Shanti Inorganics Plans ₹47 Crore IPO on NSE Emerge to Fund New Manufacturing Facility

Sulphur-based inorganic chemicals manufacturer and supplier Shanti Inorganics has announced its plans to raise ₹47 crore through an initial public offering (IPO) on the NSE Emerge platform.

The company is offering 56.91 lakh equity shares in a price band ranging from ₹79 to ₹83 per share. The public subscription for the IPO is scheduled to open on August 31, while bidding for anchor investors will begin earlier on August 28.

According to the company, the net proceeds generated from the public issue will be allocated toward part funding the capital expenditure required to set up a new manufacturing plant in Ahmedabad, Gujarat. This proposed facility will produce Sodium Meta Bisulphite, Sodium Bisulphite, and Ammonium Bisulphite. The remaining capital from the proceeds will be utilized for general corporate purposes.

Vivro Financial Services has been appointed as the Book Running Lead Manager for the IPO, and KFin Technologies is serving as the Registrar to the issue.

Avnish Manojkumar Patel, Joint Managing Director of Shanti Inorganics, stated that the company has steadily built its manufacturing capabilities and expanded its product range over the years to include Ammonium Bisulphite, Sodium Bisulphite, Sodium Metabisulphite, and Sodium Sulphite. He noted that the company currently maintains one of the largest domestic production capacities for bisulphites at 18,800 metric tonnes per annum (MTPA).

Shanti Inorganics currently operates manufacturing facilities in Vatva and Bavla Phase I in Ahmedabad. The company supplies its products to a wide range of end-use sectors, including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. Patel added that the fresh investments are intended to enhance operational capacity and support the company's ability to serve customers across various industries and geographies.

Roshan Vaishnav, Director at Vivro Financial Services, commented that Shanti Inorganics has established a notable presence in the sulphur-based inorganic chemicals sector. He noted that the proposed deployment of IPO proceeds toward Phase II of the company’s manufacturing facility at Bavla aligns with its broader objective of strengthening manufacturing capabilities and expanding capacity to address market opportunities.

"The decision by Shanti Inorganics to list on the NSE Emerge platform highlights a viable growth and capital-raising route for established manufacturing enterprises. By channeling public funds directly into expanding production infrastructure like the Ahmedabad facility, the company is focusing on capacity building to meet industrial demand. This move reflects a disciplined approach to scaling operations while addressing capital requirements in the specialized chemical manufacturing sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes