Overview

Shanti Inorganics Limited, a manufacturer and supplier of sulphur‑based inorganic chemicals, announced the opening of its Initial Public Offering (IPO) on Monday, August 31 2026. The company aims to raise a total of ₹47.23 crore by issuing equity shares at a price band of ₹79 to ₹83 per share.

Issue Details

The IPO consists of 5,691,200 equity shares with a face value of ₹10 each. The allocation plan is as follows:

  • Anchor Investors: 1,620,800 shares
  • Net Qualified Institutional Buyers (QIBs): 1,080,000 shares
  • Non‑Institutional Investors (NIIs): 811,200 shares
  • Individual Investors: 1,894,400 shares
  • Market Maker: 284,800 shares

Anchor investor bidding is scheduled for Friday, August 28 2026. The issue will close on Wednesday, September 2 2026.

Lead Managers and Registrar

Vivro Financial Services Private Limited is appointed as the Book Running Lead Manager, while KFin Technologies Limited serves as the Registrar for the issue.

Use of Proceeds

The net proceeds are earmarked for two primary purposes:

1. Capital expenditure to fund Phase II of a new manufacturing facility at Bavla, Ahmedabad, Gujarat. This facility will produce Sodium Meta‑Bisulphite, Sodium Bisulphite, and Ammonium Bisulphite, adding an additional 78,544 MTPA to the company’s capacity.

2. General corporate purposes for the remaining amount.

Financial Highlights

  • FY26: Revenue of ₹7,122.02 lakhs, EBITDA of ₹1,539.72 lakhs, and PAT of ₹1,022.00 lakhs.
  • Two‑month period ended May 31 2026: Revenue of ₹1,598.27 lakhs, EBITDA of ₹402.17 lakhs, and PAT of ₹249.96 lakhs.

Management Comments

Mr. Avnish Manojkumar Patel, Joint Managing Director, stated that the IPO marks a pivotal step in the company’s evolution, highlighting its diversified product portfolio and a domestic production capacity of 18,800 MTPA for bisulphites. He emphasized the strategic intent to expand manufacturing capabilities at Bavla and to strengthen the company’s position across diverse end‑use industries and geographies.

Mr. Roshan Vaishnav, Director of Vivro Financial Services, underscored that the IPO will provide a platform for Shanti Inorganics to further strengthen its business operations and support long‑term growth objectives, aligning the deployment of proceeds with the Phase II expansion at Bavla.

Company Profile

Shanti Inorganics Limited operates manufacturing facilities at Vatva and Bavla Phase I in Ahmedabad, producing Ammonium Bisulphite, Sodium Bisulphite, Sodium Metabisulphite, and Sodium Sulphite. The company serves over ten application industries, including food & beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agro‑chemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. Its products are exported to 15 countries, and the firm holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications. Installed capacity stands at 18,800 MTPA at Vatva and 18,000 MTPA under Phase I at Bavla, with the proposed Phase II adding 78,544 MTPA.

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