Shah Investor's Home IPO subscribed 31% on day 1

The offer received bids for 11.88 lakh shares as against 37.79 lakh shares on offer.

The initial public offer (IPO) of Shah Investor's Home was subscribed 0.31 times on the first day of bidding on 28 September 2026, according to stock exchange data at 17:00 IST. The issue received bids for 11,88,810 shares against 37,79,440 shares on offer.

The issue opened for subscription on 28 September 2026 and will close on 30 September 2026. The price band has been fixed at Rs 159 to Rs 167 per share. The minimum bid is 85 shares. The equity shares are proposed to be listed on the BSE and NSE.

The fresh issue comprises 0.54 crore equity shares of face value Rs 10 each. Following the issue, promoter shareholding is expected to decline to 62.81% from 84.34%.

The company's board on 25 September 2026 finalised the allocation of 16,19,760 equity shares to four anchor investors at Rs 167 per share.

Shah Investors Home plans to use Rs 60 crore from the net IPO proceeds to fund working capital requirements in FY2027, specifically to support its margin trading facility (MTF) working capital and margin requirements. The company is targeting an expansion of its MTF book to Rs 110.30 crore in FY2027 from Rs 54.20 crore at the end of August 2026.

Shah Investors Home was incorporated in Ahmedabad, Gujarat, in 1994 and is engaged in retail broking. Its services include broking, margin trading, depository services and distribution of financial products. The company served more than one lakh demat accounts, had over 38,000 active clients and partnered with more than 181 authorised persons. It operates through 11 branches across Gujarat and Maharashtra.

The company started operations as a trading member of the National Stock Exchange in 1995 and became a depository participant in 1997. It acquired membership of the BSE capital market segment in 2004, the BSE F&O segment in 2007 and the NSE currency derivatives segment in 2008. It is currently a member of NSE, BSE and MCX.

Broking is the company's primary business segment. Its retail brokerage services cover equity delivery, futures and options, currency derivatives and commodities. The company also provides depository services through NSDL and had 38,189 depository clients in FY2026.

Shah Investors Home introduced its margin trading service in FY2025. Its MTF book stood at Rs 54.20 crore at the end of August 2026, compared with Rs 20.96 crore at the end of March 2026 and Rs 9.64 crore at the end of March 2025.

The company also distributes mutual funds and third-party portfolio management services. It is registered with the Association of Mutual Funds in India (AMFI) and the Association of Portfolio Managers in India (APMI) for these activities.

Shah Investors Home has also expanded its digital offerings. It launched the SIHL Moneymaker app in 2023, which had more than 12,452 users by March 2026. The company has also developed an in-house ERP and introduced ALGOFY, an algorithmic trading platform.

Digital platforms accounted for 42.6% of brokerage revenue in FY2026, compared with 17.6% in FY2024. The company said 72.61% of its active clientele had maintained their trading accounts with it for more than five years.

Financially, income from operations declined 24.2% to Rs 71.48 crore in FY2026 from Rs 94.27 crore in FY2025. Operating profit fell 38.8% to Rs 21.62 crore from Rs 35.31 crore, while operating profit margin declined to 30.24% from 37.46%. Net profit declined 43.6% to Rs 13.20 crore from Rs 23.39 crore.

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