Shanti Inorganics IPO
Chemicals • ₹47.24 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹83
Lot Size
1600 shares
Issue Size
₹47.24 Cr
Open
31 Aug 2026
Close
02 Sept 2026
Subscription
132×
IPO Schedule
| Issue Open Date | 31 Aug 2026 |
| Issue Close Date | 02 Sept 2026 |
| Allotment Date | 03 Sept 2026 |
| Listing Date | 06 Sept 2026 |
About Shanti Inorganics
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder/anhydrous. These products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. The company operates two manufacturing units in Ahmedabad, Gujarat. Manufacturing Unit I at Vatva has an installed capacity of 18,800 metric tonnes per annum (MTPA), while Phase I of Manufacturing Unit II at Bavla commenced commercial production in February 2025 with an installed capacity of 18,000 MTPA. Phase II of the Bavla facility is under development with a proposed capacity of 78,544 MTPA. The company holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications and sells its products in the domestic and international markets.
Company Details
Founders / Promoters
Mr Manojkumar Jayantilal Patel
Founded
2010
Registrar
KARVY
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Shanti Inorganics — IPOFins Verdict
QuantitativeDriven by QIB demand at 131.0x and moderate disclosed risk (6/10), Shanti Inorganics listed at a premium of 90.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- The company claims to have a geographically diversified export presence. Exports contributed Rs 4.66 crore (29.28%), Rs 30.03 crore (42.57%), Rs 30.34 crore (53.83%), and Rs 22.31 crore (50.08%) to re
- The company claims to have developed long-term relationships with customers across multiple industries, including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals,
- The company claims that its manufacturing facilities are strategically located close to industries that generate liquefied sulphur dioxide (SO2), providing access to key raw materials such as liquid S
- The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 44.87 crore in FY24 to Rs 57.10 crore in FY25 to Rs 71.22 crore in FY26, while
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹83
Listing Price
₹157.7
Listing Gain/Loss
+90.00%
Listing Date
06 Sept 2026
Price Since Listing
Returns are measured against the ₹83 issue price.
Listing
₹157.7
+90.0%
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FAQ
What is the price band of Shanti Inorganics IPO?
The price band is ₹83 per share with a lot size of 1600 shares. Minimum investment: ₹1,32,800.
What does Shanti Inorganics do?
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder/anhydrous. These products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. The company operates two manufacturing units in Ahmedabad, Gujarat. Manufacturing Unit I at Vatva has an installed capacity of 18,800 metric tonnes per annum (MTPA), while Phase I of Manufacturing Unit II at Bavla commenced commercial production in February 2025 with an installed capacity of 18,000 MTPA. Phase II of the Bavla facility is under development with a proposed capacity of 78,544 MTPA. The company holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications and sells its products in the domestic and international markets.
Should I apply for Shanti Inorganics IPO?
Shanti Inorganics listed at ₹157.7 (+90.0% premium to the ₹83 issue price) after 131.8x subscription. IPOFins Score 8/10: Driven by QIB demand at 131.0x and moderate disclosed risk (6/10), Shanti Inorganics listed at a premium of 90.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Shanti Inorganics?
Shanti Inorganics was founded by Mr Manojkumar Jayantilal Patel in 2010.