Shanti Inorganics IPO Analysis: Should You Apply? GMP, Review & Details

Shanti Inorganics is a SME IPO in the Specialty Chemicals sector. The issue price band is ₹79.0–₹83.0 per share. Issue size is ₹47.24 crore. Current GMP is +65.06% over the issue price (unofficial, subject to change).

Shanti Inorganics IPO — Key Details

Company Overview

Shanti Inorganics Ltd. operates in the specialty chemicals sector, focusing on manufacturing and trading sulphur-based inorganic chemicals. Their product range includes ammonium bisulphite, sodium bisulphite solutions, sodium meta/bisulphite, and sodium sulphite powder. These products serve various industries such as oil drilling, pharmaceuticals, food and beverages, pulp & paper, and water treatment. The company has manufacturing units located in Vatva and Bavla, Ahmedabad, Gujarat.

Financial Performance

Total income was ₹45.06 Cr in the period ending 31 Mar 2024, rising to ₹58.46 Cr by 31 Mar 2025, and further increasing to ₹72.93 Cr by 31 Mar 2026. However, the most recent figure for 31 May 2026 shows a decline to ₹16.10 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable. Profit after tax was ₹5.12 Cr in the period ending 31 Mar 2024, increasing to ₹7.99 Cr by 31 Mar 2025, and reaching ₹10.22 Cr by 31 Mar 2026. The latest figure for 31 May 2026 is ₹2.50 Cr, which is also a 9-month figure and not directly comparable to the full-year figures.

Objects of the Issue

The company plans to use the proceeds from the IPO for the following purposes: ₹42.50 Cr for part funding a new facility for manufacturing sodium meta bisulphite, sodium bisulphite powder, and ammonium bisulphite in Bavla, Ahmedabad, and ₹4.74 Cr for issue expenses.

Strengths & Weaknesses

Strengths

Shanti Inorganics has geographical diversification through exports, long-standing relationships with a diverse customer base across multiple industries, strategically located production facilities, and compliance with quality and food safety standards.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) is an indicator of the demand for an IPO in the unofficial market before it lists on the stock exchange. A positive GMP suggests that investors are willing to pay more than the issue price, indicating strong demand.

Subscription Status

The IPO has seen significant interest, with total bids amounting to 142.17 times the shares offered. The institutional category received bids 130.97 times, while high-net-worth individuals (HNI) and retail investors showed strong participation as well, with their respective subscription rates at 195.53 times and 125.72 times.

IPO Timeline

The IPO opens for subscription on 31 August 2026 and closes on 2 September 2026. Allotment of shares will be done on 3 September 2026, and the shares are expected to list on the stock exchange on 7 September 2026.

Should You Apply for Shanti Inorganics IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy and risk tolerance. It's important to consider the company's growth potential and market position.

Investors who are risk-averse or those who prefer stable investments may want to avoid IPOs, particularly in sectors that can be volatile, such as specialty chemicals.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains refer to the potential profit an investor can make if they sell their shares on the listing day at a price higher than the issue price. However, there is no guarantee of listing gains, and market conditions can lead to fluctuations in share prices post-listing.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.