Shanti Inorganics, a manufacturer and supplier of sulphur-based inorganic chemicals, has filed its DRHP with SEBI for a ₹47.24 crore SME IPO. The company will issue 56.91 lakh equity shares in the price band of ₹79 - ₹83 per share. According to reports from Live Mint and Moneycontrol, the IPO opens for subscription on August 31, 2026, with anchor investor bidding scheduled to start on August 28, 2026. The issue will remain open for bidding until September 02, 2026, with listing scheduled for September 07, 2026 on the NSE SME platform. Retail investors need to apply for a minimum of 2 lots comprising 3,200 shares, requiring an investment of ₹2,65,600 at the upper price band of ₹83. The company offers shares in the price band of ₹79 to ₹83 per share for listing on the NSE SME platform.
The net proceeds from the IPO will be utilized for part funding the capital expenditure for setting up a new manufacturing facility at Bavla, Ahmedabad, Gujarat. As reported by Live Mint, the proposed facility will manufacture Sodium Meta Bisulphite, Sodium Bisulphite and Ammonium Bisulphite. The company will utilize ₹43 crore from the issue proceeds to establish a new manufacturing unit in Bavla, Gujarat, and use the rest for general corporate operations. The remaining proceeds from the issue will be used for general corporate purposes. KFin Technologies Ltd has been appointed as the registrar to the issue.
According to Avnish Manojkumar Patel, Joint Managing Director of Shanti Inorganics, the company has steadily strengthened its manufacturing capabilities and broadened its product portfolio to include Ammonium Bisulphite Solution, Sodium Bisulphite Powder/Solution, Sodium Meta Bisulphite, and Sodium Sulphite Powder/Anhydrous. As reported by Live Mint, the company holds one of the largest domestic production capacities for bisulphites, with a capacity of 18,800 MTPA at Vatva and 18,000 MTPA under Phase I at Bavla. With existing manufacturing facilities at Vatva and Bavla Phase I in Ahmedabad, the company serves diverse industries including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers and mining. The company serves customers across domestic and international markets, with its products exported to 15 countries and holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications. The company is incorporated in January 2010 and runs two production units in Gujarat at Vatva and Bavla in Ahmedabad.
The company has demonstrated strong financial growth with revenue growing at a CAGR of 25.99% and PAT at 41.35% from FY2024 to FY2026. For the two-month period ended May 31, 2026, the company achieved revenue of ₹1,598.27 lakh, EBITDA of ₹402.17 lakh and PAT of ₹249.96 lakh. The company's financial metrics show EBITDA margin of 21.62% and PAT margin of 14.01% for FY25. For the period ended March 31, 2026, the company reported total income of ₹72.93 crore and profit after tax of ₹10.22 crore. The company maintains a debt-to-equity ratio of 0.64 and price-to-book value of 1.99. The fresh investments will enhance operational capacity and strengthen the company's ability to serve customers across diverse industries and geographies for sustainable growth and long-term value creation. The proposed deployment of IPO proceeds towards Phase II of the company's manufacturing facility at Bavla is aligned with the company's objective of strengthening manufacturing capabilities and expanding capacity to serve growing market opportunities. Vivro Financial Services serves as the Book Running Lead Manager.
