Shah Investor's Home Ltd IPO
Status: Closed
Overview
IPO date
28 Sept 2026 to 30 Sept 2026
Face value
₹ 10 per share
Price
₹ 159 to ₹167 per share
Issue Size
5,399,200 shares
(aggregating up to ₹ 90.17 Cr)
(aggregating up to ₹ 90.17 Cr)
Allotment Date
01 Oct 2026
Listing at
NSE
Issue type
Book Building
Sector
Stock/ Commodity Brokers
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T&C*
Strengths vs Risks of Shah Investor's Home Ltd
Know the pros & cons
Strengths
- Sizeable clientele across Gujarat.
- Strong track record of financial performance and operating efficiency.
- Leveraging technology to enhance client satisfaction.
- Integrated brokerage model with long term client relationships.
- Experienced Promoters and Management Team.
Risks
- The company's broking segment contributes 64.78%, 68.90%, and 71.60% of its revenue for the Fiscals 2026, 2025 and 2024, respectively of which a significant portion is derived from a few geographical regions in which Gujarat contributes 93.74%, 93.30% and 93.53%, respectively Any reduction in the company's revenue from broking segment could have a material adverse effect on its business, results of operations, cash flows and financial condition.
- The company is subject to extensive statutory and regulatory requirements and supervision. Any failures to comply with applicable law or changes in the regulatory framework could result in action being initiated against the company by relevant authorities which may have a material adverse impact on its business, results of operations and financial condition.
- The company relies heavily on its network of Authorised Persons associated with the company. Loss of a significant number of Authorised Persons, or failures to expand its network of Authorised Persons may have an adverse impact on the company's business, results of operations and financial conditions. Further, its could be liable for the lapses of the company's Authorised Persons.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- The company relies on the Indian exchanges for a significant portion of its business, and the company is registered with such exchanges and is subject to the rules and regulations framed by such exchanges. Any disruption in the functioning of the exchanges or a disruption to the company connection with the exchanges or failures to comply with exchange rules and regulations could have a material adverse effect on its business and results of operations.
- The company's continued success and growth will be dependent on its ability to retain and grow the company's client base and network of Authorised Person and relationship managers. Failures to retain and augment its client base could have a material adverse effect on the company's business, financial condition and growth prospectus.
- The company has high working capital requirements. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company has applied for registrations of certain intellectual property rights and any failures to enforce its rights could have an adverse effect on the company's business prospects.
- The company has incurred negative net cash flows from operating activities in Fiscal 2026. Negative net cash flows could have an adverse impact on its growth prospects.
- The company's financial performance is subject to interest rate risk, and an inability to manage its interest rate risk may have a material adverse effect on the company's business prospects, financial condition and results of operation.
- The company is exposed to credit risk arising out of receivables in its day-to-day operations. If these credit risks materialise it would increase the level of the company's non-performing assets, and expose it to significant losses.
- The company may be exposed to risks related to its MTF product and the company may fails to manage its MTF business, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- There are certain discrepancies, errors, and non-compliance which have occurred in some of the company's corporate records relating to forms filed with the RoC and other provisions of Companies Act, 2013/1956. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- The company's contingent liabilities as at March 31, 2026 as per Ind AS 37, as disclosed in its Restated Consolidated Financial Information could adversely affect the company's financial condition.
- The company has in the past entered into related party transactions and may continue to enters into such transactions under Ind AS 24, in the future, and there can be no assurance that the company could not have achieved more favourable terms had such transactions not been entered into with related parties.
- The company is unable to trace some of its historical corporate records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in future in relation to the missing corporate records which may impact its cash flows, financial condition and reputation.
- Competition from existing and new market participants in the company line of business may affect its market share, or results of operations.
- A significant decrease in the company's liquidity could negatively affect its business, in particular the Broking Segment, reduce client confidence in the company and may also adversely impact its brand.
- The company is heavily reliant on its Promoters, Key Managerial Personnel, and Senior Management. Failures to retain or replace them will adversely affect the company's business.
- The Company had issued Equity Shares to more than 49 investors in the past and as a matter of abundant caution for better corporate governance, the Company has given an exit offer to the eligible shareholders.
- The Company has ventured into the margin trading business during Fiscal 2025. The company's inability to successfully expand this product offering may adversely affect its growth and negatively impact the company profitability.
- Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company's Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders approval.
- The company could be subject to claims by clients or actions by regulators or both for alleged mis-selling. Any case of mis-selling, or fraud, could result in claims and fines against the company and could have a material adverse effect on its business, financial condition, cash flows, results of operations and reputation.
- The company may fails to detect money laundering and other illegal or improper activities on a timely basis, which may lead to criminal and, or, regulatory proceedings against the company which could have a material adverse effect on its reputation, business operations, financial condition and results of operation.
