Shanti Inorganics IPO Lists at 90% Premium on NSE SME

Shanti Inorganics shares made a strong stock market debut on September 7, 2026, listing at a premium of nearly 90% to the IPO issue price on the NSE SME platform. The stock opened at ₹157.70 per share, up 89.99% from its issue price of ₹83 per share.

The listing followed the company’s ₹47.24 crore IPO, which was open for subscription from August 31 to September 2, 2026. The final issue price was fixed at ₹83 per share, with the allotment finalised on September 3.

Shanti Inorganics’ IPO consisted entirely of a fresh issue of 56.91 lakh equity shares.

Ahmedabad-based Shanti Inorganics manufactures specialty chemicals and inorganic compounds and caters to industries including food and beverages, oil drilling and chemical processing.

Shanti Inorganics IPO Listing Details

Shanti Inorganics launched its ₹47.24 crore book-built IPO, consisting entirely of a fresh issue of 56.91 lakh equity shares. The bidding window opened on August 31 and closed on September 2, 2026, while the allotment was finalised on September 3.

The final IPO issue price was fixed at ₹83 per equity share. Retail investors could apply for a minimum lot of 1,600 shares, requiring an investment of ₹1,32,800.

Shanti Inorganics subsequently made its stock market debut at ₹157.70 per share on the NSE SME platform, representing a premium of 89.99% over its IPO issue price.

• Issue Price: ₹83 per share
• NSE SME Listing Price: ₹157.70 per share
• Listing Premium: 89.99%
• IPO Size: ₹47.24 crore
• Fresh Issue: 56.91 lakh equity shares
• Minimum Lot Size: 1,600 shares
• Minimum Retail Investment: ₹1,32,800
• IPO Open Date: August 31, 2026
• IPO Close Date: September 2, 2026
• Allotment Date: September 3, 2026

First-Day Trading Performance

Listing Price: Shanti Inorganics share price debuted at ₹157.70 per share on the NSE SME platform against the IPO issue price of ₹83, translating into a listing premium of 89.99%.

As of 10:23 AM on September 7, 2026, Shanti Inorganics shares were trading at ₹154.30 on the NSE, representing a gain of 85.90% over the IPO issue price of ₹83.

The stock was trading below its listing price of ₹157.70 but remained significantly above the IPO issue price during early trading.

The strong listing followed the company’s ₹47.24 crore public issue, which consisted entirely of a fresh issue of 56.91 lakh equity shares.

Growth Drivers and Challenges

Growth Drivers

Financial Growth: Total income increased 24.75% in FY26.

Profit Growth: PAT increased 27.91% during FY26.

EBITDA Growth: EBITDA reached ₹15.40 crore in FY26.

Capacity Expansion: Bala Phase-1 facility supports operational expansion.

Diverse Industries: Serves food, oil drilling, chemical sectors.

Challenges

Capacity Utilisation: Vatwa facility is already fully utilised.

Expansion Execution: Growth depends on facility expansion plans.

Working Capital Needs: Funds allocated for working capital requirements.

Industry Dependence: Business serves multiple industrial processing sectors.

Capital Requirements: Expansion requires continued capital expenditure.

Utilisation of IPO Proceeds

Shanti Inorganics’ ₹47.24 crore IPO consisted entirely of a fresh issue of 56.91 lakh equity shares.

The company plans to use the fresh issue proceeds towards capital expenditure for facility expansion, working capital requirements and general corporate purposes.

The public issue comprised:

• Fresh issue of 56.91 lakh equity shares
• Total IPO size of ₹47.24 crore
• Capital expenditure for facility expansion
• Funding of working capital requirements
• General corporate purposes

Vivro Financial Services Pvt. Ltd. acted as the book-running lead manager for the IPO, while KFin Technologies Ltd. served as the registrar.

Business and IPO Overview

Incorporated in 2010, Shanti Inorganics Limited, formerly known as Shanti Inorgo Chem (Guj) Private Limited, manufactures specialty chemicals and inorganic compounds. The company is headquartered in Ahmedabad, Gujarat.

Shanti Inorganics caters to industries including food and beverages, oil drilling and chemical processing. Its manufacturing infrastructure includes its fully utilised Vatwa processing plant and the newly operational Bala Phase-1 manufacturing facility.

The company reported total income of ₹72.93 crore in FY26, up 24.75% from ₹58.46 crore in FY25. Profit after tax increased 27.91% to ₹10.22 crore from ₹7.99 crore during the same period.

EBITDA increased to ₹15.40 crore in FY26 from ₹12.06 crore in FY25, with an EBITDA margin of 21.62%.

Shanti Inorganics entered the public markets through a ₹47.24 crore IPO consisting entirely of a fresh issue of 56.91 lakh equity shares. The issue opened on August 31 and closed on September 2, 2026, with the final issue price fixed at ₹83 per share.

Shanti Inorganics made a strong stock market debut on September 7, 2026, with shares listing at ₹157.70 on the NSE SME platform, representing a premium of 89.99% over the IPO issue price of ₹83.

As of 10:23 AM on the listing day, the stock was trading at ₹154.30, remaining 85.90% above its IPO issue price.