IPO Listed — 07 Sep 2026
Listing Price: ₹157.7
Shanti Inorganics SME IPO GMP History | Listing Price ₹157.7 & Kostak Rate
Shanti Inorganics SME IPO has been listed on September 7, 2026 at a listing price of ₹157.7, against the issue price of ₹83 — a gain of ₹74.7 (+90%). The GMP peaked at ₹54 on 7 September 2026 and reached a low of ₹13 on 2 September 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Shanti Inorganics SME IPO raised ₹47.24 Cr. through its IPO at a price band of ₹79 to ₹83 per share, with a lot size of 1600 shares. The IPO was open for subscription from 31 Aug 2026 to 02 Sep 2026.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 07 Sep 2026 | ₹ 54 | 65.06% | ₹ 0 | ₹ 0 | |
| 06 Sep 2026 | ₹ 54 | 65.06% | ₹ 0 | ₹ 0 | |
| 05 Sep 2026 | ₹ 47 | 56.63% | ₹ 0 | ₹ 0 | |
| 04 Sep 2026 | ₹ 43 | 51.81% | ₹ 0 | ₹ 0 | |
| 03 Sep 2026 | ₹ 25 | 30.12% | ₹ 0 | ₹ 0 | |
| 02 Sep 2026 | ₹ 13 | 15.66% | ₹ 0 | ₹ 0 | |
| 01 Sep 2026 | ₹ 36 | 43.37% | ₹ 0 | ₹ 0 | |
| 31 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 30 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 29 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 28 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 27 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 26 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 25 Aug 2026 | ₹ 31 | 37.35% | ₹ 0 | ₹ 0 | |
| 24 Aug 2026 | ₹ 25 | 30.12% | ₹ 0 | ₹ 0 |
Shanti Inorganics SME IPO Dates
| Event | Date |
|---|---|
| Open Date | 31 Aug, 2026 |
| Close Date | 02 Sep, 2026 |
| Allotment Date | 03 Sep, 2026 |
| Refund Date | 04 Sep, 2026 |
| Credit to Demat | 04 Sep, 2026 |
| Listing Date | 07 Sep, 2026 |
Shanti Inorganics SME IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹83 |
| GMP-Based Estimate (Pre-Listing) | ₹137 (+65.1%) |
| Actual Listing Price | ₹157.7 (+90%) |
| Listing Gain / Loss | +₹74.7 per share |
| Listing Date | 07 Sep, 2026 |
Is Shanti Inorganics SME IPO GMP Reliable?
Grey market premium for Shanti Inorganics SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Shanti Inorganics SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Shanti Inorganics SME IPO IPO Kostak Rate Explained
The Kostak rate for Shanti Inorganics SME IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Shanti Inorganics SME IPO
These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment.
The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.
Strengths & Risks
Strengths
- ✓ Profit has grown every year, from Rs 4.60 crore in FY2023 to Rs 5.12 crore in FY2024 and Rs 8.26 crore in FY2025.
- ✓ EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.
- ✓ Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.
- ✓ Its chemicals go into many different industries, including oil drilling, pharmaceuticals, food and beverages, paper and water treatment, so demand is not tied to one sector.
- ✓ It runs two manufacturing units, so production is not dependent on a single plant.
- ✓ The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.
- ✓ The whole issue is fresh capital, and the money is going into a new manufacturing facility at Bavla for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite.
- ✓ The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.
Risks
- ⚠ The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.
- ⚠ The stated object of the issue is Rs 43.00 crore for the new Bavla facility, which is more than the total issue size of Rs 41.5 crore. This does not add up and needs to be checked in the RHP.
- ⚠ Borrowing is high against own funds. Total borrowing was Rs 25.38 crore as on 31 March 2025 against a net worth of Rs 25.86 crore, and it had jumped from Rs 5.63 crore in FY2023.
- ⚠ Sales are not growing steadily. Total income actually fell from Rs 46.50 crore in FY2023 to Rs 45.06 crore in FY2024 before recovering to Rs 58.46 crore in FY2025.
- ⚠ These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.
- ⚠ Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.
- ⚠ Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.
- ⚠ The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- ⚠ This is an SME issue. One lot is 1,600 shares, which is about Rs 1.33 lakh at the upper band of Rs 83, and SME shares usually trade in low volume after listing.
Frequently Asked Questions about Shanti Inorganics SME IPO
What is the GMP of Shanti Inorganics SME IPO?
The current Grey Market Premium (GMP) of Shanti Inorganics SME IPO is ₹ 54.
What is the Kostak Price of Shanti Inorganics SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Shanti Inorganics SME IPO is currently not available.
What is the Subject to Sauda Price of Shanti Inorganics SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Shanti Inorganics SME IPO?
Shanti Inorganics SME IPO listed on September 7, 2026 at ₹157.7, against the issue price of ₹83 — a gain of +90%.
How did the GMP of Shanti Inorganics SME IPO trend before listing?
The GMP of Shanti Inorganics SME IPO was stable in its final days before listing. The GMP peaked at ₹54 on 7 September 2026. View the day-wise table above for the complete GMP history.
Explore Shanti Inorganics SME IPO Further
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