Shanti Inorganics IPO Day 1: Subscription status, review — here's what you need to know
- Shanti Inorganics IPO opened on August 31, 2026, with total subscription at 0.63x by end of Day 1.
- NII (bHNI) led interest, jumping 33.3% intraday from 0.21x to 0.28x.
- QIB and Retail segments remained flat at 0.00x.
- Company reported revenue of ₹71.22 crores and PAT of ₹10.22 crores in FY2026.
- IPO closes on September 2, 2026, with price band ₹79.00000 - ₹83.00000.
*this image is generated using AI for illustrative purposes only.
Shanti Inorganics IPO opened today, August 31, 2026, with total subscription ticking up to 0.63x by end of day. NII (bHNI) drove the momentum, jumping 33.3% intraday from 0.21x to 0.28x. QIB and Retail remained flat at 0x.
Subscription Status
The IPO saw modest but improving interest on its first day. Here is the breakdown:
| Category | Subscription Multiple |
|---|---|
| QIB | 0.00x |
| NII (bHNI) | 0.28x |
| NII (sHNI) | 0.17x |
| Retail | 0.00x |
| Total | 0.63x |
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.21x | 0.00x | 0.34x |
| 12:15 | 0.00x | 0.28x | 0.00x | 0.63x |
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 31-08-2026 | 0.00x | 0.28x | 0.17x | 0.00x | 0.63x |
About the Company
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Founded in 2010, it holds one of the largest domestic production capacities for bisulphites at 18,800 MTPA. The company is led by MD Manojkumar Jayantilal Patel and CEO Avnish Manojkumar Patel. Its products serve industries including food and beverages, chemicals, oil drilling, and pharmaceuticals.
Financial Highlights
The company has shown consistent growth over the last three years. Standalone financials are as follows:
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 44.87 | 57.11 | 71.22 |
| Total Profit/PAT (₹ crores) | 5.12 | 7.99 | 10.22 |
| Total Equity (₹ crores) | 17.60 | 25.60 | 48.24 |
Revenue grew from ₹44.87 crores in FY2024 to ₹71.22 crores in FY2026. PAT increased from ₹5.12 crores to ₹10.22 crores in the same period.
Objects of the Issue
- ₹42.50 crores towards setting up a new facility for manufacturing sodium meta bisulphite, sodium bisulphite powder, and ammonium bisulphite at Bavla, Ahmedabad.
- Balance net proceeds for General Corporate Purposes including brand building, IT infrastructure, and working capital.
Risk Factors
- Dependence on Food and Beverages, Oil Drilling, and Chemical Industries for substantial revenue.
- Customer Concentration Risk: Top 10 customers account for 71.03% of revenue as of May 31, 2026.
- No Long-term Customer Contracts: Reliance on transactional purchase orders exposes the company to demand fluctuations.
Offer Details
- Price Band: ₹79.00000 - ₹83.00000
- Issue Size: 379200 - 500000
- Min Bid Qty: 3200
- IPO Open Date: 2026-08-31
- IPO Close Date: 2026-09-02
Will the lack of QIB and Retail participation on Day 1 signal broader market skepticism towards small-cap chemical IPOs in late 2026?
How might the new Bavla facility impact Shanti Inorganics' capacity utilization and margin stability once operational?
Given the high customer concentration (71% from top 10 clients), what strategies will management employ to diversify revenue sources post-listing?
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