Ahmedabad-based Shah Investor's Home, a retail stock broking company, will open its initial public offering of 53.99 lakh shares for subscription on September 28, 2026. According to the red herring prospectus filed with SEBI on September 22, the company aims to raise ₹90.17 crore via IPO and seeks valuation of ₹353.25 crore at the upper end of price band of ₹159-167 per share. The one-day anchor book opened for institutional investors on September 25, with the company successfully raising ₹27.05 crore from anchor investors by allotting 16.20 lakh shares at ₹167 apiece. The issue will close for public subscription on September 30, 2026, with shares expected to list on both NSE and BSE on October 6, 2026. The company is targeting capital for business expansion through its mainboard IPO, with the issue comprising entirely fresh equity with no offer-for-sale component. Beeline Capital Advisors Pvt. Ltd. serves as the book-running lead manager, while MUFG Intime India Pvt. Ltd. acts as the registrar for the issue.
Investors can place bids for a minimum of 85 equity shares and in multiples of 85 shares thereafter. Accordingly, the minimum investment by retail investors would be ₹14,195 and the maximum would be ₹1,98,730. For high net-worth investors, the lower cap is set at 15 lots and the upper limit is 35 lots, amounting to an investment of ₹4,96,825. The company has reserved half of the public issue size for qualified institutional buyers, 15 percent shares for non-institutional investors, and 35 percent shares for retail investors. The IPO share allotment is likely to be finalised by October 1, 2026, while its equity shares are expected to start trading on the bourses on October 6, 2026. In the grey market, the IPO is currently commanding a 5% premium, indicating that shares are being quoted above the upper end of the issue price band ahead of listing. The grey market premium (GMP) has shown some volatility, standing at ₹10 on September 23, rising to ₹12 on September 25, and currently at ₹9 ahead of Day 1 of the IPO subscription.
The company plans to deploy the bulk of IPO proceeds towards expanding its margin trading facility (MTF) business and upgrading technology to revive growth after declining revenue and profit in FY26. According to The Hindu BusinessLine, managing director Tanmay Shah stated that "We will utilise the majority of the funds towards margin trading facility and technology development." The company currently has around 38,000 active clients and more than 1 lakh demat accounts, with only 700 clients currently using the MTF facility. However, the MTF book has been expanding rapidly, rising from ₹20.96 crore in March 2026 to ₹54.20 crore in August 2026, while active MTF clients increased from 388 to 746 during the same period. Shah noted that doubling MTF clients could significantly improve revenues, as the company sees significant opportunity in this segment.
Shah Investor's Home has served over 1 lakh demat accounts, with more than 38,000 active clients and partnerships with over 181 authorised persons. The company conducts operations through 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, with its branch and authorised-person network primarily serving customers across Gujarat and Maharashtra. As of March 31, 2026, the company had 167 permanent employees across functions including accounts, compliance, demat, helpdesk, research, IT, MTF and SLB, sales, trading and other operations. Alongside its core brokerage business, the company offers mutual fund distribution, margin funding, and stock lending and borrowing (SLB) services under the "Shah Investors" brand. The company added 4,865 customers in FY26, compared with 4,552 in FY25 and 3,658 in FY24, representing a 15.3% CAGR between FY24 and FY26.
The company recorded revenue of ₹71.47 crore in FY26, declining 24.2 percent from ₹94.27 crore in previous year, while profit after tax fell to ₹13.20 crore from ₹23.38 crore. Managing director Tanmay Shah attributed the decline partly to subdued market activity over the past year, stating that "Brokerage is a sentimental business. Since the last one year, the exchange volumes have been down." The company also saw weaker participation from long-term investors as the benchmark Nifty delivered limited returns over the period. "Since Nifty has not been giving returns for the last one year, long-term investors are staying away from the market and this caused the dip in revenues," Shah explained. The company's weighted average return on net worth for the last three financial years stood at 10.30%, with promoters currently holding around 84.34% in the company, which is expected to decline to around 62.8% following the IPO.
