IPO Analysis
Shah Investor's IPO Analysis: GMP, Financials, Valuation & Risks
Shah Investor's IPO is a mainboard issue of Approx 90.17 Crores, with the price band at 159 to 167 per share and subscription at 36.69 times on the final day.
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Shah Investor's IPO is a mainboard issue on BSE and NSE. The price band is 159 to 167 per share, and the issue size is Approx 90.17 Crores.
As of 30 Sept 2026, 4:00 pm IST, the issue was subscribed 36.69 times in total. The unofficial grey market premium was not available.
IPO snapshot
| Particulars | Details |
|---|---|
| IPO type | Mainboard |
| Issue type | Book build Issue |
| Exchange | BSE, NSE |
| Price band | 159 to 167 Per Share |
| Face value | 10 Per Equity Share |
| Issue size | Approx 90.17 Crores |
| Fresh issue | Approx 90.17 Crores |
| Offer for sale | Not available |
| Registrar | Not available |
Lot size and application amount
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 85 | 14,195 |
| Retail Maximum | 14 | 1190 | 1,98,730 |
| S-HNI Minimum | 15 | 1275 | 2,12,925 |
| S-HNI Maximum | 70 | 5950 | 9,93,650 |
| B-HNI Minimum | 71 | 6035 | 10,07,845 |
Dates table
| Event | Date |
|---|---|
| Issue opens | September 28, 2026 |
| Issue closes | September 30, 2026 |
| Allotment | October 1, 2026 |
| Refunds | October 5, 2026 |
| Credit to demat | October 5, 2026 |
| Listing | October 6, 2026 |
Business
Shah Investors Home Ltd is a retail brokering company focused on equity brokerage and derivatives brokerage services. It also provides services that help customers buy and sell financial products such as stocks, IPOs, mutual funds, and other securities.
The company 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. It operates through 11 branches across India, including Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot.
From an analysis perspective, this is a business with a moderate financial position and a stable revenue trend, but the available financial detail remains limited.
The promoters are Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah.
Financials
| 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 |
The company’s revenue grew by 19%, and its profit after tax increased by 30% from March 31, 2024, to March 31, 2025.
The latest year shown in the financials reflects lower revenue and PAT than the previous year, so investors may want to read this along with the broader business context rather than looking at only one period.
Valuation
| Metric | Value |
|---|---|
| ROE | 7.59% |
| ROCE | 10.61% |
| EBITDA margin | 30.24% |
| PAT margin | 18.24% |
| Debt to equity ratio | 0.10 |
| EPS | 8.38 (Basic) |
| P/E ratio | N/A |
| RONW | 7.35% |
| NAV | 114.07 |
The P/E ratio is listed as N/A, so a conventional valuation comparison on that basis is not available here. The margins and return ratios show a profitable business, while leverage appears low at 0.10 debt to equity.
GMP
The unofficial grey market premium was not available as of the latest update.
Strengths
- Launched digital app-based platform
SIHL Moneymakerin 2023. - Implemented a VMWare-based virtualized environment in 2007.
- Launched
ALGOFY, an API-powered algo trading platform in 2026. - Serves over 100,000 demat accounts and has more than 184 authorised partners.
- Has an established branch presence across 11 locations in India.
Risks
- High dependency on Gujarat region for brokerage income.
- Regulatory scrutiny and penalties from SEBI.
- Significant reliance on forward-looking statements.
- Potential currency conversion risks.
- Outstanding borrowings with restrictive covenants.
The main risk from the available information appears to be regional concentration, along with regulatory sensitivity in the broking business.
Important dates
| Event | Date |
|---|---|
| Issue opens | September 28, 2026 |
| Issue closes | September 30, 2026 |
| Allotment | October 1, 2026 |
| Refunds | October 5, 2026 |
| Credit to demat | October 5, 2026 |
| Listing | October 6, 2026 |
Who may find this IPO relevant
This IPO may be relevant for readers looking at a mainboard broking company with a profitable track record, low debt, and an established client and branch network.
It may also be relevant for those tracking subscription momentum, since the issue was subscribed 36.69 times on the final day as of 30 Sept 2026, 4:00 pm IST.
FAQs
What is the IPO price band?
The price band is 159 to 167 per share.
What is the issue size?
The issue size is Approx 90.17 Crores.
What is the lot size for retail investors?
Retail minimum is 1 lot of 85 shares, amounting to 14,195.
What is the latest subscription status?
As of 30 Sept 2026, 4:00 pm IST, the issue was subscribed 36.69 times in total.
Is the GMP available?
No. The unofficial grey market premium was not available.