Shanti Inorganics IPO Day 1: GMP ₹31
Day 1 of the Shanti Inorganics SME IPO on the NSE has officially closed, and it’s been a quiet start. As of the end of business on August 31st, 2026, the subscription numbers across all categories are showing zero. This means no shares have been allocated yet, which is quite common for the first day of an IPO, especially for SME listings. The issue price is set at ₹83 per share, and the IPO is open until September 2nd, 2026. Let’s dive into what this initial lack of subscription and the current Grey Market Premium (GMP) might mean for potential investors.
| Date | GMP | Est. Listing |
|---|---|---|
| 05 Sep | +₹44 | ₹127 |
| 04 Sep | +₹31 | ₹114 |
| 03 Sep | +₹15 | ₹98 |
| 02 Sep | +₹35 | ₹118 |
| 01 Sep | +₹31 | ₹114 |
Subscription Status
As expected, Day 1 saw zero subscriptions across the board: Retail, NII (Non-Institutional Investors), and QIB (Qualified Institutional Buyers). For a brand new IPO, particularly on the SME platform, it’s not unusual for the initial days to be slow. Investors often wait to see how the market reacts and if there’s any early momentum. The absence of QIB and NII subscription on Day 1 doesn’t necessarily signal a lack of interest; it often indicates that these larger players tend to deploy their capital closer to the closing date. Retail investors, who typically form a significant portion of SME IPO subscriptions, also seem to be holding back for now. The lot size is 1600 shares, so any application will be in multiples of this. We’ll need to keep a close eye on the next two days to see if the momentum picks up.
| Category | Subscription | Progress |
|---|---|---|
| Retail | 0.00x | |
| NII / HNI | 0.00x | |
| QIB | 130.97x | |
| Total | 130.97x |
GMP Update
Interestingly, the Grey Market Premium (GMP) for Shanti Inorganics has remained steady at ₹31. This is the same as yesterday’s figure, indicating no significant shift in market sentiment overnight. At an issue price of ₹83 and a current GMP of ₹31, the grey market is currently pricing the stock at an expected listing price of ₹114 (₹83 + ₹31). This ₹114 represents a healthy premium of over 37% on the issue price. While a stable GMP is generally a positive sign, the lack of movement on the first day of subscription, coupled with zero subscriptions, is something to observe. It suggests that while there’s a baseline interest in the stock, it hasn’t translated into immediate buying pressure in the grey market yet. This could concern investors looking for strong early buzz.
Should You Apply?
Deciding whether to apply for the Shanti Inorganics IPO at this stage requires a balanced view. The positive aspect is the consistent GMP of ₹31, pointing towards a potential listing gain. The expected listing price of ₹114 suggests that the market, or at least the grey market participants, see value in the company at this valuation. However, the complete lack of subscription on Day 1 is something to consider. It’s not a red flag yet, as many IPOs start slow, but it does mean that the buying interest hasn’t materialized into concrete applications. If you’re a risk-taker looking for potential listing gains, the GMP is attractive. For more conservative investors, it might be prudent to wait and see if subscription numbers pick up on Day 2 or Day 3. As always, remember to do your own research and consider the advice from SEBI-registered investment advisors before making any investment decisions. You can View Full Shanti Inorganics IPO Details on our site for more in-depth analysis.