Shah Investor's Home IPO
LISTEDMAINBOARDSHAHINVESTListing Performance
▲ 2.40%
Issue Price
₹167
Listing Price
₹171
Listed On
06 Oct 2026
- Price Band
- ₹159 – ₹167
- Lot Size
- 85
- Lot Value
- ₹14,195
- Open Date
- 28 Sep28 Sep 2026
- Close Date
- 30 Sep30 Sep 2026
- Min Investment
- ₹14,195
About Shah Investor's Home
Shah Investor's Home Limited (SIHL) was incorporated in 1994 and is a retail brokering firm headquartered in Mumbai offering equity brokerage, derivatives brokerage, and related financial services to over 37,810 active clients.
Revenue is generated primarily through brokerage fees contingent on transaction volume, supplemented by margin trading interest income, depository services, and other value-added services.
Use of IPO Proceeds
Total allocation: ₹70.00 Cr (excludes issue expenses)
Promoters
Upendra Trikamlal Shah
Chairman and Whole-time Director · age 72
Pre-issue: 19.04%
Purnima Upendra Shah
Whole-time Director · age 75
Pre-issue: 21.9%
Tanmay Upendra Shah
Managing Director and Chief Financial Officer · age 44
Pre-issue: 15.9%
Trupti Utpal Shah
Whole-time Director · age 49
Pre-issue: 4.13%
Investment Analysis
Quick Analysis: 5 strengths · 6 risk factors· Exchange: Equity
Strengths (5)
- •Three decades of experience in retail brokerage with established long-term customer relationships
- •Significant market presence in western India with 93.30% of brokerage income from Gujarat
- •Diversified revenue streams beyond core brokerage including depository and margin trading services
- •Relationship management model enabling targeted client acquisition and retention strategy
- •Expansion into international markets through GIFT City subsidiary offering global equity access
Risk Factors (6)
- •Broking segment contributes 68-72% of revenue. Reduction in broking revenue could materially harm business, operations, cash flows and financial condition.
- •Subject to extensive statutory and regulatory requirements. Non-compliance or regulatory framework changes could trigger authority action harming business and financial condition.
- •Dependent on network of Authorised Persons. Loss of significant number or failure to expand could adversely impact business and results of operations.
- •Failure to obtain, renew or maintain requisite permits, licenses and regulatory approvals could materially adversely affect business operations.
- •Reliant on Indian exchanges for significant business. Exchange disruption or connection failure could materially harm business and results of operations.
- •First public issue with no formal prior market. Issue price and market demand may not reflect post-listing trading price or sustained trading activity.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 30.97x (QIB 25.92x, NII 81.68x, Retail 12.12x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (14 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 85 | ₹14,195 |
| Retail (max) | 14 | 1,190 | ₹1,98,730 |
| S-HNI (min) | 15 | 1,275 | ₹2,12,925 |
| S-HNI (max) | 70 | 5,950 | ₹9,93,650 |
| B-HNI (min) | 71 | 6,035 | ₹10,07,845 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.39x | 0.97x | 25.92x |
| sNII (S-HNI) | 0.42x | 1.63x | 59.63x |
| bNII (B-HNI) | 0.11x | 1.32x | 92.70x |
| Retail | 0.15x | 0.56x | 12.12x |
| Total | 0.23x | 0.86x | 30.97x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
12.12x
Allotment Ratio
1 lot per 13 applicants
Allotment Probability
~8.3%
Non-Institutional Investors (NII / HNI)
Subscription
81.68x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
25.92x
Allotment Type
Discretionary allotment
Total Subscription
30.97x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
28 Sep 2026 · Mon
Issue Closes
30 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
30 Sep 2026 · 5:00 PM IST
Allotment
01 Oct 2026 · Thu
Listing
06 Oct 2026 · Tue
Issue Opens
28 Sep 2026 · Mon
Issue Closes
30 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
30 Sep 2026 · 5:00 PM IST
Allotment
01 Oct 2026 · Thu
Listing
06 Oct 2026 · Tue
IPO Details
| Registrar | — |
| Exchange | Equity |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹90.17 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 94.27 | 23.39 | — | — | — |
| FY24 | 77.82 | 17.93 | — | — | — |
| FY23 | 51.68 | 7.63 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 52.33 | 79.05 | 94.47 |
From the company's offer document (DRHP/RHP); restated figures where available.