- The company's directors including its independent directors does not have any experience of being a director in a listed company or in the financial sector. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company or in the financial sector.
- There are outstanding litigation against the Company, Subsidiary, its Directors, KMPs and Senior Management ("SM") which if determined adversely, could affect the company's business and results of operations.
- The company is dependent on technology in carrying out its business activities and information technology forms an integral part of its business. The company is dependent on third party suppliers for these technologies and software. Any failures or inadequacies in its information technology systems may hamper the company's ability to compete effectively which may result in lower revenue, higher costs and would adversely affect its business and results of operations.
- The company has incurred indebtedness including in the form of loans from banks may incur substantial additional indebtedness. Conditions and restrictions imposed on the company pursuant to such indebtedness could adversely affect its ability to obtain financing in the future.
- The Company has acquired certain premises including branch offices from its Promoters and members of Promoter Group, who may be deemed to be interested in the said acquisition.
- Some of the properties from which the company operates its business have been taken on leave and license basis / rent. The company cannot assure you that the leave and license, and, or rent agreements will be renewed upon termination or that its will be able to obtain other premises on similar commercial terms.
- There are operational risks associated with the company's business activities which, if realised, may have a material adverse effect on its business, financial condition, cash flows, results of operations and growth prospects.
- The company depends on the accuracy and completeness of information about clients and counterparties for its business. Any misrepresentation, errors in or incompleteness of such information could adversely affect the company's business and financial performance.
- If research reports disseminated by the company contain errors, then it could have a material adverse effect on the company's business, financial condition or results of operations.
- The Company has paid dividends in the last 3 Fiscals. There can be no assurance that the Company will continue to pay dividends in the future.
- Certain sections in this Red Herring Prospectus contain information from the CARE Report, which was prepared by CARE Analytics and Advisory Private Limited and exclusively commissioned and paid for by the Company for the purposes of the Issue, and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company has a large pool of employees and employee benefits expense is a significant portion of its total expenses. Also, the company operations could be adversely affected by strikes or increased wage demands by its employees which could adversely affect the company operations and its profitability.
- An inability to maintain adequate insurance cover in connection with the company's business may adversely affect its operations and profitability.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance such as EBITDA, EBITDA margin, interest coverage ratio, net debt to EBITDA ratio, return on capital employed and return on equity have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- If the company is subject to any frauds, theft, or embezzlement by its employees, Authorised Persons or others the company is associated with, it could adversely affect the company's reputation, results of operations, financial condition and cash flows.
- Some of its Group Companies and Promoter Group entities are associated with companies which operates in a similar line of business as the Company, which may lead to competition with these entities and could potentially result in a loss of business opportunity for the Company.
Shah Investor's Home Ltd Peer Comparison
Understand the company’s industry standing
Shah Investor's Home Ltd.
SMC Global Securities Ltd
Share India Securities Ltd
Face Value
10
2
2
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
71.48
1876.92
1470.26
EPS-Basis
8.38
4.87
14.79
EPS-Diluted
8.38
4.87
14.76
NAV Per Share
114.07
62.27
120.41
P/E-Basic EPS
19.93
16.28
11.68
P/E-Diluted EPS
19.93
16.28
11.7
RONW(%)
7.35
7.82
12.28
Latest NAV Period
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Latest NAV
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How to check the allotment status of Shah Investor's Home Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 28 Sept 2026 & closes on 30 Sept 2026.
Shah Investor's Home Limited was incorporated as 'Shah Investors Home Private Limited', a Private Limited Company on October 12, 1994, with the Assistant Registrar of Companies, Gujarat. Subsequently, it converted the status into a public Company, and the name of Company was changed to 'Shah Investors Home Limited' on March 09, 1995. Thereafter, the name of Company was changed to 'Shah Investor's Home Limited' and a fresh Certificate of incorporation on October 13, 2000, was issued by the RoC.
Shah Investor's Home Limited is a retail brokering company engaged in broking of equity, derivatives and mutual fund, wealth management services, distribution of financial products such as equities, IPO investing, mutual funds distribution, and other securities, proprietary investments and other activities in financial services. Company mainly focus on providing secondary market brokering services to retail customers, comprising both resident and non-resident Indians.
Company had commenced its operations as a Trading Member (Stockbroker) of National Stock Exchange of India Limited in year 1995 and subsequently in 1997, registered itself as a depository participant member of National Securities Depository Ltd (NSDL), becoming the first depository participant in Gujarat. The Company later, had acquired the membership of the capital market segment of the Bombay Stock Exchange Limited in 2004. It became a trading member of the F&O segment of BSE and of the Currency Derivative Segment of NSE, in 2007 and 2008 respectively. The Company got registered in Stock Lending and Borrowing Mechanism (SLBM), diversifying its services in year 2019-20.
