Shivchem Agro IPO 2026: Open SME Issue, Dates, Price Band & Lot Size

29 Sep 2026 · 9 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

Shivchem Agro Limited's ₹14.01 Cr SME IPO is open for subscription between 28 Sep 2026 and 30 Sep 2026. Here is the full breakdown of issue terms, financial performance, peer comparisons, and risk factors.

Written by the BuyUnlistedShares desk · Published 29 Sep 2026 · Updated 29 Sep 2026

Information only, not investment advice.

Direct answer: The Shivchem Agro IPO opened for public bidding on 28 Sep 2026 and closes on 30 Sep 2026. The BSE SME issue carries a price band of ₹59.0 to ₹62.0 per share with a minimum lot size of 2,000 shares. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 provides structural tracking and key figures for this agrochemical offering. This note is from the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

As recorded on 28 Sep 2026, the unofficial and indicative GMP for Shivchem Agro stood flat at ₹6.0 per share (+9.68% over the upper band of ₹62.0). Note that unofficial and indicative premium figures do not constitute price forecasts or guarantees of post-listing market movement.

Shivchem Agro IPO Issue Terms and Bidding Schedule

Incorporated in 2021, Shivchem Agro Limited has launched its book-built SME initial public offer to raise up to ₹14.01 Cr through an issue of 21,46,000 equity shares of face value ₹5.0 each. The issue consists entirely of fresh equity capital with no offer-for-sale (OFS) component from existing shareholders.

The issue opened for bidding on 28 Sep 2026 and will finalize subscriptions on 30 Sep 2026. Retail applicants require a minimum bid of 1 lot comprising 2,000 equity shares, representing an investment of ₹124,000 at the upper price boundary of ₹62.0 per share. High net-worth individual (NII) categories start from a minimum order quantity of 6,000 shares (₹372,000 at ₹62.0). Bidders can monitor updates on the Shivchem Agro on BuyUnlistedShares desk profile.

By 28 Sep 2026, total subscription reached 0.11x, with retail subscribed at 0.10x and non-institutional buyers at 0.14x across the exchange engine.

Business Overview and Agrochemical Operations

Shivchem Agro operates as an ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified agrochemical manufacturer and distributor in India. The company focuses on manufacturing, stocking, exhibiting, and selling crop protection formulations in solid (powders) and liquid (emulsifiable concentrates) formats.

Per the Draft Red Herring Prospectus (DRHP), the enterprise maintains regulatory approvals under the Insecticides Act, 1968 for 176 agrochemical formulations approved by the Central Insecticides Board and Registration Committee (CIBRC), Haryana. This includes 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators, and 3 rodenticides. Additionally, the business is authorised under the Fertilizer Control Order, 1985 to manufacture 82 fertilizer formulations.

Manufacturing is centered at its facility located in Jhajjar, Haryana, which features automated filling and packaging machinery along with environmental control units like an Effluent Treatment Plant (ETP) and wet scrubbers. Distribution spans five Indian states—Andhra Pradesh, Telangana, Odisha, Assam, and Madhya Pradesh—utilising a network of 516 active distributors supported by 6 regional godowns as of 31 Mar 2025. As of 31 Aug 2025, the company employed 59 permanent staff members.

Tracking SME market entries alongside unlisted corporate equity trends is made accessible via BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, enabling investors to compare prospective issues with overall sectoral developments on our Unlisted shares screener.

Objects of the Issue and Capital Structure

The total net proceeds from the fresh equity issuance are planned for deployment across designated business purposes set out in the prospectus:

• Working Capital: ₹10.70 Cr allocated to support expansion in operational asset cycles and inventory holding.
• Debt Prepayment/Repayment: ₹6.00 Cr earmarked for partial or full settlement of existing institutional debt facilities.
• General Corporate Purposes: Remainder allocated toward administrative overheads and operational contingencies, subject to regulatory caps.

Prior to the offer, promoters Rohit Agarwal, Sachin Agarwal, and Deepa Agarwal collectively held 89.13% of paid-up equity (or 92.73% promoter equity stake). Post-issue promoter shareholding will dilute to 64.91%, expanding the public float on the BSE SME platform.

