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
Read from the 416-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 12 specific to this company; 297 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
we had applied for registration under Food Safety and Standards Act, 2006, which was rejected by the concerned authority, while we are in the process of submitting an fresh application
Our manufacturing facilities located in Vatva, Ahmedabad... and Bavla, Ahmedabad... there is a risk of accidents due to the use of hazardous and flammable gases, i.e. NH3 (Ammonia) and SO2 (Sulphur Dioxide)
estimated amount of contracts remaining to be executed on capital account and not provided for 10,770.88 10,770.88 10,770.88 -
our Group Companies, i.e., Bodal Chemicals Limited and Bodal Chemicals Trading Limited... are engaged in similar industry... there is no non-compete agreement with said entities
Revenue generated from sales to the food and beverages industry constituted 36.27%, 35.84%, 40.84%, and 37.75% of our total revenue from operations... Collectively, these three industries accounted for more than 65% of our revenue from operations
we generally do not enter into long-term supply agreements with the majority of our customers... Revenue from top ten (10) customers... 71.03%, 63.35%, 68.15% and 67.41%
Our revenue from sales outside India constituted 29.28%, 42.57%, 53.83%, and 50.08% of our total revenue from operations... Eswatini... Malaysia
Long Term Borrowings C 1,987.48 ... Short Term Borrowings G 1,497.42
we do not hedge our exposure to foreign currency fluctuations and as a result, our operations, cash flows and financial performance could be adversely affected in case these currencies fluctuate significantly.
one instance of non-compliance of Section 203(3) of the Companies Act, 2013... instance of violation of Section 135... certain instances of delays in filing statutory forms
Our Company's logo is not registered as on date of the Red Herring Prospectus.
Our company has not entered into any technical support service agreements with any competent third party. Our failure to reduce the downtime in case such events occur may adversely affect our productivity
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.1 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 5 | 0 | ₹0.1 Cr |
| Promoters | 0 | 0 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | ₹0.0 Cr |
| Group companies | 0 | 0 | 0 | — |
Company: 4 outstanding direct tax demands aggregating ₹7.64 lakhs for assessment years 2018 and 2021 (excluding accrued interest)
Company: Gujarat GST notice dated July 23, 2026 for FY 2022-2023 raising additional tax obligation along with penalty and interest of ₹0.46 lakhs; audit ongoing
No criminal, civil, regulatory, SEBI disciplinary or other material proceedings against/by Company, Promoters or Directors (other than Promoters)
Materiality threshold for creditors/litigation set at ₹39.59 lakhs (lowest of 2% turnover ₹142.44 lakh, 2% net worth ₹96.64 lakh, 5% avg absolute P/L ₹39.59 lakh)
Group Companies: none involved in any litigation that has or may have material impact on the Company
Conversion: 1 crore = 100 lakh = 10 million. Tax amount converted from lakhs to crore (8.10 lakhs = 0.081 crore). Tax count for Company = 4 direct + 1 indirect = 5 claims. No subsidiaries disclosed; bucket omitted. Promoters who are Directors excluded from Directors row per prospectus footnote.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
