Shah Investor’s Home IPO: Allotment Status, GMP, Listing Date and Review

Shah Investor’s Home has been a stockbroker for Gujarat’s investors since 1994. Its ₹90.17 crore IPO drew strong demand, especially from HNIs, and finished 38.12 times subscribed.

Allotment is done and shares list on 6 October. The grey market premium of about ₹16 points to a listing gain of around 10%. The concern is that the company’s profit fell sharply in FY26, while the IPO is priced at a premium to its earnings.

Shah Investor’s Home IPO at a glance

With retail subscribed 19.26 times, roughly one in 19 retail applicants will have received a lot of 85 shares.

What Shah Investor’s Home actually does

Shah Investor’s Home Ltd was incorporated in October 1994 and is promoted by Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah. It offers retail equity and derivatives broking, mutual fund distribution, margin funding and securities lending and borrowing under the Shah Investors brand.

It has opened more than 1 lakh demat accounts and had over 38,000 active clients as of March 2026. Its 11 branches are in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, and it had 167 permanent staff in July 2026.

The IPO money mainly funds working capital (₹60 crore), which brokers need for exchange margins and client margin funding.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• FY26 was a tough year. Revenue fell from ₹94.5 crore in FY25 to ₹72.4 crore in FY26, and profit dropped 44% from ₹23.4 crore to ₹13.1 crore. Broking income tends to fall when market activity, especially derivatives trading, slows down.
• Margins remain decent. EBITDA margin was about 30% and net margin about 18% in FY26.
• Returns are low. ROE was just 7.6%, because the company carries a large net worth of ₹180 crore relative to its profit.
• The valuation is mixed. At about 1.5 times book value the price looks reasonable, but on FY26 earnings the post-issue P/E is about 27x.

How the subscription ended

Anchors put in ₹27.05 crore on 25 September. By the close on 30 September, QIBs had bid 28.05 times, big HNIs 105.15 times, small HNIs 76.32 times and retail 19.26 times, for 38.12 times overall across 4.20 lakh applications.

The GMP story so far

The grey market premium was about ₹16 on 4 October, roughly 10% over the ₹167 issue price, pointing to a listing near ₹183.

How to check Shah Investor’s Home IPO allotment status

1. Go to the MUFG Intime India IPO allotment page, or the BSE or NSE allotment status page.
2. Select Shah Investor’s Home from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

The basis of allotment was finalised on 1 October 2026. Refunds and share credits to demat accounts are scheduled for 5 October, and shares list on BSE and NSE on 6 October.

The listing outlook

A modest premium listing near ₹183 looks likely. Anchor lock-ins until 31 October and 30 December limit early institutional selling.

What to weigh before you apply

Earnings follow the market

Broking revenue depends on how much clients trade. Tighter rules on derivatives trading and quieter markets can quickly shrink income, as FY26 showed.

Competition from discount brokers

Large discount brokers have taken much of India’s retail broking market with low fees and slick apps. Traditional branch-based brokers like Shah compete on relationships and advice, which limits growth.

Strengths and risks

Strengths

• Subscribed 38.12 times with ₹27.05 crore from anchors
• Over three decades of broking history
• Large and loyal regional client base
• Low debt and P/B of about 1.5x
• Entirely fresh issue; no promoter is selling

Risks

• FY26 profit fell 44%
• Post-issue P/E of about 27x on FY26 earnings
• ROE of only 7.6%
• Earnings closely tied to market volumes and regulation
• Competition from discount brokers

Your chances of getting an allotment

• Retail investors bid 19.26 times their quota of about 22,232 lots. Each successful retail applicant gets one lot of 85 shares, so roughly one in 19 retail applicants will have received shares.

What to watch from here

• Listing price on 6 October against ₹167
• Quarterly broking revenue and client activity
• Growth in margin funding and mutual fund income
• Anchor lock-in expiry on 31 October

Shah Investor’s Home IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.