As of March 31, 2025, Company has served over 100,000 demat accounts, with more than 37,810 active trading accounts and partnerships with over 184 authorised person. The business extends to offering mutual fund distribution, margin trading facility, and stock lending and borrowing services.
Company is planning the initial public offering of 54,00,000 equity shares of Rs 10 each through Fresh Issue.
Shah Investor's Home Ltd IPO will close on 30 Sept 2026.
- Sizeable clientele across Gujarat.
- Strong track record of financial performance and operating efficiency.
- Leveraging technology to enhance client satisfaction.
- Integrated brokerage model with long term client relationships.
- Experienced Promoters and Management Team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Upendra Trikamlal Shah | 3000000 | 19.04 | 3000000 | 14.18 |
| 2 | Purnima Upendra Shah | 3450000 | 21.9 | 3450000 | 16.31 |
| 3 | Tanmay Upendra Shah | 2505000 | 15.9 | 2505000 | 11.84 |
| 4 | Trupti Utpal Shah | 650000 | 4.13 | 650000 | 3.07 |
| 5 | Upendra Trikamlal Shah HUF | 332500 | 2.11 | 332500 | 1.57 |
| 6 | Tanmay Upendra Shah HUF | 100600 | 0.64 | 100600 | 0.48 |
| 7 | Utpal Praful Shah | 530000 | 3.36 | 530000 | 2.51 |
| 8 | Utpal Praful Shah HUF | 36400 | 0.23 | 36400 | 0.17 |
| 9 | Rehan Utpal Shah | 220000 | 1.4 | 220000 | 1.04 |
| 10 | Aashna Utpal Shah | 220000 | 1.4 | 220000 | 1.04 |
| 11 | Pritish Praful Shah | 1650 | 0.01 | 1650 | 0.01 |
| 12 | Nivedita Vijay Vyas | 1650 | 0.01 | 1650 | 0.01 |
| 13 | Preeti Upendra Shah | 1415000 | 8.98 | 1415000 | 6.69 |
| 14 | Ruchira Tanmay Shah | 580000 | 3.68 | 580000 | 2.74 |
| 15 | Kenisha Tanmay Shah | 241200 | 1.53 | 241200 | 1.14 |
| 16 | Praful Kacharabhai Shah | 2400 | 0.02 | 2400 | 0.01 |
- The company's broking segment contributes 64.78%, 68.90%, and 71.60% of its revenue for the Fiscals 2026, 2025 and 2024, respectively of which a significant portion is derived from a few geographical regions in which Gujarat contributes 93.74%, 93.30% and 93.53%, respectively Any reduction in the company's revenue from broking segment could have a material adverse effect on its business, results of operations, cash flows and financial condition.
- The company is subject to extensive statutory and regulatory requirements and supervision. Any failures to comply with applicable law or changes in the regulatory framework could result in action being initiated against the company by relevant authorities which may have a material adverse impact on its business, results of operations and financial condition.
- The company relies heavily on its network of Authorised Persons associated with the company. Loss of a significant number of Authorised Persons, or failures to expand its network of Authorised Persons may have an adverse impact on the company's business, results of operations and financial conditions. Further, its could be liable for the lapses of the company's Authorised Persons.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- The company relies on the Indian exchanges for a significant portion of its business, and the company is registered with such exchanges and is subject to the rules and regulations framed by such exchanges. Any disruption in the functioning of the exchanges or a disruption to the company connection with the exchanges or failures to comply with exchange rules and regulations could have a material adverse effect on its business and results of operations.
- The company's continued success and growth will be dependent on its ability to retain and grow the company's client base and network of Authorised Person and relationship managers. Failures to retain and augment its client base could have a material adverse effect on the company's business, financial condition and growth prospectus.
- The company has high working capital requirements. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company has applied for registrations of certain intellectual property rights and any failures to enforce its rights could have an adverse effect on the company's business prospects.
- The company has incurred negative net cash flows from operating activities in Fiscal 2026. Negative net cash flows could have an adverse impact on its growth prospects.
- The company's financial performance is subject to interest rate risk, and an inability to manage its interest rate risk may have a material adverse effect on the company's business prospects, financial condition and results of operation.
- The company is exposed to credit risk arising out of receivables in its day-to-day operations. If these credit risks materialise it would increase the level of the company's non-performing assets, and expose it to significant losses.
- The company may be exposed to risks related to its MTF product and the company may fails to manage its MTF business, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- There are certain discrepancies, errors, and non-compliance which have occurred in some of the company's corporate records relating to forms filed with the RoC and other provisions of Companies Act, 2013/1956. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- The company's contingent liabilities as at March 31, 2026 as per Ind AS 37, as disclosed in its Restated Consolidated Financial Information could adversely affect the company's financial condition.
