IPO Overview
Incorporated in 2019, Vahh Chemicals Limited is an ISO 9001:2015 certified company engaged in manufacturing, supplying, and trading textile auxiliary chemicals used in pre-treatment, dyeing, printing, and finishing processes within the textile industry. The company primarily caters to dyeing and printing houses within the textile sector, offering customised chemical solutions designed to address the unique technical challenges faced by its clients. Vahh Chemicals develops application-specific products that enhance fabric quality, improve texture, increase colour vibrancy, and ensure durability and long-lasting performance of textile products. The company is based in Surat, Gujarat — the textile hub of India — and also has a presence in the nutraceuticals segment through its subsidiary, HSHS Nutraceuticals Limited, which markets products under the brand “Divine Nutrition.”
The IPO is a SME fixed price issue aggregating to ₹13.45 crore, consisting entirely of a fresh issue of 22.42 lakh equity shares, with no offer-for-sale component. The IPO is priced at a fixed price of ₹60 per share and is proposed to be listed on the BSE SME platform. The IPO opens on 4 June 2026 and closes on 8 June 2026, with listing expected on 11 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 4 June 2026 |
| IPO Close Date | 8 June 2026 |
| Allotment Date | 9 June 2026 (Expected) |
| Refund Initiation | 10 June 2026 |
| Credit to Demat | 10 June 2026 |
| Listing Date | 11 June 2026 (Tentative) |
| Issue Price | ₹60 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 4,000 shares |
| Minimum Investment (Retail) | ₹2,40,000 |
| Issue Size | ₹13.45 crore |
| Fresh Issue | 22,42,000 shares (₹13.45 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will flow directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 0% |
| Non-Institutional Investors (NII/HNI) | ~50% (10,64,000 shares) |
| Retail Individual Investors (RII) | ~50% (10,64,000 shares) |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The IPO consists entirely of a fresh issue of 22.42 lakh equity shares, and all proceeds will flow directly into the company.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the fresh issue towards the following objectives: funding incremental working capital requirements of the company, and setting up a new manufacturing facility at Surat, Gujarat. The remaining funds will be used for general corporate purposes.
- Funding incremental working capital requirements
- Setting up a new manufacturing facility at Surat, Gujarat
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
- Email: [email protected]
Promoters & Management
The promoters of the company are Hiren Indravadan Desai, Hetal Hirenbhai Desai, and Aayush Hiren Desai. The promoter family brings domain expertise in the textile chemicals trading and manufacturing business, with deep-rooted relationships within Surat’s textile processing ecosystem.
Company Details
Vahh Chemicals, founded in 2019, has been engaged in manufacturing and trading textile auxiliary chemicals in India. The company buys and mixes textile chemicals and uses them in different fabric processing, such as the pre-treatment of fabric, dyeing, printing, and finishing processes. Its customers include dyeing and printing houses, and they also offer customized chemical solutions as per the customer’s requirements.
The company also operates in the nutraceutical space through its subsidiary, HSHS Nutraceuticals Limited, which markets health and wellness products under the brand “Divine Nutrition” across India through online platforms, supplement stores, and gym distributors.
Sectors Served:
- Textile Processing (Primary Business)
- Dyeing & Printing Houses
- Nutraceuticals & Health Supplements (Subsidiary)
Key Products:
- Pre-treatment chemicals (scouring, bleaching agents)
- Dyeing auxiliaries
- Printing chemicals
- Finishing chemicals
- Customized chemical blends for textile quality enhancement
Key Capabilities:
- Customized, application-specific chemical formulations
- B2B focused business model with direct client relationships
- In-house R&D laboratory setup
Certifications: ISO 9001:2015
Registered Office: Plot 2/5198 ETC, 5th Floor, 5003 World Trade Centre, Ring Road, Surat – 395002, Gujarat
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹23.75 | ₹2.58 |
Key Financial Metrics
- The company reported revenue of ₹23.75 crore and profit of ₹2.58 crore in FY25.
- As of March 31, 2026, the company employed 19 personnel at R&D laboratories, constituting 5.25% of its total workforce.
Company Strengths
- Long-standing relationships with a diversified customer base and a business model focused on customised solutions and strong customer relationships.
- Operates within Surat’s well-established textile ecosystem — one of the largest textile processing hubs in India — providing natural proximity to key customers.
- ISO 9001:2015 certified — reflects commitment to quality standards in chemical manufacturing
- Diversified revenue potential through subsidiary nutraceuticals business under the “Divine Nutrition” brand
- Entire IPO is a fresh issue — all proceeds directed towards business growth and new manufacturing capacity
- Experienced promoter family with domain expertise in textile chemicals and established trade relationships
Key Risks & Challenges
- Very young company: Incorporated only in December 2019, with a limited track record of barely 6 years
- Relatively small operating scale — limited geographic diversification and heavy concentration towards textile sector demand within Surat’s regional market.
- Very small workforce of only nine employees as of December 3, 2025 — indicating heavy reliance on a few key individuals for operations.
- Heavy dependence on the textile industry — any slowdown in textile processing demand directly impacts revenues
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Nutraceuticals subsidiary is early-stage — revenue contribution and profitability from this segment remains unproven
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
