Shivchem Agro IPO: Allotment Status, GMP, Listing Date and Review
Jhajjar-based maker of insecticides, fungicides, herbicides, plant growth regulators and fertilisers, sold through 685 distributors across eight states.
A young, fast-growing agrochemical formulator at a reasonable 14 times earnings, but tiny, seasonal and in a crowded market.
Our own view, not investment advice.
Subscription by category
Final subscription, 30 Sep 2026
Key numbers
FY26, restated
| Revenue | ₹33.84 cr |
| Net profit | ₹3.25 cr |
| EBITDA margin | 17.7% |
| Distributors | 685 |
| Debt to equity | 0.56 |
| P/E post-issue | 14.4x |
IPO timeline
Allotment was finalised on 1 Oct. Refunds and demat credits go out on 5 Oct, and shares list on Tuesday 6 Oct.
Shivchem Agro makes crop protection chemicals in Jhajjar, Haryana, and sells them through a network of 685 distributors. Its small ₹14.01 crore SME issue was subscribed 2.20 times, led by retail investors at 3.50 times.
Allotment is done and shares list on BSE SME on 6 October. The grey market premium is only about ₹1.
Shivchem Agro IPO at a glance
| Detail | Shivchem Agro IPO |
|---|---|
| Issue size | ₹14.01 crore (22.60 lakh shares, entirely fresh issue) |
| Issue price | ₹62 per share (face value ₹5) |
| Lot size | 2,000 shares |
| Individual investor minimum | 2 lots, 4,000 shares (₹2,48,000) |
| Quota | Retail 47.72%, NII 47.25%, QIB 5.03% |
| Anchor round | None |
| Bidding dates | 28 Sep to 30 Sep 2026 |
| Allotment | 1 Oct 2026 |
| Refund and demat credit | 5 Oct 2026 |
| Listing | 6 Oct 2026 on BSE SME |
| Market cap | About ₹46.70 crore |
| Promoter holding | 92.73% before, 64.91% after |
| Lead manager | Shannon Advisors |
| Registrar | Maashitla Securities |
| Market maker | Nikunj Stock Brokers |
Retail was subscribed 3.50 times, so roughly two in seven retail applicants will have received the minimum two lots.
What Shivchem Agro actually does
Shivchem Agro Ltd was incorporated in September 2021 and is promoted by Rohit Agarwal, Sachin Agarwal and Deepa Agarwal. It formulates and sells agrochemicals: it holds registrations for 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators and 3 rodenticides, and is authorised for 82 fertiliser products.
Its plant at Jhajjar has an effluent treatment plant and wet scrubber. Products reach farmers through 685 distributors in eight states, supported by five godowns. It had 66 permanent employees.
The IPO money goes to working capital (₹6.90 crore) and loan repayment (₹3.50 crore).
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 10.95 | 27.5 | 33.84 |
| EBITDA | 1.93 | 4.32 | 5.98 |
| Net profit | 1.29 | 2.6 | 3.25 |
| Net worth | 1.5 | 9.67 | 12.92 |
| Borrowings | 7.1 | 8.26 | 7.28 |
| Total assets | 16.41 | 36.29 | 45.04 |
What these numbers tell us, in plain language:
- Fast growth from a small base. Revenue jumped from ₹11 crore in FY24 to ₹27.5 crore in FY25 and ₹33.8 crore in FY26. Profit grew from ₹1.3 crore to ₹3.3 crore.
- Margins are reasonable. EBITDA margin was 17.7% and net margin 9.6% in FY26.
- Working capital is heavy. Total assets of ₹45 crore exceed revenue, reflecting the industry practice of giving dealers credit ahead of the cropping season.
- Valuation is fair. Post-issue P/E is about 14.4x and price to book about 2.5x.
How the subscription ended
| Category | Final (30 Sep) |
|---|---|
| QIB | 1.00x |
| NII | 1.00x |
| Retail | 3.50x |
| Total | 2.20x |
There was no anchor book. By the close on 30 September, the small QIB and NII portions were each exactly covered at 1.00 times, and retail bid 3.50 times, for 2.20 times overall across 969 applications.
The GMP story so far
The grey market premium was about ₹1 on 4 October, pointing to a listing near the ₹62 issue price.
How to check Shivchem Agro IPO allotment status
- Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
- Select Shivchem Agro from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
The basis of allotment was finalised on 1 October 2026. Refunds and share credits to demat accounts are scheduled for 5 October, and shares list on BSE SME on 6 October.
The listing outlook
A near-flat listing around ₹62 to ₹63 looks likely.
What to weigh before you apply
Seasonal and weather-dependent
Pesticide demand depends on the monsoon and pest outbreaks. A poor season can hit sales and leave dealers with unpaid stock.
A crowded market
India’s agrochemical formulation market has hundreds of players competing on price and distribution. Shivchem is very small and three years old.
Strengths and risks
Strengths
- Revenue tripled in two years
- Distribution through 685 distributors in eight states
- Wide product registration portfolio
- Post-issue P/E of about 14.4x
- Entirely fresh issue; no promoter is selling
Risks
- Very small and young company
- Seasonal, monsoon-dependent demand
- High receivables and inventory
- Competitive, price-driven market
- GMP of only about ₹1
Scouter verdict: A fast-growing but very small agrochemical formulator at a fair price. Limited near-term upside; long-term success depends on scaling distribution profitably. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 3.50 times their quota. Each successful applicant gets the SME minimum of two lots, so roughly two in seven retail applicants will have received shares.
What to watch from here
- Listing price on 6 October against ₹62
- Rabi season sales and receivables
- Expansion of the distributor network beyond eight states
Shivchem Agro IPO: frequently asked questions
Allotment was finalised on 1 October 2026. You can check it on the Maashitla Securities website or the BSE allotment page using your PAN or application number.
Shares list on BSE SME on Tuesday, 6 October 2026.
The grey market premium was about ₹1 on 4 October 2026. GMP is unofficial and can change quickly.
It was subscribed 2.20 times overall, with retail at 3.50x and QIB and NII at 1.00x each.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 10.1x |
| P/E (post-issue) | 14.4x |
| P/B | 2.5x |
| ROE | 28.8% |
| EBITDA margin | 17.7% |
| Debt to equity | 0.56 |
| Anchor money | Nil |
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