Shah Investor's Home Limited IPO
ListedMainboardStock/ Commodity Brokers
38.12×
Subscribed
Price band
₹159 – ₹167
Lot size
85
1 lot = ₹14,195
Issue size
₹90.17 Cr
Open – close
28 Sept 2026
to 30 Sept 2026
Listing
06 Oct 2026
Listing gain
+2.40%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed3 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 1 negative signals
Strength55/100
- Conservative balance sheetDebt/equity of 0.10×
- Large related-party dealingsRelated-party transactions run at 132.5% of revenue — a material share of the business is with connected entities
- Institutions bid heavilyQIB portion subscribed 28.05×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens28 Sept 2026
- Closes30 Sept 2026
- Allotment01 Oct 2026
- Listing06 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB28.05x
Non-institutionalNII / HNI95.54x
Big NIIabove ₹10L105.15x
Small NII₹2L – ₹10L76.32x
Retail individualRII19.26x
4,19,543 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 30 Sept 2026.
Chance of allotment
Retail19.26× subscribed
~1 in 19.3
Minimum 1 lot · 85 shares · ₹14,195 blocked
Retail is 19.26× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 19.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII95.54× subscribed
~1 in 95.5
Minimum 15 lots · 1,275 shares · ₹2,12,925 blocked
HNI is 95.54× subscribed. This category is allotted proportionately, so a bid receives roughly 1/95.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹17+10.2%
over the upper band · last seen 19 Oct 2026 · rising since 25 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹159 – ₹167
Face value₹10
Lot size85shares
Minimum application₹14,195at cut-off
Total issue size₹90.17 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
Debt / equity0.10×
Related-party132.53%of revenue
ROE7.59%
ROCE10.61%
RoNW7.35%
PAT Margin18.24%
EBITDA Margin30.24%
NAV114.07
P/B (x)1.46
ISININE029N01014
RegistrarMUFG Intime India Private Limited
Lead managersBeeline Capital Advisors Private Limited
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 26,99,600 | — |
| Anchor Investor | 16,19,760 | — |
| QIB (Ex. Anchor) | 10,79,840 | — |
| NII (HNI) | 8,09,880 | — |
| bNII > ₹10L | 5,39,920 | 423.00% |
| sNII < ₹10L | 2,69,960 | 211.00% |
| Retail | 18,89,720 | 22232.00% |
Total issue 53,99,200 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,1951 lot · 85 sh
Retail (Max)₹1,98,73014 lots · 1,190 sh
S-HNI (Min)₹2,12,92515 lots · 1,275 sh
S-HNI (Max)₹9,93,65070 lots · 5,950 sh
B-HNI (Min)₹10,07,84571 lots · 6,035 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted16,19,760
Anchor portion₹27.05 Cr
Bid date25 Sept 2026
Lock-in ends (50%)31 Oct 2026
Lock-in ends (rest)30 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding working capital requirements of our Companynot stated
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Shah Investor’s Home Limitedthis issue | 8.38 | — | 114.07 | 7.35% |
| SMC Global Securities Limited | 4.87 | 16.28 | 62.27 | 7.82% |
| Share India Securities Limited | 14.79 | 11.68 | 120.41 | 12.28% |
| Arihant Capital Markets Limited | 2.87 | 27.09 | 40.23 | 7.13% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Large related-party dealingsmedium
Related-party transactions are 132.5% of revenue.
mediumA significant portion of our broking revenue is derived from the state of Gujarat (93.74%, 93.30% and 93.53% for Fiscals 2026, 2025 and 2024 respectively). Any decrease in revenues from western India, including due to increased competition, supply, or reduction in demand, or any significant disrupti
mediumOur broking segment contributes 64.78%, 68.90%, and 71.60% of our revenue for the Fiscals 2026, 2025 and 2024, respectively. Any reduction in our revenue from the broking segment could have a material adverse effect on our business, results of operations, cash flows and financial condition.
Litigation
There are no outstanding criminal proceedings, statutory or regulatory penalties, disciplinary actions by SEBI or stock exchanges against the Promoters in the last five financial years, or outstanding claims related to direct and indirect taxes. There are no findings/observations of any inspections by SEBI or any other regulator involving the Company which are material. Any pending civil litigations/arbitration proceedings involving the Relevant Parties where the monetary impact is not quantifiable or does not exceed the Threshold (₹ 90.96 lakhs) are considered 'material' and shall be disclosed if the outcome could have a material adverse effect on the business, performance, prospects, operations, financial position or reputation of the Company. Pre-litigation notices received by any of the Relevant Parties from third parties (excluding those issued by governmental, statutory, tax or regulatory authorities or notices threatening criminal action) shall not be considered as outstanding litigation until such time that the Relevant Parties are impleaded as parties in the proceedings.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.10x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+7.7%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Shah Investor's Home Limited
Shah Investors’ Home Limited is a retail broking company that provides equity and derivatives brokerage services. Its services facilitate transactions in equities, IPOs, mutual funds, and other securities, with a focus on secondary market broking for retail customers, including resident and non-resident Indians. The company also provides mutual fund distribution, margin funding, and stock lending and borrowing services under the “Shah Investors” brand. It operates through 11 branches in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot, serving customers across Gujarat and Maharashtra. The company also offers digital services through its app-based platform, SIHL Moneymaker, and operates an in-house ERP system across its branches and franchises. In FY26, it launched ALGOFY, an API-powered algorithmic trading platform that supports strategy development, testing, deployment, automation, and management through APIs, pre-built strategies, and a no-code interface. As of March 31, 2026, it had served over 100,000 demat accounts and had more than 38,000 active clients.
Founded 1994MD Mr Tanmay Upendra ShahSector Stock/ Commodity Brokers
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Shah Investor's Home Limited IPO GMP today?
The most recent grey-market premium recorded for Shah Investor's Home Limited is ₹17 per share — about 10.2% over the ₹167 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Shah Investor's Home Limited IPO subscribed?
Shah Investor's Home Limited is subscribed 38.12× overall (QIB 28.05×, NII 95.54×, retail 19.26×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Private Limited.
What is the minimum investment in the Shah Investor's Home Limited IPO?
One lot is 85 shares, so a retail application at the ₹167 cut-off price blocks ₹14,195. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Shah Investor's Home Limited IPO?
The retail portion is subscribed 19.26×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 19. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Shah Investor's Home Limited IPO allotment date?
Allotment is scheduled for 2026-10-01, with listing on 2026-10-06. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.