Shanti Inorganics IPO Day 2 Live: NII booked over 3x - Check analysts view and more
- Shanti Inorganics IPO subscription hits 3.89x on Day 2.
- NII (bHNI) category leads with 2.06x subscription; QIB remains at 0.23x.
- Company manufactures sulphur-based chemicals with ₹71.22 crore revenue in FY2026.
- Proceeds will fund a new 78,544 MTPA manufacturing facility in Gujarat.
- IPO closes on September 2, 2026; listing expected on September 7, 2026.
*this image is generated using AI for illustrative purposes only.
Shanti Inorganics IPO subscription has surged to 3.89x by the end of Day 2. The issue is seeing robust participation from Non-Institutional Buyers (NII), with the bHNI category leading the charge at 2.06x. QIB subscription remains modest at 0.23x.
Subscription Status
The IPO opened on August 31, 2026, and saw significant traction in the second day of bidding. The cumulative subscription reached 3.89x, primarily fueled by retail and high-net-worth individual investors.
| Category | Day 1 (31-08-2026) | Day 2 (01-09-2026) |
|---|---|---|
| QIB | 0.23x | 0.23x |
| NII (bHNI) | 0.56x | 1.40x |
| NII (sHNI) | 0.38x | 2.06x |
| Retail | 0.00x | 0.00x |
| Total | 1.41x | 3.89x |
Intra-day Timeline (Day 2)
Subscription momentum was evident early in the day. By 11:15 AM IST on September 1, 2026, the total subscription had already reached 3.89x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.23x | 1.40x | 0.00x | 3.89x |
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’s products, including ammonium bisulphite and sodium meta bisulphite, serve industries such as food and beverages, chemicals, oil drilling, and pharmaceuticals. Led by MD Manojkumar Jayantilal Patel and CEO Avnish Manojkumar Patel, the firm exports to 15 countries.
Financial Highlights
The company has demonstrated consistent financial growth over the last three years.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| 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. Profit after tax increased from ₹5.12 crores to ₹10.22 crores in the same period.
Objects of the Issue
- ₹42.50 crores: Part funding capital expenditure for a new manufacturing facility in Bavla, Ahmedabad, with a capacity of 78,544 MTPA.
- Balance Proceeds: General corporate purposes including brand building, marketing, salaries, IT infrastructure, and strategic initiatives.
Risk Factors
- Customer Concentration: Top 10 customers account for 71.03% of revenue as of May 31, 2026.
- No Long-term Contracts: Reliance on transactional purchase orders exposes the company to demand fluctuations.
- Raw Material Volatility: Cost of materials consumed represented 58.43% of total income for two months ended May 31, 2026.
Key Dates
- IPO Open Date: 31-08-2026
- IPO Close Date: 02-09-2026
- Allotment Date: 03-09-2026
- Listing Date: 07-09-2026
How might the low QIB subscription of 0.23x impact the stock's listing price and initial volatility compared to IPOs with strong institutional backing?
Given that 71% of revenue comes from the top 10 customers, what are the risks to Shanti Inorganics' future earnings stability if key clients renegotiate terms or switch suppliers?
How will the new 78,544 MTPA facility in Bavla affect the company's economies of scale and profit margins once operational, considering current raw material costs consume over 58% of income?
19
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
