Shanti Inorganics IPO GMP ₹34 Today (18 Oct), Price Band, Subscription Status, Allotment Date

Shanti Inorganics IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Shanti Inorganics is an SME issue raising ₹47.23 Cr, offered in a band of ₹79–₹83 per share. At the upper end that is 8.3 times the ₹10 face value, so ₹73 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.

A retail application for Shanti Inorganics needs one lot of 3200 shares, which works out to ₹2,65,600 at the upper band of ₹83. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is a single lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 4 lots.

For Shanti Inorganics, bidding runs 31-2 Sept, allotment is finalised on 3 Sep 2026, the shares list on 7 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.

The issue is reserved 20% to qualified institutional buyers, 9.74% to non-institutional investors, 35.04% to retail. A 35.04% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The issue splits into ₹45 Cr of fresh capital (95.7%) and ₹2 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.

The most recent figures the company has filed cover 31 May 2026, which is a different length of period from 31 Mar 2026. Year-on-year growth is not stated here because the two periods are not comparable — read the reported numbers side by side rather than as a growth rate.

Recently listed companies in the same space trade at a median price-to-earnings ratio of about 14.8. Comparing that with the multiple implied by this issue's ₹79–₹83 band is a more useful test of pricing than looking at the grey market premium alone.

Institutional investors have bid for 130.97x their portion against 125.72x from retail. Institutions committing ahead of retail is generally read as confidence in the pricing.

With the retail portion subscribed 125.72 times, roughly one in 126 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.

Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for Shanti Inorganics is published on their portal from 3 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹34 on the upper band of ₹83 implies a listing gain of roughly 41%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.