Live Status
Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 2)142.2× overall
NII / HNI
195.5×
QIB
131×
Retail
125.7×
Overall
142.2×
Grey Market PremiumUnofficial
₹34▲ +41%
Est. listing price ≈ ₹117 on issue price of ₹83
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 16,19,200 shares (~₹13.44 Cr) on Aug 28, with 30- and 90-day lock-ins.
Last updated: Subscription: Sep 2 (final) · GMP: Sep 4, 8:10 AM IST
Issue Details
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Aug 31
Opens
Sep 2
Closes
Sep 3
Allotment
Sep 4
Refund/Demat
Sep 7
Listing
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹45 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹143.15 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Vivro Financial Services |
| Registrar | KFin Technologies |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 45.06 | 58.46 | 72.93 | +25% |
| EBITDA | 8.72 | 12.06 | 15.40 | +28% |
| PAT | 5.12 | 7.99 | 10.22 | +28% |
| PAT Margin | 11.4% | 13.7% | 14.0% | — |
Post-issue EPS
₹8.70
P/E
≈9.5x
ROE
27.68%
Audited figures from the RHP. FY26 = year ended Mar 31, 2026 (a 2-month FY27 stub also appears in the RHP).
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Shanti Inorganics | 9.5x | 27.68% | 14.0% |
No clean listed sulfur-inorganics peer surfaced in our sources. On its own Shanti is cheaply priced (~9.5x) for a ~28% ROE — the crux of the value case. Add RHP 'Basis for Issue Price' comparables before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Manojkumar Patel, Avnish Patel |
| Pre-issue | 83.65% |
| Post-issue | 56.05% |
| Objects of Issue | |
|---|---|
| New SMB / sodium-bisulfite facility (Bavla) | ₹42.50 Cr |
| Issue expenses | ₹4.74 Cr |
100% fresh issue — no OFS; proceeds fund a new sodium-bisulfite (SMB) facility at Bavla.
The Balanced View
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Cheap valuation — ~9.5x post-issue P/E for a ~28% ROE business.
- Strong, consistent growth — revenue +25% and PAT +28% in FY26; ~14% PAT margin.
- Exceptional broad demand — book subscribed 142x with all categories strong (QIB 131x, NII 196x, retail 126x).
- Healthy grey-market interest — GMP ~₹34 (~41%).
- Diversified end-markets and exports to ~8 countries; capacity expansion funded by the issue.
Risks
- SME segment — low post-listing liquidity, high volatility, and a large ~₹2.66 lakh minimum ticket.
- Commodity chemical — margins exposed to sulfur/input-price and demand cycles.
- Modest customer base (~29 domestic customers) for a chemicals manufacturer — concentration risk.
- Heavy oversubscription (142x) means a very low allotment probability for retail.
- New Bavla facility carries execution and ramp-up risk.
Post-Listing Review
Did the signal hold up? Updates after Sep 7
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Apply