How to Check Shanti Inorganics IPO Allotment Status

Shanti Inorganics Limited is an Ahmedabad-based manufacturer and supplier of sulphur-based inorganic chemicals. The company was incorporated in 2010 after taking over the running business of the promoters' partnership firm. Its product portfolio includes ammonium bisulphite, sodium bisulphite, sodium metabisulphite and sodium sulphite.

These chemicals are used as preservatives, reducing agents, oxygen scavengers and process intermediates across industries including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers and mining.

The company operates manufacturing facilities at Vatva and Bavla in Ahmedabad, Gujarat. Its Vatva unit has an installed capacity of 18,800 MTPA, while Phase I of the Bavla facility has an installed capacity of 18,000 MTPA. Shanti Inorganics also supplies to overseas markets, with exports reaching around 15 countries.

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Shanti Inorganics IPO is a ₹47.24 crore book-built NSE SME issue, comprising entirely a fresh issue of 56.91 lakh equity shares. There is no offer-for-sale component.

The IPO opened for subscription on August 31, 2026 and closed on September 2, 2026. The basis of allotment is scheduled for September 3, 2026, followed by refunds and credit of shares on September 4. The company's shares are scheduled to list on NSE SME on September 7, 2026.

The price band was fixed at ₹79 to ₹83 per share, with a lot size of 1,600 shares. Individual Investors are required to apply for at least two lots or 3,200 shares, translating into a minimum investment of ₹2,65,600 at the upper price band.

Vivro Financial Services Private Limited is the book-running lead manager, while KFin Technologies Limited is the registrar to the issue.

Registrar:  KFin Technologies Limited

BSE: BSE IPO Allotment Status Page

Shanti Inorganics IPO Subscription Status

Shanti Inorganics IPO was subscribed 142.16 times by 5:06 PM on September 2, 2026, based on the subscription data provided. The public issue received bids for approximately 53.84 crore shares against 37.87 lakh shares available for subscription.

The QIB category was subscribed 130.97 times on Day 3, compared with 1.63 times on the previous day. This indicates that a significant proportion of institutional bidding came during the final session.

The Individual Investor category was subscribed 125.70 times on the closing day, after increasing from 1.75 times on Day 1 to 5.18 times on Day 2.

Overall subscription increased from 1.26 times on Day 1 to 3.89 times on Day 2, before rising to 142.16 times by 5:06 PM on September 2.

Later post-close trackers show marginally different figures. For example, one tracker recorded 142.25 times overall, with QIBs at 130.97 times, NIIs at 195.88 times and Individual Investors at 125.72 times. These differences reflect later data updates; the table above retains the 142.16-times 5paisa snapshot supplied.

Shanti Inorganics IPO Share Price and Investment Details

Shanti Inorganics IPO price band was fixed at ₹79 to ₹83 per share, with a lot size of 1,600 shares. Individual Investors are required to apply for a minimum of two lots or 3,200 shares, resulting in an investment of ₹2,65,600 at the upper price of ₹83.

The IPO has a total issue size of approximately ₹47.24 crore, comprising 56.91 lakh shares. It is structured entirely as a fresh issue and is proposed to list on NSE SME.

Based on the supplied subscription snapshot, NIIs led demand at 195.53 times, followed by QIBs at 130.97 times and Individual Investors at 125.70 times, taking overall subscription to 142.16 times.

Given the level of oversubscription across investor categories, competition for allotment is high. The basis of allotment is scheduled for September 3, 2026, followed by refunds and share credit on September 4 and the proposed listing on September 7.

Utilisation of IPO Proceeds

Shanti Inorganics proposes to utilise approximately ₹42.50 crore from the net proceeds towards part-funding capital expenditure for setting up a new manufacturing facility at Bavla, Ahmedabad, Gujarat.

The proposed facility will manufacture sodium metabisulphite, sodium bisulphite powder and ammonium bisulphite. The expansion forms part of the company's strategy to increase its manufacturing capacity for sulphur-based inorganic chemicals.

The proposed Phase II expansion at Bavla is designed to add approximately 78,544 MTPA of manufacturing capacity. Together with its existing Vatva and Bavla Phase I capacities, this would take combined installed capacity to approximately 1,15,344 MTPA.

The remaining eligible net proceeds are proposed to be utilised towards general corporate purposes, subject to applicable regulatory limits.

Since the entire ₹47.24 crore IPO is a fresh issue, there is no OFS component and the proceeds, after issue-related expenses, are intended for the company rather than selling shareholders.

Business Overview

Shanti Inorganics operates in the speciality and inorganic chemicals industry, with a focus on sulphur-based chemicals. Its principal products include ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder and anhydrous.

These products have applications across a broad range of industries. Sodium bisulphite and sodium metabisulphite, for example, can be used as preservatives, oxygen scavengers, reducing agents and dechlorinating agents across food processing, oil drilling, water treatment, mining and chemical applications.

The company operates two manufacturing locations in Ahmedabad, comprising its Vatva facility and Bavla facility. The Vatva unit has installed capacity of 18,800 MTPA and recorded utilisation of 92.60% in FY26, while the newer 18,000 MTPA Bavla Phase I unit commenced commercial production in February 2025.

Shanti Inorganics serves both domestic and international customers. In FY26, it supplied products to 64 domestic customers and 20 overseas customers, with exports spread across around 15 countries. Its international markets include the UAE, Malaysia, Qatar, Nigeria, Russia, Colombia, Turkey, Vietnam, Egypt, Ghana and the Philippines, among others.

The company reported total income of ₹72.93 crore in FY26, compared with ₹58.46 crore in FY25 and ₹45.06 crore in FY24. Profit after tax increased to ₹10.22 crore in FY26, from ₹7.99 crore in FY25 and ₹5.12 crore in FY24. EBITDA stood at ₹15.40 crore in FY26, compared with ₹12.06 crore in FY25 and ₹8.72 crore in FY24.

For the two months ended May 31, 2026, the company reported total income of ₹16.10 crore and PAT of ₹2.50 crore, while assets stood at ₹110.73 crore.

Key strengths include its specialised sulphur-based inorganic chemical portfolio, established manufacturing capabilities, diversified industrial applications, presence across domestic and export markets and planned capacity expansion at Bavla. Its Vatva facility's high utilisation also provides context for the proposed expansion.

Investors should also consider risks associated with customer and supplier concentration, raw-material availability and pricing, chemical manufacturing and environmental compliance, working-capital requirements, export exposure and execution of the proposed capacity expansion. The company's top five suppliers accounted for around 70.08% of purchases during the period ended May 31, 2026, while outstanding financial indebtedness stood at approximately ₹34.85 crore.