NewsShah Investors Home IPO Day 2: Subscribed 1.10x; sHNI races to 2.04x as issue crosses fully subscribed markShah Investors Home IPO Day 2: Subscribed 1.10x; sHNI races to 2.04x as issue crosses fully subscribed mark
- Shah Investors Home IPO crossed the fully subscribed mark on Day 2, with total subscription reaching 1.10x by 17:15 IST on September 29, 2026.
- The sHNI segment led all categories at 2.04x, followed by bHNI at 1.37x, QIB at 1.08x, and Retail at 0.89x.
- Total subscription surged 150.0% intraday on Day 2, rising from 0.44x at the 11:15 IST snapshot to 1.10x at close.
- The IPO is open until September 30, 2026, with a price band of ₹159.00 - ₹167.00 per share and a minimum bid quantity of 85 shares.
- Allotment is scheduled for October 1, 2026, and listing on October 6, 2026.
*this image is generated using AI for illustrative purposes only.
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.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 0.50x | 0.53x | 0.12x | 0.23x | 0.31x |
| Day 2 | 29-09-2026 | 1.08x | 2.04x | 1.37x | 0.89x | 1.10x |
| Day 3 | 30-09-2026 | 28.05x | 76.04x | 105.15x | 18.66x | 37.80x |
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 29-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.50x | 0.85x | 0.40x | 0.44x |
| 12:15 | 0.50x | 0.99x | 0.48x | 0.50x |
| 13:15 | 0.61x | 1.15x | 0.56x | 0.61x |
| 14:15 | 1.00x | 1.29x | 0.62x | 0.78x |
| 15:15 | 1.08x | 1.46x | 0.69x | 0.86x |
| 16:15 | 1.08x | 1.65x | 0.75x | 0.95x |
| 17:15 | 1.08x | 2.04x | 0.89x | 1.10x |
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%.
| Metric (₹ crores) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations | 71.48 | 94.27 | 77.82 |
| Total Revenue | 72.40 | 94.47 | 79.05 |
| Profit Before Tax | 18.31 | 31.40 | 24.01 |
| Net Profit | 13.11 | 23.42 | 18.05 |
| Total Assets | 304.44 | 302.57 | 298.76 |
| Total Equity | 180.54 | 169.06 | 151.49 |
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.
How will Shah Investors Home's expansion of its Margin Trading Facility (MTF) book, funded by IPO proceeds, impact its exposure to client default risks given the recent negative operating cash flows?
Can the company successfully diversify its revenue base beyond the 93% concentration in Gujarat to mitigate regional economic disruptions post-listing?
Will the rapid growth in digital brokerage income to 42.62% of total revenue be sufficient to offset the declining trend in overall operating profits observed between FY25 and FY26?
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