Shanti Inorganics came to market through an SME IPO that opened on 31 August 2026 and closed on 2 September 2026, and the shares listed on 7 September 2026 on NSE SME. The price band was ₹79 to ₹83 per share and one lot was 1600 shares, so the minimum application was ₹1,32,800. The issue size was ₹47.24 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹157.7, a gain of 90% against the issue price of ₹83. Kfin Technologies Ltd was the registrar to the issue, and Vivro Financial Services Pvt.Ltd was the lead manager.
As of 2 September 2026.
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Overall the issue was subscribed 142.25 times.
Shanti Inorganics Ltd., incorporated in January 2010, is involved in the manufacturing and trading of sulfur-based inorganic chemicals. The main products include sodium metabisulphite, sodium sulfite powder, ammonium bisulfite solution, and sodium bisulfite powder/solution.
These chemicals are used as preservatives, reducing agents, oxygen scavengers, and process intermediates in various sectors like oil drilling, pharmaceuticals, food & beverages, pulp & paper, and water treatment.The company has two manufacturing units in Gujarat - GIDC, Vatva, Ahmedabad and Sankalp Industrial Estate, Chiyada, Bavla, Ahmedabad. The company sells its products both in domestic and overseas markets.
In the domestic market, the company supplied its products to 29 customers in two months ending May 31, 2026, against 64 customers in FY2026, 48 customers in FY2025, and 46 customers in FY2024. In overseas market, the company supplied its products to 8 customers in two months ending May 31, 2026, against 20 customers in FY2026, 21 customers in FY2025, and 21 customers in FY2024.
The products of the firm are exported to different countries such as United Arab Emirates, Malaysia, Qatar, Nigeria, Russia, Colombia, Turkey, Vietnam, Egypt, Ghana, Philippines, among others.By May 31, 2026, the firm had employed 66 people from different departments.
As described in the offer document.
| Metric | 31-May-26 | 31-Mar-26 | 31-Mar-25 | 31-Mar-24 |
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Manojkumar Jayantilal Patel, Avnish Manojkumar Patel.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Shanti Inorganics IPO was a ₹47.24 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹79–₹83 per share with a lot size of 1,600 shares; the minimum retail application was 3,200 shares (₹2,65,600). The IPO was open from August 31 to September 2, 2026 and was subscribed 142.25x. Shares listed on NSE SME on September 7, 2026 at ₹157.70, a 90.0% premium to the issue price of ₹83. Kfin Technologies Ltd. is the registrar.
Vivro Financial Services Pvt. Ltd. is the book running lead manager.
The price band of Shanti Inorganics IPO is ₹79 to ₹83 per share.
The lot size of Shanti Inorganics IPO is 1600 shares.
The minimum investment for Shanti Inorganics IPO is approximately ₹2,65,600 based on the upper price band.
The allotment date of Shanti Inorganics IPO is Sep 3, 2026.
No GMP quote could be verified as recorded before Shanti Inorganics IPO listed. A grey-market observation of ₹42 per share was recorded on 7 Sep 2026, 6:00 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹157.7. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Shanti Inorganics IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Shanti Inorganics IPO allotment status on Rupix for quick and easy access.
₹79 to ₹83 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,32,800. After listing, SME shares also trade in lots rather than one share at a time.
₹1,32,800, for one lot of 1600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 31 August 2026 and closed on 2 September 2026.
The basis of allotment was published on 3 September 2026 by Kfin Technologies Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 7 September 2026 on NSE SME, opening at ₹157.7.
The issue size was ₹47.24 crore. The fresh issue was 56,91,200 shares (aggregating up to ₹47.24 crore).
It listed at ₹157.7 against an issue price of ₹83, a gain of 90 percent on listing day.