Shanti Inorganics Shares Soar 90% On NSE SME Debut

Mumbai, September 7: Shares of Shanti Inorganics made a strong debut on the NSE SME on Monday, September 7, listing at ₹157.70 per share, a 90% premium over the issue price of ₹83. The stock delivered a listing gain of ₹74.70 per share, underscoring strong investor appetite for the chemical company’s initial public offering. 

The ₹47.24-crore IPO received an overwhelming response during its three-day subscription window from August 31 to September 2. The issue was subscribed 142.17 times overall, after the company fixed its price band at ₹79-83 per share. The offering comprised a fresh issue of 56.91 lakh shares and did not include an offer-for-sale component. 

Strong demand across investor categories 

Demand remained robust across all investor segments. The portion reserved for qualified institutional buyers was subscribed 130.97 times, while the retail investor category received bids for 125.72 times the shares available. The non-institutional investor segment saw the strongest demand, with subscriptions reaching 195.53 times. 

Minimum investment at ₹2.66 lakh 

The IPO had a lot size of 1,600 shares. At the upper end of the price band, one lot required an investment of ₹1.33 lakh. With retail investors required to apply for a minimum of two lots, the minimum application amount stood at ₹2.66 lakh. 

The sizeable minimum investment meant that the offering was aimed at investors with a relatively higher risk appetite. The strong subscription nevertheless highlighted the demand for SME IPOs, particularly companies operating in specialised manufacturing and industrial segments. 

What does Shanti Inorganics do? 

Shanti Inorganics manufactures and trades sulphur-based inorganic chemicals, including sodium metabisulphite, sodium sulphite, ammonium bisulphite and sodium bisulphite solutions. 

The company’s products find applications across a range of industries, including food and beverages, pharmaceuticals, oil drilling, pulp and paper, and water treatment. This diversified end-user base gives the company exposure to several industrial and consumer-linked markets. 

Manufacturing facilities in Gujarat 

Shanti Inorganics operates manufacturing facilities in Gujarat, including a plant at Vatva in Ahmedabad and another facility at Bavla. The company’s Bavla Phase I facility commenced commercial production in February 2025 and has an installed capacity of 18,000 tonnes per annum. 

Following Monday’s strong debut, investors will now track whether the stock can sustain its gains in the secondary market. The sharp premium also brings renewed attention to valuations, liquidity and earnings performance—factors that can become particularly important for SME-listed companies following a strong IPO debut. 

The listing comes amid continued investor interest in India’s SME IPO market, even as broader equities remain sensitive to global cues, crude oil prices and geopolitical developments. 

Source

• NSE