Shanti Inorganics IPO

Shanti Inorganics Limited is engaged in manufacturing and trading sulphur-based inorganic chemicals. Its product portfolio includes sodium meta bisulphite, sodium sulphite powder, sodium bisulphite powder and solution, and ammonium bisulphite solution. These products serve industries such as oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment. The company operates manufacturing facilities at Vatva and Bavla in Ahmedabad, Gujarat. It focuses on product quality, reliable supply and customer relationships across domestic and global markets. Its competitive strengths include export reach, strategically located facilities, supplier relationships, and certifications covering quality and food safety standards. The company serves diverse industries. 

Shanti Inorganics Limited IPO Overview 

Shanti Inorganics Limited IPO is a bookbuilding issue of 50,00,000 equity shares, comprising an entirely fresh issue aggregating up to ₹41.50 crore at the upper price band. The IPO opens on 31 August 2026 and closes on 2 September 2026. The company has fixed the price band at ₹79 to ₹83 per share, with a lot size of 1,600 shares. Individual investors must apply for at least two lots, or 3,200 shares, requiring ₹2,65,600 at the upper price. The allotment is expected on 3 September 2026, while refunds and demat credit are scheduled for 4 September 2026. The shares are proposed to list on NSE SME on 7 September 2026. Vivro Financial Services Pvt. Ltd. serves as the book-running lead manager, while KFin Technologies Ltd. acts as the registrar. The issue reserves up to 50% for QIBs, at least 35% for retail investors and at least 15% for NIIs. 

Shanti Inorganics Limited IPO Details 

Particulars	Details
IPO Date	31 August 2026 to 2 September 2026
Listing Date	7 September 2026
Face Value	₹10 per share
Issue Price Band	₹79 to ₹83 per share
Lot Size	1,600 Shares
Total Issue Size	50,00,000 shares (aggregating up to ₹41.50 Cr)
Fresh Issue	50,00,000 shares (aggregating up to ₹41.50 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	1,15,56,200 shares
Share Holding Post Issue	1,65,56,200 shares
Market Maker Portion	To be announced

Shanti Inorganics Limited IPO Reservation 

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Shanti Inorganics Limited IPO Lot Size 

Application	Lots	Shares	Amount
Individual Investors (Min)	2	3,200	₹2,65,600
Individual Investors (Max)	2	3,200	₹2,65,600
S-HNI (Min)	3	4,800	₹3,98,400
S-HNI (Max)	7	11,200	₹9,29,600
B-HNI (Min)	8	12,800	₹10,62,400

Shanti Inorganics Limited IPO Promoter Holding 

Shareholding Status	Percentage
Pre-Issue	83.65%
Post-Issue	58.40%*

Shanti Inorganics Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	₹7.15
Price/Earnings (P/E) Ratio	11.61x Pre-Issue / 16.63x Post-Issue
Return on Net Worth (RoNW)	38.00%
Net Asset Value (NAV)	₹25.42
Return on Equity	38.00%
Return on Capital Employed (ROCE)	27.20%
EBITDA Margin	21.21%
PAT Margin	14.13%
Debt to Equity Ratio	0.98

Objectives of the Proceeds 

• Capital expenditure:

  Funds will partly finance a new Bavla facility for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite manufacturing, with an estimated requirement of ₹43 crore. 

• General corporate purposes:

  The remaining net proceeds will support general corporate requirements, subject to applicable regulations and issue-related limits. 

Key Financials (in ₹ crore) 

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	66.04	52.69	27.57
Total Income	58.46	45.06	46.50
Profit After Tax	8.26	5.12	4.60
Reserves and Surplus	25.23	16.97	11.85
Total Borrowings	25.38	24.34	5.63

IPO Strengths 

• Geographical diversification through exports to international market 
• Long standing relationship with diversified customers across multiple industries 
• Strategically located production facilities with access to abundant resources of raw materials and long-term relationships with suppliers 
• Certifications and compliance with quality and food safety standards 

Peer Group Comparison 

• As per the supplied IPO reference, there are no comparable listed peers identified for Shanti Inorganics Limited. Therefore, comparable peer valuation information is not provided.