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in Shah Investor's Home's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Shah Investor's Home's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Shah Investor's Home's filing.
Source: Shah Investor's Home offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Shah Investor's Home offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Tanmay Upendra Shah₹0.60 Cr p.a.
Managing Director and Chief Financial Officer
- Trupti Utpal Shah₹0.48 Cr p.a.
Whole-time Director
- Amit Lalitkumar Doshi
Independent Director
Bachelor's degree in Mechanical Engineering, diploma in Business Management
more than 28 years in the field of strategic planning and business development
- Bhushan Chelaram Punani
Independent Director
Bachelor's degree in science and law, post graduate programme in management, Doctorate in Philosophy in commerce
over 45 years in the public policy
- Abhinav Mahesh Kapadia
Independent Director
Bachelor's degree and master's degree in business administration
over 15 years in the field of finance and accounts
- Bhishmak Soni
Independent Director
Bachelor's degree in commerce, Chartered Accountant
over 25 years in the field of audit and taxation
Key Managerial Personnel (5)
- Hiral Bhawsar
Company Secretary and Compliance Officer
Bachelor's degree of law and commerce, Associate Member of the Institute of Company Secretaries of India
over 3 years in the compliance and secretarial domain
- Rajesh Ramchandra Punjabi₹0.60 Cr p.a.
General Manager and Chief Operating Officer
Education till matriculation level
over 30 years of experience in the field of stock broking and depository services
- Jinal Amrish Shah₹0.19 Cr p.a.
Chief Technology Officer
Bachelor's degree in Commerce, programme on Strategic Management from Indian Institute of Management, Ahmedabad
over 24 years of experience in the field of software development
- Shalvi Ritesh Kharidia₹0.07 Cr p.a.
Compliance Officer (Stockbroker and Depository Participant)
Bachelor's degree in Commerce, master's Commerce, post graduate diploma in Investment & Financial Analysis
over 20 years of experience in the field of stock broking and compliance
- Kamal Lalitkumar Thakkar₹0.10 Cr p.a.
Chief Business Officer
Bachelor's degree in Commerce and Law, master's degree in Business Administration
over 17 years of experience in the field of stock broking and financial services
Source: Shah Investor's Home offer document (DRHP/RHP).
Industry & Market
Per CARE Report, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| SMC Global Securities Limited | 7.49 | 13.92 | 11.97 | 116.25 |
| Share India Securities Limited | 10.6 | 15.58 | 14.04 | 534.79 |
| Arihant Capital Markets Limited | 12.15 | 5.64 | 15.27 | 36.93 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Statutory | Company | 1 | 36.158 |
| Sebi | Company | 1 | 12.188 |
Companies Act violation - compounding fee paid to NCLT SEBI settlement proceedings - administrative settlement charges paid
Documents
Frequently Asked Questions
When is the Shah Investor's Home IPO opening?
The Shah Investor's Home IPO opens on 28 Sep 2026 and closes on 30 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Shah Investor's Home IPO?
The price band for the Shah Investor's Home IPO is ₹159 to ₹167. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Shah Investor's Home IPO?
The minimum lot size is 85 shares with a minimum investment of ₹14,195. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Shah Investor's Home IPO today?
The latest Grey Market Premium for Shah Investor's Home is ₹17 (+10.18%). GMP is unofficial data and is not a guarantee of listing price.
When will the Shah Investor's Home IPO list on NSE and BSE?
The Shah Investor's Home IPO is expected to list on 06 Oct 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Shah Investor's Home IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Shah Investor's Home IPO a mainboard or SME issue?
Shah Investor's Home is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Shah Investor's Home IPO?
You can apply for the Shah Investor's Home IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Shah Investor's Home IPO?
The GMP-implied price (unofficial, not a forecast) is ₹184: the upper price band of ₹167 plus the latest grey market premium of ₹17, as of 06 Oct 2026, 06:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Shah Investor's Home IPO?
Based on the retail subscription of 12.12x, the estimated allotment ratio is 1 lot per 13 applicants (approximately 8.3% chance of allotment). This is an estimate and actual allotment may vary.
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