Shivchem Agro IPO Day 1: Subscribed 0.03x; Retail jumps 50% intraday to 0.06x
- Shivchem Agro IPO subscribed 0.03x in aggregate on Day 1 (28 September 2026) at a price band of ₹59–₹62.
- Retail investors led with 0.06x, jumping 50% intraday from 0.04x at 11:15 IST to 0.06x by 12:15 IST; NII (sHNI) stood at 0.02x.
- QIB and NII (bHNI) recorded 0.00x as of the latest snapshot, with two subscription days still remaining.
- The company reported revenue from operations of ₹33.82 crore in FY2026, a two-year CAGR of ~75.79%, with net profit of ₹3.25 crore.
- Allotment is scheduled for 1 October 2026 and listing on 6 October 2026.
*this image is generated using AI for illustrative purposes only.
Shivchem Agro's IPO, open for subscription since 28 September 2026 at a price band of ₹59–₹62, has reached an aggregate subscription of 0.03x on Day 1, with Retail investors ticking up 50% intraday — from 0.04x at 11:15 IST to 0.06x by 12:15 IST.
Subscription Status
Retail is the standout category on Day 1, jumping 50% between the 11:15 and 12:15 IST snapshots. The overall issue mirrored that move, also rising 50% from 0.02x to 0.03x across the same window. NII (sHNI) holds steady at 0.02x, while QIB and NII (bHNI) are yet to record any bids. With two days still remaining, the issue is well below the fully subscribed threshold.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 0.00x | 0.00x | 0.02x | 0.06x | 0.03x |
Intra-day Timeline — 28 September 2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.02x | 0.04x | 0.02x |
| 12:15 | 0.00x | 0.02x | 0.06x | 0.03x |
Category-wise Breakdown
Retail leads all categories at 0.06x, having picked up pace after the opening hour. NII (sHNI) is at 0.02x. QIB and NII (bHNI) have recorded 0.00x as of the latest 12:15 IST snapshot. The standout intraday move belongs to Retail, which jumped +50.0% (from 0.04x to 0.06x), pulling the total subscription up by the same proportion.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹59 – ₹62 per share |
| Issue Size | 2,36,000 – 5,00,000 shares |
| Minimum Bid Quantity | 4,000 shares |
| IPO Open Date | 28 September 2026 |
| IPO Close Date | 30 September 2026 |
| Allotment Date | 1 October 2026 |
| Listing Date | 6 October 2026 |
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 31 March 2026, Shivchem Agro distributes across 8 states through a network of 685 distributors, supported by 5 godowns and a sales team of 39. The company is led by MD Rohit Agarwal and CEO Sachin Agarwal.
Financial Highlights
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 10.94 | 27.46 | 33.82 |
| Total Revenue (₹ crore) | 10.95 | 27.50 | 33.84 |
| Total Expenses (₹ crore) | 9.22 | 23.98 | 29.44 |
| Profit Before Tax (₹ crore) | 1.73 | 3.52 | 4.40 |
| Net Profit / Total Profit (₹ crore) | 1.29 | 2.60 | 3.25 |
| Total Assets (₹ crore) | 16.41 | 36.29 | 45.04 |
| Total Equity (₹ crore) | 1.50 | 9.67 | 12.92 |
Revenue from operations grew from ₹10.94 crore in FY2024 to ₹33.82 crore in FY2026, reflecting a two-year CAGR of ~75.79%, with an EBITDA margin of 17.69% in FY2026.
Objects of the Issue
- Funding Working Capital Requirements — ₹6.90 crore to cover trade receivables, inventories, trade payables, and day-to-day operations across multiple godowns.
- Debt Repayment / Prepayment of Loans — ₹3.50 crore towards full or partial repayment or pre-payment of business loans, vehicle loans, and working capital facilities to reduce outstanding indebtedness and debt servicing costs.
- General Corporate Purpose — Balance proceeds towards operating expenses, business development, marketing capabilities, and unforeseen exigencies, subject to applicable caps.
Risk Factors
- Regulatory Approvals and Licensing Risk: The company requires ongoing licenses under the Insecticides Act, 1968 and Fertilizer Control Order, 1985 for its 176 agrochemical products and 82 fertilizers. Any failure to obtain, renew, or maintain these approvals could result in suspension of manufacturing or sales.
- Raw Material Cost Concentration: Net cost of materials consumed represented approximately 63% of total expenses in FY2026, FY2025, and FY2024, with the top single supplier accounting for up to 44.16% of purchases. The absence of long-term supply contracts exposes the company to price volatility and supply disruptions.
- Negative Cash Flows and Working Capital Pressure: The company experienced 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 Manufacturing Facility Concentration Risk: The company operates from a single leased manufacturing facility in Jhajjar, Haryana. Any prolonged disruption could severely impact production capacity, revenue generation, and financial performance.
- Statutory Compliance Failures: The company has a history of delayed payments of statutory dues including GST (up to 61-day delays), EPF (up to 134-day delays), and Labour Welfare Fund (up to 851-day delays), which could result in financial penalties and regulatory actions.
What's Next
The IPO closes on 30 September 2026. Allotment is scheduled for 1 October 2026, and shares are expected to list on 6 October 2026.
Will the sharp increase in retail subscription momentum sustain through the final two days of the IPO window to prevent a potential undersubscription?
How might institutional investors' continued absence (0.00x for QIB and bHNI) influence the stock's price stability and liquidity on its October 6 listing date?
Given the company's history of delayed statutory payments, what specific governance reforms are planned to mitigate regulatory risks post-listing?
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