Shah Investor's IPO

Listed Mainboard
Min Investment
₹14,195
85 Shares
Min Investment
₹14,195 · 85 Shares
Open Sept 28
Close Sept 30
Allotment Oct 01
Refund Oct 05
Demat Oct 05
Listing Oct 06
Price Band ₹159–167
Lot Size 85 shares
Issue Size ₹90 Cr
Listed At ₹171.00 +2.4%
Subscribed 38.12×
Listed On BSE & NSE
Listing Price
₹171.00 (+2.40%)
vs issue price
Current Price (BSE)
₹138.40 (-17.13%)
as of 15 Oct, 10:34 am IST

Market Sentiment

Grey Market Premium What is GMP?
+₹17
+10.2% ▲ ₹0.5 since last update
Est. listing ₹184
Upper price ₹167
GMP range ₹12.5 – ₹17
02 Oct · ₹12.5 05 Oct · ₹17
Updated 05 Oct, 7:22 pm IST Unofficial grey-market data
GMP estimate ₹184
Actual listing ₹171
Listed below the GMP estimate by ₹13 (-7.1%)
Subscription Status
QIB
28.05x
NII
95.54x
bNII (>10L)
105.15x
sNII (2-10L)
76.32x
Retail
19.26x
Total
38.12x
Updated: Sept 30, 2026 5:59 pm IST
Analysis Score 71 / 100
Data: 80%
GMP Score 60
Subscription Score 95
Financial Health 50
Score updates live as GMP/subscription change. For information only — not investment advice.

IPO Details

Price Band₹159–167 per equity share
Face Value₹10 Per Equity Share
Lot Size 85 shares (Min ₹14,195)
Total Issue Size ₹90.17 crore
Fresh IssueEntire issue — no offer for sale, so all proceeds go to the company
Issue TypeBook build Issue
Lead Manager BEELINE CAPITAL ADVISORS PRIVATE LIMITED
Registrar MUFG Intime India Pvt. Ltd.
PromotersUpendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah
Listing atBSE & NSE
BSE Code544963
ISININE029N01014
Listing Price₹171.00
Listing Gain+2.40%

Day-wise Subscription (times subscribed)

Category Day 1 Day 2 Final
QIB 0.50x 1.08x 28.05x
NII 0.25x 1.59x 95.54x
bNII > ₹10L 0.12x 1.37x 105.15x
sNII 2-10L 0.53x 2.04x 76.32x
Retail 0.24x 0.90x 19.26x
Total 0.31x 1.10x 38.12x

Market Lot Size

Category Lots Shares Amount (₹)
Retail Minimum 1 85 ₹14,195
Retail Maximum 14 1,190 ₹1,98,730
S-HNI Minimum 15 1,275 ₹2,12,925
S-HNI Maximum 70 5,950 ₹9,93,650
B-HNI Minimum 71 6,035 ₹10,07,845
Budget to Lots Calculator ▼
₹

IPO Reservation

Category Shares Offered Shares %
QIB10,79,84020.00%
NII (HNI)8,09,88015.00%
bNII > ₹10L5,39,92010.00%
sNII < ₹10L2,69,9605.00%
Retail18,89,72035.00%
Anchor16,19,76030.00%
Total53,99,200

Financial Analysis

Financial Data

EPS (Pre)
₹8.38
ROE
7.59%
ROCE
10.61%
RoNW
7.35%
EBITDA Margin
30.24%
Debt/Equity
0.10
NAV/Share
₹114.07
Revenue Growth
-23.36%
Profit Margin
18.11%

Financial Performance

Metric 2023 2024 2025 2026
Revenue 52.33 79.05 94.47 72.40
Expense 42.44 55.05 63.06 54.09
Profit (PAT) 7.40 18.05 23.42 13.11
Total Assets 211.87 298.76 302.57 304.44
Values in Crores (₹)

Peer Comparison

Company EPS P/E RoNW % NAV Income
SMC Global Securities Limited 4.87 16.28 7.82 62.27 1,876.92 Cr
Share India Securities Limited 14.79 11.68 12.28 120.41 1,470.26 Cr
Arihant Capital Markets Limited 2.87 27.09 7.13 40.23 205.84 Cr

Strengths & Risks

Strengths
  • Heavily oversubscribed — 38.1x overall (final).
  • Strong institutional (QIB) demand — 28.1x.
  • Solid profit margin — 18.1%.
  • Low leverage — debt/equity of 0.10.
Risks & Concerns
  • Revenue fell 23% in the latest reported year.
  • Modest return on equity — 8%.

Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.

Company Information

About Shah Investor's

Shah Investor’s Home Ltd is one of the leading retail brokering companies in providing equity brokerage services and derivatives brokerage services. Further, the company provides services that help people buy and sell financial products like stocks, IPOs, mutual funds, and other securities. It has around 100,000 demat accounts, including more than 37,810 active clients, and works with over 184 authorised partners, as of March 31, 2025. The company operates through 11 branches across India, including in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot. Financially, Shah Investor’s Home Ltd.’s revenue grew by 19%, and its profit after tax increased by 30% from March 31, 2024, to March 31, 2025.

Company Contact Information

Shah Investor’s Home Ltd., 810, X-Change Plaza,, DSCCSL (53E), Road 5E,, Block 53, Zone 5, Gift City, Gandhinagar, Gujarat, 382050

Objects of the Issue

Purpose Amount (Cr)
Funding working capital requirements of the Company 60.00
General Corporate Purpose -

Resources & Documents

Anchor Investors

Anchor Bidding Date
September 25, 2026
Shares Offered to Anchors
16,19,760
Lock-in End (30 Days, 50%)
October 31, 2026
Lock-in End (90 Days, 50%)
December 30, 2026

Shah Investor's IPO - Quick Take

Shah Investor's has set a price band of Rs 159–Rs 167 per share for an issue size of Rs 90 crore. The stock listed with a 2.40% gain versus its issue price on October 06, 2026.

The issue is promoted by Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah with BEELINE CAPITAL ADVISORS PRIVATE LIMITED acting as lead manager. Net proceeds will primarily be used towards funding working capital requirements of the Company (Rs 60 crore) and general Corporate Purpose.

On fundamentals, the company is posting revenue growth of -23.4%, a profit margin of 18.1%, return on equity of 7.6% in its most recent reported period. Listed peers in this segment include SMC Global Securities Limited (P/E 16.28x) and Share India Securities Limited (P/E 11.68x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.

On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.

Frequently Asked Questions

The price band of Shah Investor's IPO is Rs 159 to Rs 167 per share. Face value is Rs 10 per share.

The total issue size of Shah Investor's IPO is Rs 90 crore, comprising fresh issue of Rs 90 crore.

The lot size of Shah Investor's IPO is 85 shares. The minimum application is 1 lot (85 shares), requiring an investment of Rs 14,195. Maximum retail application is 14 lots (1,190 shares, approx Rs 1,98,730).

Shah Investor's IPO opens for subscription on September 28, 2026 and closes on September 30, 2026. Anchor investor bidding is scheduled for September 25, 2026.

The expected allotment date for Shah Investor's IPO is October 01, 2026. Refunds for unsuccessful applicants are expected on October 05, 2026. Shares are scheduled to be credited to demat accounts on October 05, 2026.

Shah Investor's IPO is scheduled to list on October 06, 2026 on both BSE and NSE. BSE script code: 544963, ISIN: INE029N01014.

The last GMP (Grey Market Premium) recorded for Shah Investor's IPO before listing was +Rs 17 (+10.2% over issue price). The shares actually listed at Rs 171 (+2.40% versus the issue price). GMP only estimates the listing price and stops mattering once the shares trade.

Shah Investor's IPO was subscribed 38.12 times overall by the close of bidding — retail at 19.26x, QIB at 28.05x, NII at 95.54x.

Based on the final retail subscription of 19.26x for Shah Investor's IPO, the estimated retail allotment probability is approximately 5.9%. This is a low probability — approximately 6 out of every 100 retail applications may receive allotment.

The registrar for Shah Investor's IPO is MUFG Intime India Pvt. Ltd. After the allotment date, you can check your allotment status on the registrar's official website by entering your PAN, application number, or demat account details. Allotment status is also available on the BSE and NSE websites.

The book running lead manager(s) for Shah Investor's IPO are BEELINE CAPITAL ADVISORS PRIVATE LIMITED.

The promoter(s) of Shah Investor's are Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah.

Shah Investor's IPO GMP — What It Means

GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 10.2%. Of the 24 Mainboard IPOs we have tracked with a final GMP between 10% and 25%, 22 listed above, 1 flat and 1 below the issue price; Shah Investor's listed 2.4% above its issue price.

See the full Shah Investor's GMP history and trend, or learn how grey market premium works and how reliable it is.

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