Shah Investor's Home IPO Review: Price Band, Dates, Lot Size, Financials and RisksShah Investor's Home IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Shah Investor’s Home IPO opens on September 28 and closes on September 30, 2026. 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. The company is raising ₹90.17 crore through a fresh issue of 53.99 lakh shares. 

IPO Snapshot

Event	Date
IPO Opens	September 28, 2026
IPO Closes	September 30, 2026
Allotment Date	October 1, 2026
Refund	October 5, 2026
Shares Credited to Demat	October 5, 2026
Listing Date (BSE, NSE)	October 6, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹159 to ₹167 per share
Face Value	₹10 per share
Lot Size	85 shares
Minimum Investment	₹13,515 to ₹14,195
Retail Maximum	14 lots, or 1,190 shares (₹1,98,730)
Fresh Issue	₹90.17 crore (53,99,200 shares)
Offer for Sale	Nil
Total Issue Size	₹90.17 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 1,57,54,000 shares, rising to 2,11,53,200 shares post-issue. Promoter shareholding will decline from 84.34% pre-issue to 62.81% post-issue due to dilution from the fresh issue. The entire issue is fresh, so all proceeds will go to the company for the stated objects.

What Does Shah Investor’s Home Actually Do

Shah Investor’s Home Limited, incorporated in October 1994, 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. 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.

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.

The Money Numbers

Metric	FY24	FY25	FY26
Total Assets (₹ Crore)	298.76	302.57	304.44
Total Income (₹ Crore)	79.05	94.47	72.40
Profit After Tax (₹ Crore)	18.05	23.42	13.11
Total Borrowings (₹ Crore)	3.54	5.71	18.47

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹79.05 crore in FY24 to ₹94.47 crore in FY25, then declined 23% to ₹72.40 crore in FY26. Profit after tax grew from ₹18.05 crore in FY24 to ₹23.42 crore in FY25, then declined 44% to ₹13.11 crore in FY26. Total assets increased from ₹298.76 crore to ₹304.44 crore, while net worth grew from ₹150.54 crore to ₹179.71 crore over the same period.

EBITDA stood at ₹21.62 crore in FY26, with EBITDA margin at 30.24%. Total borrowings stood at ₹18.47 crore in FY26, up from ₹3.54 crore in FY24.

Return ratios were moderate: ROE stood at 7.59% and ROCE at 10.61% in FY26, with RoNW at 7.35% and NAV of ₹114.07 per share. PAT margin was 18.24% and debt-to-equity was 0.10 times.

Objects of the Issue

Purpose	Amount (₹ Crore)
Funding working capital requirements of the Company	60.00
General Corporate Purposes	Balance amount
Total identified objects	60.00

Strengths

• Over three decades of experience in retail broking and financial services.
• Sizeable retail clientele with over 1,00,000 demat accounts and 38,000+ active clients.
• Established branch and authorised-person network with 181 authorised persons.
• Digital platforms including SIHL Moneymaker and ALGOFY algorithmic trading platform.
• Technology-enabled trading and client-service infrastructure.
• Integrated brokerage model with long-term client relationships.
• Strong presence across Gujarat and Maharashtra with 11 branches.
• Healthy EBITDA margin of 30.24% in FY26.
• Strong net worth growth from ₹150.54 crore to ₹179.71 crore between FY24 and FY26.
• Low debt-to-equity ratio of 0.10 times.

Risks

• Total income declined 23% from ₹94.47 crore in FY25 to ₹72.40 crore in FY26.
• Profit after tax declined 44% from ₹23.42 crore in FY25 to ₹13.11 crore in FY26.
• EBITDA declined 38.8% from ₹35.31 crore in FY25 to ₹21.62 crore in FY26.
• The company operates in the highly competitive retail broking sector with exposure to market volatility, regulatory changes, and competition from both discount brokers and full-service brokers.
• Geographic concentration in Gujarat and Maharashtra.
• Total borrowings increased significantly from ₹3.54 crore in FY24 to ₹18.47 crore in FY26, up 423%.
• The company’s expansion depends on securing new clients and maintaining trading volumes.
• The broking sector is subject to regulatory changes by SEBI and stock exchanges.
• Promoter shareholding will decline from 84.34% to 62.81% post-issue.
• ROE of 7.59% and ROCE of 10.61% are moderate compared to peers.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 28 and September 30.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Shah Investor’s Home’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions