Shah Investor's Home ; IPO
Updated 23 Sept 2026, 1:50 pm.
Minimum investment (Retail)
₹14,195
1 lot · 85 shares at the upper price band
Price band
₹159–167
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹90.17 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹159–167
- Issue size
- ₹90.17 Cr
- Lot size
- 85
- Opens
- 28 Sept 2026
- Closes
- 30 Sept 2026
- Allotment
- 1 Oct 2026
- Listing
- 6 Oct 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹14,195 (1 lot · 85 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Fresh issue
- ₹90 Cr
- Listing at
- BSE, NSE
- Refunds
- 5 Oct 2026
- Shares credited
- 5 Oct 2026
- Promoter holding
- 84.34% before · 62.81% after
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 23 Sept 2026, 2:05 pm. Verify against the RHP before applying.
IPO Details
| IPO Date | 28 to 30 Sep, 2026 |
|---|---|
| Listing Date | Tue, Oct 6, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹159 to ₹167 |
| Lot Size | 85 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 53,99,200 shares (agg. up to ₹ 90 Cr) |
|---|---|
| Fresh Issue | 53,99,200 shares (agg. up to ₹ 90 Cr) |
| Share Holding Pre Issue | 1,57,54,000 shares |
| Share Holding Post Issue | 2,11,53,200 shares |
IPO Timetable (Tentative)
- IPO Open
- Mon, Sep 28, 2026
- IPO Close
- Wed, Sep 30, 2026
- Allotment
- Thu, Oct 1, 2026
- Refund
- Mon, Oct 5, 2026
- Credit of Shares
- Mon, Oct 5, 2026
- Listing
- Tue, Oct 6, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 85 | ₹14,195 |
| Retail (Max) | 14 | 1190 | ₹1,98,730 |
| S-HNI (Min) | 15 | 1275 | ₹2,12,925 |
| S-HNI (Max) | 70 | 5950 | ₹9,93,650 |
| B-HNI (Min) | 71 | 6035 | ₹10,07,845 |
Investors can bid for a minimum of 85 shares and in multiples thereof.
IPO Subscription Details
About Shah Investor's Home Ltd.;
Incorporated in October 1994, Shah Investor's Home Limited is a retail broking company providing a range of financial services, with over three decades of experience in the securities market. The Company primarily offers equity and derivatives brokerage services, facilitating the buying and selling of equities, IPOs and other securities for retail customers, including resident and non-resident Indians. In addition to its core brokerage operations, the Company provides mutual fund distribution, margin funding, and stock lending and borrowing (SLB) services under the brand name "Shah Investors". As of March 31, 2026, the Company had served over 1,00,000 demat accounts, with more than 38,000 active clients and a network of over 181 authorised persons.
The Company operates through 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, with its branch and authorised-person network primarily serving customers across Gujarat and Maharashtra. The Company started its operations as a Trading Member of the National Stock Exchange of India Limited in 1995 and registered as a Depository Participant with NSDL in 1997.
The Company has progressively adopted technology across its operations. It implemented a VMWare-based virtualised environment in 2007, launched its digital app-based platform "SIHL Moneymaker" in 2023, and had over 12,452 active registered users as of March 31, 2026. It also operates an in-house ERP system across its branches and franchises. In Fiscal 2026, the Company launched "ALGOFY", an API-powered algorithmic trading platform that enables strategy development, testing, deployment, automation and management through APIs, pre-built strategies and a no-code interface.The Company is supported by an experienced management team and focuses on building long-term client relationships while expanding its retail and HNI customer base.
As of July 31, 2026, the Company had 167 permanent employees across accounts, compliance, demat, helpdesk, research, IT, MTF & SLB, sales, trading and other functions.
Competitive Strengths
Sizeable retail clientele across Gujarat.
Established branch and authorised-person network.
Digital platforms including SIHL Moneymaker and ALGOFY.
Technology-enabled trading and client-service infrastructure.
Integrated brokerage model with long-term client relationships.
Long-standing experience in retail broking and financial services.
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 304.44 | 302.57 | 298.76 |
| Total Income | 72.40 | 94.47 | 79.05 |
| Profit After Tax | 13.11 | 23.42 | 18.05 |
| EBITDA | 21.62 | 35.31 | 25.13 |
| NET Worth | 179.71 | 168.09 | 150.54 |
| Reserves and Surplus | 163.95 | 152.34 | 134.79 |
| Total Borrowing | 18.47 | 5.71 | 3.54 |
| Amount in ₹ Crore |
Shah Investor's Home Ltd.;'s revenue decreased by 23% and profit after tax (PAT) dropped by 44% between the financial year ending with March 31, 2026 and March 31, 2025.
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding working capital requirements of the Company | 60.00 |
| 2 | General Corporate Purposes | — |
| Total | 60.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 7.59% |
| ROCE | 10.61% |
| Debt/Equity | 0.10 |
| RoNW | 7.35% |
| PAT Margin | 18.24% |
| EBITDA Margin | 30.24% |
| NAV | 114.07 |
| Price to Book Value | 1.46 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.32 | 6.20 |
| P/E (x) | 20.07 | 26.94 |
| Market Cap at Offer Price | ₹263.09 Cr. | ₹353.26 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group84.34%
- Public15.66%
Post IPO
- Promoter and Promoter Group62.81%
- Public37.19%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 84.34% | 62.81% |
| Public | 15.66% | 37.19% |
| Total | 100% | 100% |
Company Promoters: Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah.
Shah Investor's Home IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
shahInvestors.ipo@in.mpms.mufg.com
IPO Lead Manager(s)
Beeline Capital Advisors Pvt.Ltd.
Contact Details
Shah Investor's Home Ltd.; Address
810, X-Change Plaza
DSCCSL (53E), Road 5E
Block 53, Zone 5, Gift City
Gandhinagar, Gujarat , 382050
+91 9904053335
company.secretary@sihl.in
Shah Investor's Home ; IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Shah Investor's Home ;: common questions
Answered from this issue's own record.