Vijay SinghMumbai (Maharashtra) [India], August 29: Shanti Inorganics Limited, a manufacturer and supplier of sulphur-based inorganic chemicals, proposes to open its Initial Public Offering (“IPO”) on Monday, August 31, 2026. The Company aims to raise ₹47.23 Crores (at upper price band), with its equity shares proposed to be listed on the NSE Emerge platform.
The Issue comprises of 56,91,200 equity shares with a face value of ₹ 10 each, offered at a price band of ₹79 – ₹83 per Equity Share.
Equity Share Allocation
- Anchor Investors – 16,20,800 Equity Shares
- Net Qualified Institutional Buyers (QIBs) – 10,80,000 Equity Shares
- Non-Institutional Investors (NIIs) – 8,11,200 Equity Shares
- Individual Investors – 18,94,400 Equity Shares
- Market Maker – 2,84,800 Equity Shares
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. The proposed facility will manufacture Sodium Meta Bisulphite, Sodium Bisulphite and Ammonium Bisulphite. The remaining proceeds from the Issue is proposed to be utilised for General Corporate Purposes.
The Anchor Investor bidding is scheduled to take place on Friday, August 28, 2026. The Issue will open on Monday, August 31, 2026 and will close on Wednesday, September 2, 2026
Vivro Financial Services Private Limited is the Book Running Lead Manager to the Issue, while KFin Technologies Limited is the Registrar to the Issue.
Mr. Avnish Manojkumar Patel, Joint Managing Director of Shanti Inorganics Limited, expressed, “The Initial Public Offering of Shanti Inorganics Limited represents an important step in the evolution of our Company and reflects the progress we have made in building a diversified sulphur-based inorganic chemicals manufacturing platform.
Over the years, we have steadily strengthened our manufacturing capabilities and broadened our product portfolio. Today, it includes Ammonium Bisulphite, Sodium Bisulphite, Sodium Metabisulphite and Sodium Sulphite. We hold one of the largest domestic production capacities for bisulphites, with a capacity of 18,800 MTPA (Source: CareEdge Report). With existing manufacturing facilities at Vatva and Bavla Phase I in Ahmedabad, we cater to a diverse range of end-use industries, including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers and mining. Our growing market reach is supported by customer relationships across India and international markets, with our products exported across 15 countries.
The IPO is intended to support the next phase of our development, including the proposed expansion of our manufacturing capabilities at Bavla, along with our general corporate requirements. We believe these investments will enhance our operational capacity, strengthen our ability to serve customers across diverse industries and geographies and position Shanti Inorganics Limited for sustainable growth and long-term value creation.”
Mr. Roshan Vaishnav, Director of Vivro Financial Services Private Limited, said, “The proposed Initial Public Offering marks an important milestone in Shanti Inorganics Limited’s journey as it transitions to the public markets. Over the years, the Company has developed a presence in the sulphur-based inorganic chemicals segment, with established manufacturing facilities at Vatva and Bavla, Ahmedabad and a diversified product portfolio serving multiple end-use industries.
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 its manufacturing capabilities and expanding its capacity to serve growing market opportunities. We believe the proposed public offering will provide the Company with a platform to further strengthen its business operations and support its long-term growth objectives.”
About Shanti Inorganics Limited
Shanti Inorganics Limited (“the Company”) is a manufacturer and supplier of sulphur-based inorganic chemicals, with existing manufacturing facilities at Vatva and Bavla Phase I, Ahmedabad. The Company’s product portfolio includes Ammonium Bisulphite, Sodium Bisulphite, Sodium Metabisulphite and Sodium Sulphite, serving 10+ application 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. The Company holds ISO 9001:2015, NSF, KOSHER, HACCP and HALAL certifications. It has an installed manufacturing capacity of 18,800 MTPA at Vatva and 18,000 MTPA under Phase I at Bavla, with a proposed additional capacity of 78,544 MTPA under Phase II, Bavla.
In FY26, the Company achieved a Revenue of ₹7,122.02 Lakhs, EBITDA of ₹1,539.72 Lakhs & PAT of ₹1,022.00 Lakhs.
For the two-month period ended May 31, 2026, the Company achieved revenue of ₹1,598.27 Lakhs, EBITDA of ₹402.17 Lakhs & PAT of ₹249.96 Lakhs.
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