Shah Investors Home IPO Day 1: Subscribed 0.06x; Retail and sHNI pick up pace
- Overall subscription stands at 0.06x on Day 1
- Small HNIs lead with 0.14x, Retail at 0.09x
- QIB demand remains at 0.00x
- Issue closes on September 30, 2026
*this image is generated using AI for illustrative purposes only.
Shah Investors Home IPO opened to a tepid response on Day 1, with the issue subscribed 0.06x as of the latest snapshot. Small HNIs emerged as the strongest category, picking up pace to reach 0.14x, while retail bids also ticked up to 0.09x.
Subscription Status
The issue has seen minimal institutional interest, with Qualified Institutional Buyers (QIB) showing no activity so far. The total subscription stands at 0.06x, driven entirely by retail and non-institutional bids. While the overall figure remains low, there was a noticeable intra-day uptick in non-institutional and retail categories between 11:15 IST and 12:15 IST.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 0.00x | 0.14x | 0.03x | 0.09x | 0.06x |
Category-wise Breakdown
Small HNIs (sHNI) currently lead the subscription table at 0.14x, reflecting a significant jump from earlier snapshots. Retail investors follow closely with a subscription of 0.09x. In contrast, Qualified Institutional Buyers (QIB) have not placed any bids, resulting in a 0.00x subscription for this category. Big HNIs (bHNI) show negligible interest at 0.03x.
Intra-day Timeline on 28-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.08x | 0.06x | 0.04x |
| 12:15 | 0.00x | 0.14x | 0.09x | 0.06x |
Offer Details
The Shah Investors Home IPO has a price band of ₹159.00000 - ₹167.00000 per share. The minimum bid quantity is set at 85 shares. The issue size ranges from ₹14195 crore to ₹500000 crore. The bidding window opened on September 28, 2026, and will close on September 30, 2026.
About the Company
Shah Investor's Home Limited (SIHL) is a retail broking company established in 1994. It offers equity and derivatives brokerage, depository services, margin trading facility, and mutual fund distribution. The company operates through 11 branches across Gujarat and Maharashtra, supported by 181 authorised persons. SIHL serves over 1,00,000 demat accounts and 38,189 active clients as of March 31, 2026. The company provides digital 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%.
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 71.48 | 94.27 | 77.82 |
| Total Revenue (₹ Cr) | 72.40 | 94.47 | 79.05 |
| Profit Before Tax (₹ Cr) | 18.31 | 31.40 | 24.01 |
| Total Profit (₹ Cr) | 13.11 | 23.42 | 18.05 |
| Net Cash Flow (₹ Cr) | -20.82 | -44.96 | 101.69 |
Objects of the Issue
- Funding Working Capital Requirements: To fund working capital requirements in Fiscal 2027, primarily towards margin trading facility (MTF) book expansion, trade receivables, and other balances with banks.
- 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 comes from Gujarat, exposing the company to regional economic disruptions.
- Regulatory Compliance: The company operates under multiple regulators (SEBI, NSE, BSE, etc.) and has faced penalties for non-compliance.
- Reliance on Authorised Persons: Revenue through Authorised Persons represented over 53% of total revenue in FY2026, with attrition rates up to 20.69%.
- Negative Operating Cash Flows: The company incurred negative net cash flows from operating activities of ₹1,970.37 lakhs in Fiscal 2026.
- MTF Risks: The MTF book stood at ₹2,096.26 lakhs, exposing the company to client default risk and collateral value deterioration.
How might the complete absence of QIB bids influence the final allotment ratio and potential listing performance for Shah Investors Home?
Given the significant year-over-year decline in revenue and profit, what specific growth strategies will management prioritize to restore investor confidence post-listing?
Can the company effectively mitigate its high geographic concentration risk in Gujarat while expanding its digital algo-trading platform 'ALGOFY' to a national audience?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
