Shanti Inorganics IPO GMP, Date, Price Band & Review

Shanti Inorganics IPO Details

Shanti Inorganics IPO is a 100% book-built issue of 56.91 lakh shares, worth up to ₹47 crore, entirely a fresh issue, in which ₹2 crore is reserved for market makers, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 26, 2025.

The price band of the issue is set between ₹79 to ₹83 per share and the lot size for an application is 1,600 shares. The minimum amount of investment required by an individual investor is ₹2,65,600 (3,200 shares). The IPO will open for subscription from August 31 to September 2, 2026, on the NSE SME platform, with a tentative listing date fixed as September 7, 2026. The book-running lead manager of the issue is Vivro Financial Services Pvt. Ltd., while KFin Technologies Ltd. is the official registrar for the issue.

Shanti Inorganics IPO Date & Timeline

The Shanti Inorganics IPO is officially set to open for subscription on Aug 31, 2026 and will close on Sep 2, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 26, 2025 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 3, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 4, 2026. Finally, shares of Shanti Inorganics Ltd. are tentatively scheduled to list on the stock exchanges on Sep 7, 2026.

Shanti Inorganics IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Shanti Inorganics IPO GMP is currently trading at ₹47, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹130, which is 56.63% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

On 13 January 2010, "Shanti Inorgo Chem (Guj) Private Limited" was incorporated in Ahmedabad, Gujarat and has engaged in the manufacturing and supplying of sulphur-based inorganic chemicals. With the incorporation, the company took over the operating business of a partnership firm of one of its promoters, namely, “Shanti Industries", with a takeover agreement on April 01, 2010.

Over the past decade, the company has evolved and now holds one of India’s largest domestic production capacities for bisulphites, with a capacity of 18,800 MTPA. The company was mainly engaged in the manufacturing and supplying of sulphur-based inorganic chemicals. The company began with the vision of providing quality chemical products across the country and globally and has since grown into a trusted and recognised manufacturer of sulphur-based inorganic chemicals.

Operations & Product Range

The fundamental operating model of Shanti Inorganics Ltd. is based on the production and trade of sulphur-based inorganic chemicals. Some of the key product verticals include sodium metabisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite powder/solution. These chemicals are used as preservatives, reducing agents and oxygen scavengers. The customer base for Shanti Inorganics includes oil drilling, pharmaceuticals, food and beverages, paper production and water treatment plants.

Facilities & Capacity

Shanti Inorganics Ltd. operates manufacturing operations across designated facilities, with its original unit located in Vatva, Ahmedabad, where installed capacity was expanded to 18,800 MTPA in Fiscal 2025. To support growth, the company acquired around 25,818.17 square metres of land at Sankalp Industrial Estate in Chiyada, Bavla.

Phase I of this manufacturing unit II occupies 8,601.10 square metres and commenced commercial production in February 2025 with an 18,000 MTPA capacity. Phase II is currently under development on ~17,212.07 square metres, featuring a proposed installed capacity of 78,544 MTPA for food and technical-grade bisulphite products.

Brands & Market Presence

Shanti Inorganics Ltd. has established a strong market presence as a specialised manufacturer of inorganic chemicals, including sodium bisulphite, sodium metabisulphite and ammonium bisulphite solutions. Operating out of Gujarat with expanded manufacturing capacity, the company holds key global certifications such as ISO 9001:2015, NSF, KOSHER, HACCP and HALAL. Serving both domestic and international markets across food and technical grades, the firm maintains a diversified, growing customer base across multiple industrial applications.

Revenue Streams & Business Model

Shanti Inorganics Ltd. generates revenue primarily through the manufacturing, marketing and direct sale of chemical products—specifically sodium bisulphite, sodium metabisulphite and ammonium bisulphite—across both domestic and international markets. Operating on a standard B2B commercial model, the firm supplies both technical and food-grade chemical solutions to a diverse customer base. Its operations rely on continuous manufacturing capacity expansion, process efficiency improvements and adherence to international quality standards to secure repeat orders and maintain consistent sales growth.

Financial Performance

Shanti Inorganics Ltd.’s financial performance shows strong upward momentum across recent fiscal years. Revenue was reported at ₹57.11 crore in FY25, reaching ₹71.22 crore in FY26 (24.71% YoY growth). EBITDA margins broadened consistently from 21.12% in FY25 and 21.62% in FY26. Meanwhile, Profit After Tax (PAT) escalated to ₹8 crore in FY25 and reached ₹10.22 crore in FY26 (27.75% YoY growth). Net Asset Value (NAV) is expanding from ₹25.15 to ₹41.74 per equity share; these expanding indicators underscore solid operational scaling and equity growth.

Management & Shareholding

Shanti Inorganics Ltd. is promoted by Manojkumar Jayantilal Patel and Avnish Manojkumar Patel, who possess deep technical and operational expertise in the chemical industry. Before the IPO, the promoter held a dominant 83.65% of the pre-issue equity share capital. After the IPO, the promoters' shareholding will be slightly diluted as the offering includes a fresh issue of 54,06,400 shares to public market investors, while the existing promoters will face no dilution in their stakeholding.

Board & Key Management

The leadership of Shanti Inorganics Ltd. is led by a team of experts with many years of experience. Manojkumar Jayantilal Patel serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Indira Suresh Vora and Niraj K Dalal for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.