NewsShanti Inorganics IPO Day 3: Issue subscribed 55.04x so far. Check issue details and key datesShanti Inorganics IPO Day 3: Issue subscribed 55.04x so far. Check issue details and key dates
- Shanti Inorganics IPO closed with an overall subscription of 55.04x.
- NII (bHNI) surged 96.1% on Day 3, reaching 29.50x, driving the late spike.
- QIB subscription stands at 1.65x; Retail remains at 0x.
- Allotment expected on 2026-09-03; listing on 2026-09-07.
*this image is generated using AI for illustrative purposes only.
Shanti Inorganics IPO has closed with a total subscription of 55.04x, driven by a dramatic late-day surge in Non-Institutional Buyer (NII) demand. The issue is fully subscribed in the QIB category at 1.65x, while Retail participation stands at 0x.
Final Subscription Status
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 31-08-2026 | 0.23x | 0.56x | 0.38x | 0.00x | 1.41x |
| Day 2 | 01-09-2026 | 1.63x | 2.70x | 2.70x | 0.00x | 6.93x |
| Day 3 | 02-09-2026 | 1.65x | 29.50x | 37.84x | 0.00x | 55.04x |
Intra-day timeline on 02-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.63x | 15.04x | 0.00x | 32.18x |
| 12:15 | 1.65x | 29.50x | 0.00x | 55.04x |
Category-wise Breakdown
The NII segment led the subscription momentum, with bHNI jumping +96.1% today from 15.04x to 29.50x and sHNI at 37.84x. QIBs contributed 1.65x to the total oversubscription. Retail investors did not participate, resulting in a 0x subscription for this category.
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 serve industries such as food and beverages, chemicals, oil drilling, and pharmaceuticals. Promoters include Manojkumar Jayantilal Patel (MD) and Avnish Manojkumar Patel (CEO).
Financial Highlights
| Particulars | FY2024 (₹ crores) | FY2025 (₹ crores) | FY2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 44.87 | 57.11 | 71.22 |
| Profit After Tax | 5.12 | 7.99 | 10.22 |
| Total Equity | 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 over 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, salaries, IT infrastructure, and strategic initiatives.
Risk Factors
- Dependence on food and beverages, oil drilling, and chemical industries for substantial revenue.
- Customer concentration risk with top 10 customers accounting for 71.03% of revenue.
- No long-term contractual arrangements with majority of customers, relying on transactional purchase orders.
What's Next
Allotment date: 2026-09-03 Listing date: 2026-09-07 Basis of allotment will be determined based on final subscription multiples.
How might the complete absence of retail investor participation impact the stock's liquidity and price volatility in the initial weeks post-listing?
Given the heavy reliance on NII demand, will the allotment ratio for QIBs and NIIs remain favorable, or could the oversubscription lead to significant dilution for these categories?
How does the planned expansion in Bavla position Shanti Inorganics against competitors in the sulphur-based chemicals sector, and what is the expected timeline for capacity utilization?
16
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
