Shah Investors Home IPO closed Day 3 with a robust overall subscription of 37.80x, driven by explosive QIB and HNI demand in the final hours.

Subscription Status

The Shah Investors Home IPO witnessed a dramatic acceleration on the final day, ending with a total subscription of 37.80x. This marks a significant jump from the previous day's close of 1.10x. The surge was particularly pronounced among Non-Institutional Investors and Qualified Institutional Buyers, who piled into the issue during the last two hours of trading.

Category-wise Breakdown

Non-Institutional Investors dominated the final day's subscription landscape. The Small HNI (sHNI) category recorded the highest subscription multiple at 105.15x, followed by Big HNIs (bHNI) at 76.04x. Qualified Institutional Buyers (QIBs) also participated heavily, closing at 28.05x. Retail investors subscribed 18.66x, indicating strong retail participation alongside institutional and high-net-worth demand.

Intra-day Timeline on 28-09-2026

The data reveals a sharp acceleration in bidding activity after 13:15 IST. The QIB category saw its first major move during this window, jumping from 0.00x to 0.39x in just one hour. Retail and NII segments also ticked up consistently throughout the day, with sHNI demand surging in the final hour.

Offer Details

The Shah Investors Home IPO was open for subscription from September 28, 2026, to September 30, 2026. The price band was set at ₹159 to ₹167 per share, with a minimum bid quantity of 85 shares.

What's Next

Allotment is scheduled for October 1, 2026, and shares are expected to list on October 6, 2026.

About the Company

Shah Investor's Home Limited (SIHL) is a retail broking company founded in 1994, offering equity and derivatives brokerage, depository services, margin trading facility (MTF), and mutual fund distribution under the brand 'Shah Investors'. The company operates through 11 branches across Gujarat and Maharashtra, supported by 181 authorised persons. SIHL serves over 1,00,000 demat accounts and had 38,189 active clients as of March 31, 2026. Digital brokerage income grew from 17.61% of total brokerage income in FY24 to 42.62% in FY26. The company provides trading via its proprietary platforms 'SIHL Moneymaker' and 'SIHL Fundspro', and recently launched 'ALGOFY', an API-powered algo trading platform.

Financial Highlights

The company reported total revenue from operations of ₹7,147.67 lakhs and PAT of ₹1,320.22 lakhs for Fiscal 2026, with a RoNW of 7.35%.

Objects of the Issue

• Funding Working Capital Requirements: To fund working capital requirements in Fiscal 2027, primarily towards MTF book expansion, trade receivables, and other balances with banks, to support increased transaction volumes and client exposures.
• General Corporate Purposes: For meeting ongoing contingencies, business requirements, funding growth opportunities, strategic initiatives, capital expenditure, and investment in subsidiaries.

Risk Factors

• Geographic Concentration: Over 93% of brokerage income is derived from Gujarat, making the business vulnerable to regional economic disruptions. The broking segment contributed 64.78% of revenue in FY26.
• Regulatory Compliance: The company operates under multiple regulators (SEBI, NSE, BSE, MCX, AMFI, NSDL) and has received past penalties including a SEBI adjudication order of ₹4 lakh and NSE inspection penalties of ₹37,500 and ₹1,000.
• Reliance on Authorised Persons: Revenue through authorised persons represented 53.91% of total revenue from operations in FY26, with attrition rates reaching up to 20.69%. The company is legally liable for acts of its 181 authorised persons.