- Price band
- ₹159 – ₹167
- Issue size
- ₹90.17 Cr
- Lot size
- 85 sh
- Bidding
- 28 – 30 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 6 Oct 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Profitable but slow-growing
63% of the scoring model was backed by disclosed data for Shah Investor's Home, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1994 · Gandhinagar, Gujarat (registered office at GIFT City; corporate office at SIHL House, Nehru Nagar Cross Road, Ahmedabad) · 167 employees
Shah Investor's Home Limited is a Gujarat-based retail stock broker. It executes equity delivery, intraday, futures and options, currency and commodity trades for retail clients and non-resident Indians, and is a member of NSE, BSE and MCX. Alongside broking it runs a depository participant business, distributes mutual funds and other financial products, and lends against shares through a margin trading facility, all under the "Shah Investors" brand. As of March 31, 2026 it had served over 1,00,000 demat accounts, had 38,189 active clients, and worked with 181 authorised persons — agents who canvass business for it — alongside 11 branches in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot. Its app, SIHL Moneymaker, had 12,452 active registered users.
Revenue is brokerage on client turnover, plus interest and distribution fees. In Fiscal 2026 revenue from operations was ₹7,147.67 lakhs: the broking segment contributed ₹4,630.20 lakhs (64.78%), fees and commission income ₹4,749.47 lakhs and interest income ₹2,352.63 lakhs. The distribution network is also the largest cost — 53.91% of Fiscal 2026 revenue from operations came through authorised persons, and brokerage shared back to them was ₹2,599.32 lakhs, or 36.37% of revenue from operations. Earnings track market volumes: revenue from operations fell 24.18% in Fiscal 2026, and average revenue per client fell from ₹17,165.95 to ₹12,124.43. Margin funding is capped at 50% of SEBI-defined eligible net worth; ₹6,000 lakhs of proceeds was earmarked for working capital.
The company on paper
- Legal name
- Shah Investor's Home Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 12 Oct 1994
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U67120GJ1994PLC023257
- Sector
- Financials · Retail stock broking, depository and margin funding services
- Employees
- 167
- Registered office
- Gandhinagar, Gujarat (registered office at GIFT City; corporate office at SIHL House, Nehru Nagar Cross Road, Ahmedabad)
- Promoters
- Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah, Trupti Utpal Shah
- Promoter holding, pre-issue
- 84.3%
- Promoter holding, post-issue
- 62.8%
- Website
- sihl.in
The numbers
Financial performance
Revenue has compounded at −4.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹90.17 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹90.17 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 21.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹167.00
- Listed at
- ₹171.00
- Listing gain
- up 2.4%
- Since listing
- down 19.1%
- Against the issue price
- down 17.2%
Trading at ₹138.26 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 85
- At cut-off price
- ₹167.00
- Amount blocked
- ₹14,195
One lot is 85 shares at ₹14,195. Retail applications are capped at ₹2,00,000, which allows up to 14 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~5%
chance of one lot, per application
- Retail subscription
- 19.26×
- Applicants per share available
- 19.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹171.00
listed at, 2.4% against the issue price
- Issue price
- ₹167.00
- Premium said
- —
- If allotted 85 shares
- ₹340
Listing-day figures are as reported by the exchanges.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Beeline Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Shah Investor's Home's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus (dated September 22, 2026), company website — primary source for business, financials, KPIs, incorporation, CIN, employees, objects of the issue · read 15 Oct 2026
- Draft Red Herring Prospectus, hosted by BSE — incorporation history, name changes, FY23-FY25 segment detail · read 15 Oct 2026
- Company website — CIN, registered and corporate office, SEBI registration numbers · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
Moneyview
Digital lending & consumer fintech
Listed 1 Oct 2026 · Mainboard
GMP ₹15up 44.1%1 Oct
- Price band
- ₹32 – ₹34
- Listing gain
- up 61.8%
- Score
- 65/100
NSE
Stock exchange & market infrastructure
Listed 24 Sep 2026 · Mainboard
GMP ₹40up 2.2%24 Sep
- Price band
- ₹1,700 – ₹1,785
- Listing gain
- up 0.8%
- Score
- 63/100
Arcil
Asset reconstruction — buying and resolving distressed loans acquired from banks and financial institutions
Listed 17 Sep 2026 · Mainboard
- Price band
- ₹132 – ₹139
- Listing gain
- unchanged 0.0%
- Score
- 71/100