Shah Investors Home IPO closed on September 30, 2026, with a final overall subscription of 4.54x — more than doubling from the 2.48x recorded at the morning snapshot. NII (bHNI) was the standout category, nearly doubling intraday from 5.81x to 11.27x, a jump of +94.0%, while Retail raced ahead by +59.6% from 2.55x to 4.07x in just one hour.

Subscription Status

The issue opened modestly on Day 1 at 0.31x overall, crossed the fully-subscribed mark on Day 2 at 1.10x, and closed Day 3 at 4.54x — reflecting a sharp acceleration in demand from high-net-worth and retail participants in the final hours. The total subscription grew by +83.1% on the last day alone, from 2.48x at the morning snapshot to 4.54x at close.

Category-wise Breakdown

Non-Institutional Investors led the charge on the final day. Big HNIs (bHNI) surged from 2.04x on Day 2 to 11.27x by close — a near-fivefold leap over two days — while Small HNIs (sHNI) closed at 9.74x, up from 1.37x on Day 2. Retail investors picked up significant pace, moving from 0.89x on Day 2 to 4.07x at close. QIB demand remained stable at 1.08x through the final two days, having crossed the fully-subscribed threshold on Day 2.

Intra-day Timeline — 30-09-2026

The final day saw explosive momentum between 11:15 and 12:15 IST, with the total subscription jumping from 2.48x to 4.54x in a single hour.

Momentum highlights (day-open vs close):

• NII (bHNI): 5.81x → 11.27x (Δ +5.46x, +94.0%)
• Retail: 2.55x → 4.07x (Δ +1.52x, +59.6%)
• Total: 2.48x → 4.54x (Δ +2.06x, +83.1%)
• QIB: 1.08x → 1.08x (Δ +0.00x, +0.0%)

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.
• Negative Operating Cash Flows: The company reported negative net cash flows from operating activities of ₹1,970.37 lakhs in FY26 and ₹3,186.22 lakhs in FY25.
• MTF Risks: The MTF book stood at ₹2,096.26 lakhs as of March 31, 2026, exposing the company to client default risk, collateral value deterioration, and regulatory non-compliance under SEBI's revised MTF framework.

Shah Investors Home IPO closed on September 30, 2026, with a final overall subscription of 4.54x — more than doubling from the 2.48x recorded at the morning snapshot. NII (bHNI) was the standout category, nearly doubling intraday from 5.81x to 11.27x, a jump of +94.0%, while Retail raced ahead by +59.6% from 2.55x to 4.07x in just one hour.

Subscription Status

The issue opened modestly on Day 1 at 0.31x overall, crossed the fully-subscribed mark on Day 2 at 1.10x, and closed Day 3 at 4.54x — reflecting a sharp acceleration in demand from high-net-worth and retail participants in the final hours. The total subscription grew by +83.1% on the last day alone, from 2.48x at the morning snapshot to 4.54x at close.

Category-wise Breakdown

Non-Institutional Investors led the charge on the final day. Big HNIs (bHNI) surged from 2.04x on Day 2 to 11.27x by close — a near-fivefold leap over two days — while Small HNIs (sHNI) closed at 9.74x, up from 1.37x on Day 2. Retail investors picked up significant pace, moving from 0.89x on Day 2 to 4.07x at close. QIB demand remained stable at 1.08x through the final two days, having crossed the fully-subscribed threshold on Day 2.

Intra-day Timeline on 29-09-2026

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.
• Negative Operating Cash Flows: The company reported negative net cash flows from operating activities of ₹1,970.37 lakhs in FY26 and ₹3,186.22 lakhs in FY25.
• MTF Risks: The MTF book stood at ₹2,096.26 lakhs as of March 31, 2026, exposing the company to client default risk, collateral value deterioration, and regulatory non-compliance under SEBI's revised MTF framework.