Overview
Updated 12 days agoShanti Inorganics Limited is an Ahmedabad-based manufacturer of sulphur-based inorganic chemicals, including sodium bisulphite, sodium metabisulphite, and ammonium bisulphite. The company is launching an initial public offering of 5,691,200 equity shares to fund capital expenditure for its proposed manufacturing facility at Bavla, Ahmedabad, and for general corporate purposes.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| bNII (min) | 8 | 12,800 | ₹10,62,400 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Chemicals |
| Price band | ₹79–83 |
| Final issue price | ₹83.00 |
| Face value | ₹10 per share |
| Lot size | 1,600 shares |
| Minimum investment | ₹1,32,800 |
| Issue size | ₹47.00 Cr |
| Offer for sale | ₹0.00 Cr |
| Market cap at upper band | ₹143 Cr |
| P/E at upper band | 8.9x |
| Registrar | KFin Technologies Limited |
| Lead managers | Vivro Financial Services Private Limited |
| NSE symbol | SHANTIINOR |
| ISIN | INE1ZEE01019 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Shanti Inorganics Limited, formerly known as Shanti Inorgo Chem (Guj) Limited, is a manufacturer of sulphur-based inorganic chemicals. The company's product portfolio includes ammonium bisulphite solution, sodium bisulphite powder or solution, sodium meta bisulphite, and sodium sulphite powder/anhydrous. These products serve as critical inputs for various industries, including 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 Gujarat, located at Vatva and Bavla, and has received various quality certifications such as ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL.
Objects of the issue — how the money will be used
- Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat (₹42.5 Cr)
- General Corporate Purposes
Key strengths
- Geographical diversification through exports to international markets
- Long-standing relationships with diversified customers across multiple industries
- Strategically located production facilities with access to abundant raw materials
- Certifications and compliance with quality and food safety standards
- Experienced Promoters and Senior Management with extensive domain knowledge
- Consistent financial performance
Key risks
- Significant revenue dependence on food and beverages, oil drilling, and chemical industries
- High customer concentration risk with top ten customers contributing significantly to revenue
- Lack of long-term contractual arrangements with the majority of customers
- Potential conflicts of interest with Group Companies in similar lines of business
- Exposure to risks associated with international markets and export operations
- Volatility in raw material prices and dependence on third-party suppliers
- Risks associated with proposed capital expenditure and potential delays in project implementation
- Past instances of non-compliance with certain provisions of the Companies Act, 2013
Promoters
Manojkumar Jayantilal Patel, Avnish Manojkumar Patel
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 44.87 | -- | 5.12 | 52.69 | 17.60 | 24.34 |
| FY25 | 57.11 | -- | 7.99 | 66.04 | 25.60 | 25.38 |
| FY26 | 71.22 | -- | 10.22 | 97.04 | 48.24 | 30.67 |
Key performance indicators · FY26
Peers & valuation
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.