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Shah Investor's Home IPOLISTED

NSE, BSEMainboardBook Built Issue

Shah Investor’s Home Limited (SIHL) is a retail-focused financial services and securities broking company offering equity and derivatives broking, depository, margin trading and investment products.

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Listing price

₹171

Listing gain

+2.40%

Current

₹171

Listed

06 Oct 26

Opens

28 Sept 26

Closes

30 Sept 26

Allotment

01 Oct 26

Refund

05 Oct 26

Demat

05 Oct 26

Listing

06 Oct 26

Listed at

₹171

+2.40% on 06 Oct 26

Min. investment₹14,195
GMP₹12 · +7.2%
Subscribed38.12x
Track in the app

Overview

Price band

₹159-167

Lot size

85 shares

Min. investment

₹14,195

Issue size

₹90.17 Cr

53.99 L shares

Fresh issue

₹90.17 Cr

53.99 L shares

Face value

₹10 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Reservation

Anchor Investor 30%QIB 20%B-HNI 10%S-HNI 5%Individual 35%
CategoryShares offered% of issue
Anchor Investor16,19,76030%
QIB10,79,84020%
NII (HNI)8,09,88015%
B-HNI5,39,92010%
S-HNI2,69,9605%
Individual18,89,72035%
Total53,99,200100%

Lot size & investment

ApplicationLotsSharesAmount
Retail (Min)185₹14,195
Retail (Max)141,190₹1,98,730
S-HNI (Min)151,275₹2,12,925
S-HNI (Max)705,950₹9,93,650
B-HNI (Min)716,035₹10,07,845

Listing performance

NSE/BSE: SHAHINVESTORSHOME

Listing gain

+2.40%

Gain per retail lot

₹340

Latest vs issue

—

GMP was

₹12 (+7.19%)

₹167
₹179+7.19%
₹171+2.40%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

Shah Investor's Home Live GMP

GMP₹12
Est. Price₹179
Est. Gain7.19%

Not enough GMP history yet to draw a trend.

GMP × retail lot ₹1,020GMP × S-HNI min ₹15,300Expected listing ~ ₹179GMP is unofficial and changes often. Data as of 30 Sept, 06:50 pm.

Subscription

30 Sept, 06:50 pm

Oversubscribed 38.12 times · 4,19,545 applications

QIB
28.05x
NII (HNI)
95.54x
S-HNI
76.32x
B-HNI
105.15x
Retail
19.26x
Total
38.12x

Total applications

4,19,545

Total bid amount

₹2,406 Cr

Category breakdown

CategoryShares offeredShares bidTimesBid amount
QIB10,79,8403,02,89,75028.05x₹506 Cr
NII (HNI)8,09,8807,73,75,41595.54x₹1,292 Cr
B-HNI5,39,9205,67,72,435105.15x₹948 Cr
S-HNI2,69,9602,06,02,98076.32x₹344 Cr
Retail18,89,7203,63,94,87519.26x₹608 Cr
Total37,79,44014,40,60,04038.12x₹2,406 Cr

Application-wise breakup

CategoryApplications reservedAppliedTimes
B-HNI4239,22921.82x
S-HNI21215,94475.21x
Retail22,2323,94,69917.75x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

0100200300400Mar 2024 · Revenue: 79.05Mar 2024 · Expense: 55.05Mar 2024 · Profit after tax: 18.05Mar 2024 · Assets: 298.76Mar 2024 · Borrowing: 3.54Mar 2024Mar 2025 · Revenue: 94.47Mar 2025 · Expense: 63.06Mar 2025 · Profit after tax: 23.42Mar 2025 · Assets: 302.57Mar 2025 · Borrowing: 5.71Mar 2025Mar 2026 · Revenue: 72.4Mar 2026 · Expense: 54.09Mar 2026 · Profit after tax: 13.11Mar 2026 · Assets: 304.44Mar 2026 · Borrowing: 18.47Mar 2026

