Shivchem Agro IPO wrapped up its subscription window on September 30, 2026, with an overall subscription of 2.17x. Retail investors drove the final-day surge, more than doubling from 1.62x at the open to 3.36x by close, while QIBs made a dramatic late entry — racing from zero to 1.00x after 2 pm.

Subscription Status

The Shivchem Agro IPO crossed the 2x threshold on its final day, powered almost entirely by a retail-led rally and a last-hour institutional push. After two days of muted activity — the issue stood at just 0.66x at the end of Day 2 — Day 3 saw the total subscription climb by 92.0%, from 1.13x at the morning open to 2.17x at close. QIBs, who had recorded zero subscription for the first two days and through the morning of Day 3, entered decisively after 14:15 IST, registering 1.00x by the close. Retail subscription picked up pace after 2 pm as well, rising from 2.48x at 13:15 IST to 3.36x by 16:15 IST — a jump of +107.4% on the day.

Category-wise Breakdown

Retail investors dominated the final subscription tally at 3.36x, contributing the largest share of the oversubscription. Small HNIs (sHNI) ended at 1.14x and big HNIs (bHNI) at 1.04x, both crossing the fully subscribed mark on Day 3 after ticking up steadily through the session. QIBs closed at exactly 1.00x, having been entirely absent for the first two days. The NII (bHNI) category registered the sharpest percentage move on the day, jumping +188.9% from 0.36x at the morning open to 1.04x by close.

Intra-day Timeline — 28 September 2026

Offer Details

About the Company

Shivchem Agro Limited is an ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified agrochemical company incorporated in 2021. It manufactures, distributes, and sells agricultural formulations including insecticides, fungicides, herbicides, plant growth regulators, rodenticides, and fertilizers. The company operates a 22,680 sq. ft. manufacturing facility in Jhajjar, Haryana, and holds licenses for 176 agrochemical products under the Insecticides Act, 1968, and 82 fertilizers under the Fertilizer Control Order, 1985. As of March 31, 2026, it distributes products across 8 states through a network of 685 distributors, supported by 5 godowns and a sales team of 39. The company reported revenue from operations of ₹33.82 crores in FY2025-26, reflecting a two-year CAGR of ~75.79%, with an EBITDA margin of 17.69%. MD is Rohit Agarwal and CEO is Sachin Agarwal.

Financial Highlights

Objects of the Issue

• Funding Working Capital Requirements: ₹6.90 crores to cover trade receivables, inventories, and day-to-day operations across multiple godowns.
• Debt Repayment / Prepayment of Loans: ₹3.50 crores towards full or partial repayment of borrowings including business loans, vehicle loans, and working capital facilities.
• General Corporate Purpose: Balance amount for operating expenses, business development, and unforeseen exigencies, subject to a cap of 15% of the amount raised.

Risk Factors

• Regulatory Approvals: The company requires statutory approvals under the Insecticides Act, 1968, and Fertilizer Control Order, 1985, for its 176 agrochemical products and 82 fertilizers. Failure to obtain or maintain these could suspend manufacturing or sales.
• Raw Material Concentration: Net cost of materials consumed represented approximately 63% of total expenses, with the top single supplier accounting for up to 44.16% of purchases. No long-term supply contracts are in place.
• Distribution Network Dependency: The company relies on 685 distributors for revenue generation with no direct sales to end customers. Any distributor exit could impact market share and cash flows.
• Negative Cash Flows and Working Capital Pressure: The company recorded negative operating cash flows of ₹299.85 lakhs and ₹434.34 lakhs in FY2025 and FY2024 respectively, with net working capital requirements growing from ₹709.02 lakhs in FY2024 to ₹1,663.29 lakhs in FY2026.
• Single Facility Concentration: All manufacturing is conducted at a single leased facility in Jhajjar, Haryana, exposing the company to equipment, power, and regulatory disruption risks.

What's Next

Allotment for the Shivchem Agro IPO is scheduled for October 1, 2026. Shares are expected to list on the stock exchanges on October 6, 2026.