Shah Investor's Home Ltd IPO
Stock/ Commodity Brokers
Price Band
₹159 – ₹167
Lot Size
85
Minimum Bid Quantity
85
Minimum Investment
₹14195
Issue Size
₹90.17Cr
Opens
2026-09-28
Closes
2026-09-30
Listing
06-10-2026
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE029N01014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shah Investors’ Home Limited is a retail broking company that provides equity and derivatives brokerage services. Its services facilitate transactions in equities, IPOs, mutual funds, and other securities, with a focus on secondary market broking for retail customers, including resident and non-resident Indians. The company also provides mutual fund distribution, margin funding, and stock lending and borrowing services under the “Shah Investors” brand. It operates through 11 branches in Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar, and Rajkot, serving customers across Gujarat and Maharashtra. The company also offers digital services through its app-based platform, SIHL Moneymaker, and operates an in-house ERP system across its branches and franchises. In FY26, it launched ALGOFY, an API-powered algorithmic trading platform that supports strategy development, testing, deployment, automation, and management through APIs, pre-built strategies, and a no-code interface. As of March 31, 2026, it had served over 100,000 demat accounts and had more than 38,000 active clients.
Pros
- • The company has a sizeable retail client base concentrated in Gujarat. As of March 31, 2026, it had 38,189 active clients, of which 36,720, or 96.15%, were from Gujarat. It also had 181 authorised persons and 11 branches across Gujarat and Maharashtra.
- • The company has increased the use of its digital platforms for brokerage transactions. Brokerage income from its digital platform rose from Rs 9.81 crore in FY24 to Rs 19.73 crore in FY26. Its share of total brokerage income increased from 17.61% to 42.62% during the same period.
- • The company operates multiple digital platforms and an in-house ERP system. SIHL Moneymaker had 12,452 trading clients and 33,287 downloads as of March 31, 2026. The company also operates SIHL Fundspro for mutual fund investments and an internally developed ERP system across its branches and franchises.
Cons
- • The company’s broking segment contributes a significant share of its revenue, accounting for Rs 46.30 crore (64.78%), Rs 64.91 crore (68.85%), and Rs 55.70 crore (71.57%) of revenue from operations in FY26, FY25, and FY24, respectively. If the company faces a reduction in revenue from the broking segment, it could adversely impact the company’s business, results of operations, cash flows and financial condition.
- • The company is subject to extensive statutory and regulatory requirements and has received findings and observations from regulatory authorities in the past three financial years. In January 2025, SEBI issued a letter following an inspection that observed instances of client funds being retained instead of being upstreamed to clearing corporations and transfers between settlement and client nodal bank accounts that were not compliant with SEBI circulars. Going forward, if the company fails to comply with applicable regulations or adverse findings show up in future inspections, it could result in monetary fines, operational restrictions, suspension or cancellation of licences, which may adversely affect the company’s business, results of operations and financial condition.
- • The company relies significantly on its network of Authorised Persons, with revenue generated through them amounting to Rs 38.53 crore (53.91%), Rs 51.04 crore (54.14%), and Rs 45.41 crore (58.36%) of revenue from operations in FY26, FY25, and FY24, respectively. As of March 31, 2026, it had 181 Authorised Persons, while 31 ceased their association during FY26, resulting in an attrition rate of 17.13%. Failure to retain or expand its Authorised Persons network, or any lapses by them or their employees for which the company may be held responsible, could hurt its business, results of operations and financial condition.
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