from Operations (₹ million) | 159.83 | 712.20 | 571.06 | 448.67 |
Revenue Growth (%) | — | 24.72% | 27.28% | — |
EBITDA (₹ million) | 41.37 | 171.11 | 134.13 | 89.19 |
EBITDA Margin (%) | 25.88% | 24.03% | 23.49% | 19.88% |
PAT (₹ million) | 24.996 | 102.20 | 79.94 | 51.15 |
PAT Margin (%) | 15.64% | 14.35% | 14.00% | 11.40% |
ROE (%) | 4.93% | 21.19% | 31.23% | 29.06% |
ROCE (%) | 4.28% | 19.26% | 25.07% | 19.98% |
Shanti Inorganics IPO Peer Comparison
As per the RHP, there are no listed companies whose portfolio matches or is comparable to that of Shanti Inorganics Private Limited.
Strengths and Opportunities of Shanti Inorganics IPO
Shanti Inorganics exports its sulfur-based inorganic products to several international markets, which helps it strengthen its global presence and reduce revenue dependency on domestic markets.
The company has set up its manufacturing and production facilities across Gujarat, which offers reliable access to key raw materials and lower supply chain costs.
The Company’s strict adherence to international quality and food safety compliance helps it create business opportunities in strict end user sectors like pharmaceuticals and food processing.
The company benefits from experienced promoters who have a deep understanding of inorganic chemical manufacturing and trading.
Risks and Threats of Shanti Inorganics IPO
Operations are limited to manufacturing facilities situated in Gujarat, exposing the business to regional supply chain and regulatory disruptions. Sudden breakdown, disruption, or shutdown at its manufacturing facilities could adversely affect production and operations.
The company's production demands rely heavily on three key sectors which are food and beverages, oil drilling and specialty chemical industries. Any prolonged macro economical downturn across these sectors directly impact sales volume, operational revenues and overall cashflow.
Sulfur and soda ash make up over 58% of revenue, leaving profitability vulnerable to global commodity price swings.
Chemical manufacturing is subject to strict pollution control, hazardous waste, and safety regulations that could raise operational overheads.
Shanti Inorganics IPO Reservation
Investor Category | Shares Offered |
QIB | Not more than 50% of the Net Offer |
Retail | Not less than 35% of the Net Offer |
NII | Not less than 15% of the Net Offer |
Shanti Inorganics IPO Promoter Holding
The promoters of the company are Manojkumar Jayantilal Patel and Avnish Manojkumar Patel.
Share Holding Pre-Issue
| 83.65% |
Share Holding Post Issue | NA |
Shanti Inorganics IPO Prospectus
Shanti Inorganics IPO Registrar and Lead Managers
Shanti Inorganics IPO Lead Managers
Vivro Financial Services Private Limited
Registrar for Shanti Inorganics IPO
Kfin Technologies Limited
Contact Number: 040-79615565
Email Address: shanti.ipo@kfintech.com
How To Apply for Shanti Inorganics IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Shanti Inorganics IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Shanti Inorganics IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.
Contact Details of Shanti Inorganics IPO
Registered Office: Shanti Inorganics Limited. Address- Plot No.-2015, Phase III GIDC, Vatva, Ahmedabad - 382445, Gujarat, India.
Phone: +91-97277 52562
E-mail: info@shantiinorganics.com
- 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
Shanti Inorganics IPO FAQs
What minimum lot size can retail investors subscribe to in the Shanti Inorganics IPO?
Retail investors can apply for a minimum of 2 lot, comprising 3200 equity shares. At the upper price band of ₹83 per share, the minimum investment required is ₹2,65,000.
When will the Shanti Inorganics IPO be allotted?
The basis of allotment for the Shanti Inorganics IPO is expected to be finalised on September 3, 2026.
How can you increase your chances of getting a Shanti Inorganics IPO allotment?
1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
How do I approve the UPI mandate request for the Shanti Inorganics 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 Shanti Inorganics using one PAN?
You can submit only one application using your PAN card.
What is 'pre-apply' for the Shanti Inorganics IPO?
Pre-apply allows investors to apply for the Shanti Inorganics IPO two days before the subscription period opens, ensuring an early submission of your application.
If I pre-apply for the Shanti Inorganics IPO, when will my order get placed?
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
When will I know if my Shanti Inorganics IPO order is placed?
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Where will the Shanti Inorganics IPO be listed?
The Shanti Inorganics IPO shares are proposed to be listed on the NSE SME. The tentative listing date is September 7, 2026.
