| Price | 159 to 167 |
|---|---|
| GMP Rumors | ₹16 |
| Lot size | 85 |
| Issue size | ₹90.17 Cr |
| Allotment | 01-10-2026 |
| Refund | 05-10-2026 |
| Listing | 06-10-2026 |
| Stars |
★★☆☆☆ |
| ISIN | INE029N01014 |
| Allotment Status | MUFG |
| Video |  |
BSE List Price : ₹171.00
NSE List Price : ₹171.00
| Category | Times |
|---|---|
| QIBs | 11.22x |
| HNIs | 95.54x |
| Retail | 19.26x | Total : 26.68x |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 85 | ₹14,195 |
| Retail Maximum | 14 | 1,190 | ₹198,730 |
| S - HNI Minimum | 15 | 1,275 | ₹212,925 |
| S - HNI Maximum | 70 | 5,950 | ₹993,650 |
| B - HNI Minimum | 71 | 6,035 | ₹1,007,845 |
Shah Investor's Home Limited (SIHL) is a retail stock broking and financial-services company incorporated in 1994. The company provides equity and derivatives brokerage, depository services, mutual fund distribution, portfolio-management product distribution, margin funding and stock lending and borrowing services under the “Shah Investors” brand.
As of 31 March 2026, the company had served 1,00,000+ demat accounts, with 85,422 total clients and 38,189 active clients. It operates through 11 branches and 181 authorised persons, with a significant client base in Gujarat.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹52.33 | ₹42.44 | ₹7.40 | ₹211.87 |
| 2024 | ₹79.05 | ₹55.05 | ₹18.05 | ₹298.76 |
| 2025 | ₹94.47 | ₹63.06 | ₹23.42 | ₹302.57 |
| 2026 | ₹72.40 | ₹54.09 | ₹13.11 | ₹304.44 |
Upendra Trikamlal Shah
Purnima Upendra Shah
Tanmay Upendra Shah
Trupti Utpal Shah
Established Track Record:
The company has more than three decades of experience in the retail broking business and has been associated with NSE since 1995 and NSDL as a depository participant since 1997.
Large Retail Client Base:
As of 31 March 2026, SIHL had 85,422 clients and 38,189 active clients, with more than 1,00,000 demat accounts served.
Long-Term Client Relationships:
27,728 clients, representing 72.61% of active clients, had relationships with the company for more than five years as of 31 March 2026.
Growing Digital Presence:
The company operates SIHL Moneymaker and ALGOFY, an API-based algorithmic trading platform. Brokerage generated through the digital platform increased to 18.74 crore in FY2026 from 9.81 crore in FY2024.
Experienced Management:
The promoters and senior management have substantial experience across broking, operations, business development, technology and compliance.
High Geographic Concentration:
Gujarat accounted for approximately 93.74% of broking revenue in FY2026, making the company highly dependent on this market.
Dependence on Broking Revenue:
Broking contributed 64.78% of revenue from operations in FY2026. Brokerage income is directly affected by trading volumes and order sizes.
Regulatory & Compliance Risk:
The company has received regulatory observations and monetary penalties relating to matters including client-fund upstreaming, margin reporting and client payouts. Further non-compliance could lead to additional regulatory action.
Dependence on Authorised Persons:
Authorised persons contributed 53.91% of revenue from operations in FY2026. Loss of significant authorised persons could adversely affect revenue.
Negative Operating Cash Flow:
Net cash used in operating activities was 19.70 crore in FY2026 and 31.86 crore in FY2025, compared with positive operating cash flow in FY2024.
Increase in Trade Receivables:
Trade receivables increased to 26.89 crore in FY2026, equivalent to 37.63% of revenue from operations, creating credit and collection-related risks.
1. Funding Working Capital Requirements
60.00 crore is proposed to be utilised towards the company's working-capital requirements.
2. General Corporate Purposes
The balance of the net proceeds is proposed to be utilised for general corporate purposes, subject to the limits specified in the offer documents.
Shah Investor’s Home Ltd.
810, X-Change Plaza,
DSCCSL (53E), Road 5E,
Block 53, Zone 5, Gift City
Gandhinagar, Gujarat, 382050
Phone: +91 9904053335
Email: company.secretary@sihl.in
Website: http://www.sihl.in/
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: shahInvestors.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html