Shivchem Agro Ltd. IPO: price band, dates, issue structure, proceeds use, and financials

Shivchem Agro Limited, an India-based agrochemical formulations manufacturer and distributor, plans to launch its Small and Medium Enterprises (SME) initial public offering (IPO) on 28 September 2026. The issue closes on 30 September 2026, with listing scheduled for 6 October 2026. The IPO price band is ₹59 to ₹62 per share and the lot size is 2,000 shares. The total issue size is ₹14.01 crore, comprising a ₹13.00 crore fresh issue and no offer for sale (OFS).

What Shivchem Agro does: agrochemical formulations and multi-state distribution

Shivchem Agro Limited manufactures and distributes agrochemical formulations and plant-nutrition products. Its product suite, as described in the offer context, spans crop-protection and plant-nutrition categories including insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers.

The company operates a manufacturing facility in Jhajjar, Haryana. The facility is described as having pollution-control infrastructure, including an effluent treatment plant (ETP) and a wet scrubber, which are used for wastewater and air-emissions management in chemical operations.

Commercially, Shivchem Agro sells through a multi-state distributor network. The go-to-market approach highlighted includes on-field demonstrations and digital outreach to support awareness and usage through channel partners.

Milestones and operating indicators: licences and distributor scale-up

Shivchem Agro was incorporated in 2021 as Shivchem Agro Private Limited under the Companies Act, 2013. The key milestones provided emphasise expansion in product licensing and distribution reach.

On licences, the company received a Haryana manufacturing licence in 2022 for 35 agrochemical products. The licence coverage is described as expanding to 232 products in 2023 and to 258 products in 2024.

On distribution, the company onboarded 21 distributors across various states in 2023, with its distributor base then reported at 185 in 2024, 516 in 2025 and 685 in 2026.

A corporate-structure change is also recorded: in 2024, the company converted into a public limited company and was renamed Shivchem Agro Limited, with a fresh certificate dated 19 November 2024.

Business context described in the offer: scaling formulations and market reach

The IPO is framed around expanding and scaling the agrochemical formulations business. The offer context highlights objectives linked to strengthening market reach via distributors, broadening the product licence base, and improving manufacturing utilisation and efficiency through automation and operational build-out.

Separately, the business positioning described alongside the offer context refers to underutilised manufacturing capacity in the industry, steady domestic demand for crop inputs, and a gradual shift toward more sustainable solutions such as bio-based products. These points set the backdrop for what the company states it aims to pursue; they are not outcomes.

Financial trajectory: revenue, profitability and asset base movement

The financial disclosures provided for FY2024 to FY2026 show an increase in total revenue and profit after tax (PAT), alongside growth in total assets. The same context also provides margin indicators, including PAT margin in the financial-year table and an EBITDA margin (EBITDA stated as a margin percentage) in the key performance indicators.

Across FY2024 to FY2026, total revenue rises from ₹109.43 crore to ₹338.16 crore, while PAT increases from ₹12.94 crore to ₹32.49 crore. Total assets increase from ₹164.15 crore in FY2024 to ₹450.39 crore in FY2026.

The financial-year table reports PAT margin at 11.82% in FY2024, 9.47% in FY2025 and 9.61% in FY2026. In the KPI disclosure, the reported EBITDA margin is 15.50% and the reported PAT margin is 9.15%.

IPO structure and proposed use of proceeds: fresh issue only

The Shivchem Agro IPO is structured without an OFS component in the provided offer details. A fresh issue means proceeds accrue to the company, whereas OFS proceeds (if any) would accrue to selling shareholders.

Key issue terms include a book-built SME issue with a price band of ₹59 to ₹62 per share and a lot size of 2,000 shares. At the upper end of the band, the minimum application amount is ₹1,24,000 based on the stated lot size.

Investor-category reservation in the provided context is split between Qualified Institutional Buyers (QIBs) at 50%, Non-Institutional Investors (NIIs) at 15%, and Retail Individual Investors at 35%. The anchor portion is listed as 0% of the QIB allocation in the provided data.

The stated objects of the issue (proposed uses, not completed spending) include funding working capital requirements, repayment or prepayment (in full or part) of certain loans availed by the company, and general corporate purpose. The provided break-up specifies proposed allocations toward working capital and debt repayment, while the general corporate purpose amount is not quantified in the provided context.

KPIs, leverage and market indicators available in the provided disclosures

The disclosed KPI set includes return on equity (ROE) of 45.33%, return on capital employed (ROCE) of 31.59%, and return on net worth (RoNW) of 45.33%. It also reports EBITDA margin of 15.50%, PAT margin of 9.15%, and a debt-to-equity ratio of 0.86 times.

Common valuation fields are not available in usable form in the supplied KPI data: earnings per share (EPS), pre-IPO price-to-earnings (P/E), and price-to-book are shown as 0.

For unofficial secondary indicators, the grey market premium (GMP) series provided contains one observation: GMP of ₹0 dated 23 September 2026, referenced to an issue price of ₹62. GMP is an unofficial indicator and can change; it is not an exchange-reported measure and is not a listing forecast.

Subscription data in the provided snapshot shows no category-wise bids recorded because the issue has not opened for subscription as of the snapshot date.

Key risks from the disclosed SWOT and monitoring points

The disclosed SWOT highlights business and sector-linked risk factors.

From the listed weaknesses and threats, the context notes environmental and health concerns from chemical overuse; stringent and varying regulations that can delay approvals and raise costs; and weather dependency that can affect demand and product effectiveness. It also lists raw material price and currency volatility impacting margins, pest and weed resistance from overuse of chemicals, consumer pushback toward organic produce reducing conventional agrochemical usage, and climate change disrupting farming practices and demand patterns.

The opportunities listed include rising demand for sustainable, organic and bio-based agrochemicals, growth potential in emerging and developing agricultural markets, and public-private partnerships linked to food-security initiatives.

Monitoring points to track around the offer and post listing:

The company’s working-capital intensity and any changes in receivables and inventory relative to revenue.

The pace of distributor additions and the stability of the multi-state distributor network described in the milestones.

Any updates to product licence coverage and additions within the manufacturing-licence framework described for Haryana.

Debt levels after the proposed repayment or prepayment and any movement in the reported debt-to-equity position.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (23 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.