Financial Performance and Peer Comparison

Shivchem Agro has shown revenue and earnings growth over its last three financial reporting cycles as per restated financial statements:

Dated indicative prices, financials and the IPO calendar for Shivchem Agro are maintained by the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Between FY24 and FY26, total income expanded from ₹10.95 Cr to ₹33.84 Cr, while profit after tax grew from ₹1.29 Cr to ₹3.25 Cr.

Key operational and balance sheet parameters as of 31 Mar 2026 include an EBITDA margin of 17.69%, a PAT margin of 9.61%, a Return on Equity (ROE) of 28.76%, and a Return on Capital Employed (ROCE) of 30.04%. Total outstanding borrowings stood at ₹7.28 Cr against a Net Worth of ₹12.92 Cr, giving a debt-to-equity ratio of 0.56.

Below is the peer comparison with listed agrochemical peers as stated in the offer document as of 31 Mar 2026 / FY25 reporting data:

Investors analyzing primary SME issues and broader corporate capital structures can also read detailed overviews like the SRIT India IPO: Price Band, Dates, Financials and Business Overview or review non-agrochemical SME terms in the Shah Investor's Home IPO: Dates, Price Band, Financials and Key Details analysis.

Strengths and Risk Factors

Evaluating an SME public offering requires balancing commercial growth drivers against structural operational risks disclosed by the issuer.

Key Business Strengths

• Established distribution reach spanning 516 primary dealers across 5 regional states.
• Diverse formulation line consisting of 176 Insecticides Act approvals and 82 FCO fertilizer permissions.
• In-house manufacturing capabilities in Haryana featuring automated filling line setups.
• On-field product demonstration programmes conducted directly with regional agricultural workers.

Key Business Risks

• Regulatory Authorisations: Operations depend on maintaining statutory licenses from CIBRC and state agricultural departments. Suspension or revocation of licenses would disrupt production.
• Raw Material Concentration: The business does not hold long-term supply contracts for key chemical inputs, relying on short-term purchase orders. Raw material costs represent the vast majority of operating expenditure.
• Customer Concentration & Agreements: The enterprise does not enter into long-term off-take agreements with customers, exposing order volumes to seasonal variations and market demand fluctuations.
• Outstanding Litigation: Criminal proceedings under Civil Miscellaneous Appeal No. 64 of 2025 (State of Haryana Vs. Sachin Agarwal and M/s. Shivchem Agro Pvt. Ltd.) remain pending before regulatory/judicial authorities.
• Working Capital Dependence: Receivables collection delays or credit defaults from trade distribution channels could impair overall operational liquidity.

Timeline and Next Steps

The bidding window for Shivchem Agro closes on 30 Sep 2026. Finalisation of the basis of allotment with the registrar, Maashitla Securities Pvt. Ltd., is scheduled for 01 Oct 2026. Unsuccessful applicants will see refund initiations or ASBA mandate revocations on 05 Oct 2026, while successful allottees will receive share credits to their demat accounts on the same day. Trading operations are expected to commence on BSE SME on 06 Oct 2026.

To keep track of ongoing public issues, allotment announcements, and listing timelines, consult our IPO calendar.

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Frequently Asked Questions

When does the Shivchem Agro IPO open and close?

The Shivchem Agro IPO opened for subscription on 28 Sep 2026 and closes for public bidding on 30 Sep 2026.

What is the price band and lot size for the Shivchem Agro IPO?

The price band is fixed at ₹59.0 to ₹62.0 per equity share with a face value of ₹5.0. The minimum lot size for retail investors is 2,000 shares, translating to an application size of ₹124,000 at the upper price band.

Where will the shares of Shivchem Agro be listed?

The shares are proposed to be listed on the BSE SME platform, with the tentative listing date scheduled for 06 Oct 2026.

What are the main objects of the Shivchem Agro IPO raise?

The company plans to deploy net proceeds from its ₹14.01 Cr fresh issue towards funding working capital requirements (₹10.70 Cr), repayment/prepayment of existing loans (₹6.00 Cr), and general corporate purposes.

Is the Shivchem Agro IPO suitable for my investment portfolio?

We do not make that call. Suitability depends on an investor's risk tolerance, portfolio allocation goals, liquidity requirements, and evaluation of SME risk factors. Investors should review the official offer documents filed with the exchange and consult a SEBI-registered financial advisor before taking any capital decisions.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.