Key performance indicators

As of 30 Jun 2026

ROE

7.59%

PAT Margin

18.24%

ROCE

10.61%

EBITDA Margin

30.24%

Debt to Equity Ratio

0.1

Price to Book Value

1.46

RoNW

7.35%

Valuation vs listed peers

EPS Pre IPO

₹8.32

EPS Post IPO

₹6.2

P/E Pre IPO

20.07

P/E Post IPO

26.94

Price-to-earnings

Shah Investor's Home (post-issue)
26.94×
SMC Global Securities Limited
16.28×
Share India Securities Limited
11.68×
Arihant Capital Markets Limited
27.08×
CompanyP/EP/BRoNWFace value
SMC Global Securities Limited16.28——₹2
Share India Securities Limited11.68——₹2
Arihant Capital Markets Limited27.08——₹1

Peer median P/E 16.3× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

-8.4%

Profit growth FY24 → FY26

-27.4%

P/E vs peer median

26.9× vs 16.3×

  • PAT margin 18.2% and ROCE 10.6%.
  • Priced above its listed-peer median P/E.

Strengths & risks

  • Established Track Record with 30+ years in broking.
  • Diversified Services across broking, MTF, depository and distribution.
  • Strong Client Base with long-standing client relationships.
  • Digital Platforms including Moneymaker, Fundspro and ALGOFY.
  • Wide Network of 181+ authorised persons and 11 branches.
6.0/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials5.6
Growth5.4
Business5.6
Demand8.7
Risk7.2

Objects of the issue

PurposeAmount (₹ Cr)
Funding working capital requirements of the Company.60
General Corporate Purposes.-

Company & documents

Shah Investor’s Home Limited (SIHL) is a retail-focused financial services company with over three decades of experience in the securities market. It primarily provides equity and derivatives broking, along with depository services, margin trading, mutual fund distribution and other financial products under the “Shah Investors” brand.

As of March 31, 2026, SIHL had 38,189 active clients, over 1,00,000 demat accounts and 181+ authorised persons, operating through 11 branches across Gujarat and Maharashtra. The Company began NSE operations in 1995 and became an NSDL depository participant in 1997.

Broking is SIHL’s primary business segment, covering equity, F&O, currency derivatives and commodities through NSE, BSE and MCX. Brokerage income stood at ₹4,630.20 lakh in FY2026, contributing 64.78% of revenue from operations.

The Company also offers margin trading, depository services and financial product distribution. Its MTF book stood at ₹2,096.26 lakh as of March 31, 2026, while it distributes mutual funds and third-party PMS products through online and offline channels.

Technology is an important part of SIHL’s operations, with SIHL Moneymaker for digital trading, SIHL Fundspro for mutual fund investments and ALGOFY, an API-powered algorithmic trading platform launched in FY2026. As of March 31, 2026, Moneymaker had 33,287+ downloads and 12,452 trading clients.

SIHL has a relationship-driven business model, with 27,728 active clients associated with the Company for over five years as of March 31, 2026, representing 72.61% of active clientele. The Company focuses on expanding its brokerage business, authorised-person and branch network, digital adoption, and reach across Tier 2 and Tier 3 cities.

As of July 31, 2026, SIHL had 167 permanent employees across trading, sales, IT, demat, compliance, research, accounts, MTF & SLB, helpdesk and other functions.

Registrar

Company contact

Shah Investor's Home Ltd.

810, X-Change Plaza DSCCSL (53E), Road 5E Block 53, Zone 5, Gift City Gandhinagar, Gujarat, 382050

Phone: +91 9904053335

Email: company.secretary@sihl.in

Web: https://www.sihl.in/

Book running lead managers

  • Beeline Capital Advisors Pvt. Ltd.

Promoters

84.3%Pre Issue
62.8%Post Issue
  • Upendra Trikamlal Shah
  • Purnima Upendra Shah
  • Tanmay Upendra Shah
  • Trupti Utpal Shah