Minerva Capital Research Solutions

Shah Investor's Home

RHP
ListedListed 6 Oct 2026MainboardNSE: SHAHINVESTCheck allotment
Current price₹ 137.22−17.83% since issue
Listing day+2.4%
Issue price
₹ 167
Issue size
₹ 90.17 Cr.
Min. investment
₹ 14,195
Listing price
₹ 171
Subscribed
38.12x
Lot size
85 shares
P/E
26.94
RoNW
7.35%
RoCE
10.61%
Debt / Equity
0.10
PAT margin
18.24%
EBITDA margin
30.24%
RoE
7.59%
EPS
₹ 6.20
NAV
₹ 114.07
Promoter stake
62.81%

About

Shah Investor's Home Limited was started in October 1994 and has more than three decades in the securities market. It is a retail broking company, meaning it helps individual investors buy and sell shares, IPOs and other securities, for both resident and non-resident Indians. Its main business is equity and derivatives broking. Alongside that it distributes mutual funds, provides margin funding, which is lending to clients so they can buy more shares than their own cash allows, and runs stock lending and borrowing services, all under the brand name Shah Investors. As on 31 March 2026 it had served more than 1,00,000 demat accounts, with over 38,000 active clients and a network of more than 181 authorised persons, who are sub-brokers working under its licence. It operates 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, and most of its customers are in Gujarat and Maharashtra.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    30 Sep
    done
  3. Allotment
    1 Oct
    done
  4. Refunds
    5 Oct
    done
  5. Demat credit
    5 Oct
    done
  6. Listing
    6 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 17 on 4 Oct 2026
Lowest
₹ 9 on 26 Sep 2026
First quoted
₹ 10 on 23 Sep 2026

Subscription

How many times each investor group bid for its share, as of 06 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)185₹ 14,195
Retail (Max)141,190₹ 1,98,730
S-HNI (Min)151,275₹ 2,12,925
B-HNI (Min)716,035₹ 10,07,845

Company overview

Financials

Financials by year
Assets304.44302.57298.76
Total Income72.494.4779.05
Profit After Tax13.1123.4218.05
EBITDA21.6235.3125.13
NET Worth179.71168.09150.54
Reserves and Surplus163.95152.34134.79
Total Borrowing18.475.713.54

Strengths

  • The company has a very long record, having started in October 1994, which is more than 30 years in broking.
  • It has served more than 1,00,000 demat accounts, with over 38,000 active clients as on 31 March 2026.
  • The authorised person network of more than 181 sub-brokers lets it reach clients without opening a branch for each one.
  • It earns from several lines, including broking, mutual fund distribution, margin funding and securities lending, rather than from trading commission alone.
  • The margin is healthy, with a PAT margin of 18.24%.
  • Debt is low at Rs 18.47 crore against a net worth of Rs 179.71 crore.
  • Net worth has grown steadily, from Rs 150.54 crore in FY2024 to Rs 179.71 crore in FY2026.
  • The whole issue is fresh capital with no offer for sale.

Risks

  • Profit fell sharply in the latest year. Profit after tax dropped 44% from Rs 23.42 crore in FY2025 to Rs 13.11 crore in FY2026, and total income fell from Rs 94.47 crore to Rs 72.40 crore.
  • The issue is priced at about 26.94 times earnings on an EPS of Rs 6.20, which is high for a business whose profit has just fallen by almost half.
  • Return ratios are weak, with RoNW of only 7.35% and RoCE of 10.61%.
  • Broking income depends directly on market activity. When trading volumes fall, as they did in FY2026, revenue falls with them and costs stay.
  • Discount brokers and large app-based platforms have pushed commissions down sharply, and a traditional branch based broker competes on a higher cost base.
  • Rs 60 crore of the issue goes into working capital, which in a broker largely means funding client margin loans, and those carry credit risk if markets fall suddenly.
  • Borrowing more than tripled in one year, from Rs 5.71 crore to Rs 18.47 crore.
  • The business is concentrated in Gujarat and Maharashtra, and SEBI rules on broking, margin and derivatives change often and affect earnings directly.

What the money is for

Objects of the issue
Funding working capital requirements of the Company60
General Corporate Purposes—

Promoters

  • Upendra Trikamlal Shah
  • Purnima Upendra Shah
  • Tanmay Upendra Shah
  • Trupti Utpal Shah
Promoter holding84.34%→62.81%before → after the issue · down 21.53 points

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Beeline Capital Advisors Pvt. Ltd.
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.