Shanti Inorganics IPO
Shanti Inorganics IPO is an SME IPO raising ₹47 Cr at ₹79 – ₹83 a share. It listed on 7 Sept 2026 at ₹158, +90.0% against its issue price of ₹83, and trades at ₹176 today (+112.2% since issue). It was subscribed 153× in total.
152.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs83 + OFS by subtraction from exchange total Rs47 Cr. Checked: exchange issue size Rs47 Cr vs derived Rs47.2 Cr (0.4% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “The Company operates in an unorganized market which comprises of various small and medium sized entities. There are no listed companies whose product portfolio, business operations and risk profile are similar to that of our Company or are comparable to that of our Company. (Further confirmed under 'Comparison of accounting ratios with Industry Peers' and 'Comparison of KPIs with listed industry peers' — there are no listed companies whose business operations are similar to that of our Company or are of a comparable size to that of our Company.)”
derived: cut-off price Rs83 / stated EPS Rs9.36 (Fiscal 2026 Basic & Diluted EPS, adjusted for 15:1 bonus issue (post-bonus)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.