- The company has in the past entered into related party transactions and may continue to enters into such transactions under Ind AS 24, in the future, and there can be no assurance that the company could not have achieved more favourable terms had such transactions not been entered into with related parties.
- The company is unable to trace some of its historical corporate records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in future in relation to the missing corporate records which may impact its cash flows, financial condition and reputation.
- Competition from existing and new market participants in the company line of business may affect its market share, or results of operations.
- A significant decrease in the company's liquidity could negatively affect its business, in particular the Broking Segment, reduce client confidence in the company and may also adversely impact its brand.
- The company is heavily reliant on its Promoters, Key Managerial Personnel, and Senior Management. Failures to retain or replace them will adversely affect the company's business.
- The Company had issued Equity Shares to more than 49 investors in the past and as a matter of abundant caution for better corporate governance, the Company has given an exit offer to the eligible shareholders.
- The Company has ventured into the margin trading business during Fiscal 2025. The company's inability to successfully expand this product offering may adversely affect its growth and negatively impact the company profitability.
- Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company's Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders approval.
- The company could be subject to claims by clients or actions by regulators or both for alleged mis-selling. Any case of mis-selling, or fraud, could result in claims and fines against the company and could have a material adverse effect on its business, financial condition, cash flows, results of operations and reputation.
- The company may fails to detect money laundering and other illegal or improper activities on a timely basis, which may lead to criminal and, or, regulatory proceedings against the company which could have a material adverse effect on its reputation, business operations, financial condition and results of operation.
- The company's directors including its independent directors does not have any experience of being a director in a listed company or in the financial sector. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company or in the financial sector.
- There are outstanding litigation against the Company, Subsidiary, its Directors, KMPs and Senior Management ("SM") which if determined adversely, could affect the company's business and results of operations.
- The company is dependent on technology in carrying out its business activities and information technology forms an integral part of its business. The company is dependent on third party suppliers for these technologies and software. Any failures or inadequacies in its information technology systems may hamper the company's ability to compete effectively which may result in lower revenue, higher costs and would adversely affect its business and results of operations.
- The company has incurred indebtedness including in the form of loans from banks may incur substantial additional indebtedness. Conditions and restrictions imposed on the company pursuant to such indebtedness could adversely affect its ability to obtain financing in the future.
- The Company has acquired certain premises including branch offices from its Promoters and members of Promoter Group, who may be deemed to be interested in the said acquisition.
- Some of the properties from which the company operates its business have been taken on leave and license basis / rent. The company cannot assure you that the leave and license, and, or rent agreements will be renewed upon termination or that its will be able to obtain other premises on similar commercial terms.
- There are operational risks associated with the company's business activities which, if realised, may have a material adverse effect on its business, financial condition, cash flows, results of operations and growth prospects.
- The company depends on the accuracy and completeness of information about clients and counterparties for its business. Any misrepresentation, errors in or incompleteness of such information could adversely affect the company's business and financial performance.
- If research reports disseminated by the company contain errors, then it could have a material adverse effect on the company's business, financial condition or results of operations.
- The Company has paid dividends in the last 3 Fiscals. There can be no assurance that the Company will continue to pay dividends in the future.
- Certain sections in this Red Herring Prospectus contain information from the CARE Report, which was prepared by CARE Analytics and Advisory Private Limited and exclusively commissioned and paid for by the Company for the purposes of the Issue, and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The company has a large pool of employees and employee benefits expense is a significant portion of its total expenses. Also, the company operations could be adversely affected by strikes or increased wage demands by its employees which could adversely affect the company operations and its profitability.
- An inability to maintain adequate insurance cover in connection with the company's business may adversely affect its operations and profitability.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance such as EBITDA, EBITDA margin, interest coverage ratio, net debt to EBITDA ratio, return on capital employed and return on equity have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- If the company is subject to any frauds, theft, or embezzlement by its employees, Authorised Persons or others the company is associated with, it could adversely affect the company's reputation, results of operations, financial condition and cash flows.
- Some of its Group Companies and Promoter Group entities are associated with companies which operates in a similar line of business as the Company, which may lead to competition with these entities and could potentially result in a loss of business opportunity for the Company.
The Issue type of Shah Investor's Home Ltd is Book Building.
The minimum application for shares of Shah Investor's Home Ltd is 85.
The total shares issue of Shah Investor's Home Ltd is 5399200.
Initial public offering of 53,99,200 equity shares of face value of Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 167 per equity share (Including a Share Premium of Rs. 157 Per Equity Share) ("Issue Price") aggregating up to Rs. 90.17 Crore (the "Issue").
Price Band: Rs. 167 per equity share of face value of Rs. 10 each.
The floor price is 16.70 times the face value of the equity shares.
Bids can made for a minimum of 85 equity shares of face value of Rs. 10 each and in multiples of 85 equity shares of face value of Rs. 10 each thereafter.