Shah Investor's Home sets Rs 159-167 band for Rs 90 crore IPO

The Development

Shah Investor's Home Limited, a Gujarat-based broking and financial-services firm, has fixed a price band of Rs 159 to Rs 167 per equity share for its initial public offering, per the issue data published by the National Stock Exchange. The three-day book-building window opens on Monday, 28 September 2026 and closes on Wednesday, 30 September 2026, with anchor-investor bidding held on Friday, 25 September 2026, per the exchange record. The offer is a mainboard issue proposed for listing on both BSE and the NSE, with the NSE as the designated stock exchange, as the red herring prospectus (RHP) filed with SEBI states.

The issue is structured entirely as a fresh issue of 53,99,200 equity shares of face value Rs 10 each, with no offer-for-sale component, per the RHP. On the announced band, the fresh issue works out to about Rs 85.85 crore at the floor price and Rs 90.17 crore at the cap price, based on the share count in the offer document and the band published by the exchange. The development was surfaced through The Economic Times IPO calendar for the week, which lists the issue among the mainboard offers opening in the period.

The Company

Per the RHP, Shah Investor's Home operates a retail broking and financial-services business spanning equity broking, depository services and distribution, and the company discloses that broking is the mainstay of its revenue. It states that its broking segment contributed 64.78%, 68.90% and 71.60% of revenue for Fiscals 2026, 2025 and 2024 respectively. The company conducts operations through 11 branches across India, in cities including Mumbai, Ahmedabad, Rajkot and Vadodara, per the offer document, and was incorporated in 1994.

On headline financials, the company discloses revenue from operations of Rs 71.48 crore for Fiscal 2026, down from Rs 94.27 crore in Fiscal 2025 and Rs 77.82 crore in Fiscal 2024, a change the RHP records as a 24.18% decline in operating revenue in the most recent year. Profit after tax was Rs 13.20 crore in Fiscal 2026, against Rs 23.39 crore in Fiscal 2025 and Rs 17.93 crore in Fiscal 2024, per the RHP. Net worth stood at Rs 179.71 crore at the end of Fiscal 2026 and return on net worth was 7.35% for the year, the company discloses. The promoters are named in the offer document as Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah.

The Offer Structure

The offer is a fresh issue only, which means the promoters are not selling shares and the entire 53,99,200 equity shares are being issued by the company, per the RHP. The price band is set at Rs 159 to Rs 167 per share on a face value of Rs 10, per NSE data, and it is a 100% book-built offering. The bid lot is 85 equity shares and multiples thereof; at the cap price, one lot works out to Rs 14,195 as the minimum application amount, per the exchange issue information.

The stated objects of the issue, per the RHP, are funding the working capital requirements of the company, to which Rs 60 crore of the net proceeds is earmarked, and general corporate purposes, which the document notes will not exceed 25% of the gross proceeds. The book-running lead manager is Beeline Capital Advisors Private Limited and the registrar is MUFG Intime India Private Limited, with Kotak Mahindra Bank named as the sponsor bank, per the exchange record.

Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage is on the Oquilia news desk.

Risk Factors

The RHP sets out the company's own risk factors, and several centre on the concentration of its business. The company discloses that its broking segment accounted for 64.78% of revenue in Fiscal 2026, and lists the resulting dependence on a single segment among its material risks. Among the risk factors the company discloses, it also flags that it is "subject to extensive statutory and regulatory requirements", and that any failure to comply or any change in the regulatory framework could adversely affect its business.

The RHP lists reliance on the Indian exchanges as a further risk, noting that the company is registered with and governed by exchange rules and that any disruption to its connection with, or compliance with, the exchanges could affect operations. It also cites the need to obtain, renew and maintain statutory permits, licences and approvals, and the challenge of retaining and growing its client base and its network of Authorised Persons and relationship managers. These are disclosures the company itself is required to make, and the full risk-factors section runs from page 17 of the RHP.

What Happens Next

Per the exchange schedule, anchor-investor allocation was held on 25 September 2026, ahead of the issue opening to other investors on 28 September and closing on 30 September. The cut-off time for UPI mandate confirmation is 5:00 p.m. on the closing date, per NSE, and applications are made through the UPI-backed ASBA process. After the window closes, the basis of allotment is finalised by the registrar, followed by refunds and the unblocking of application amounts for unsuccessful or partially successful bids.

Shares are then credited to demat accounts before the stock is admitted for trading on BSE and the NSE. The exchange notices at each of these steps, covering allotment, the listing date and the listing price, become the official record as they are issued. This report describes the standard sequence from the current milestone and does not forecast demand or price.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges, and can be read directly before making any decision.

What is the price band and lot size?

The price band is Rs 159 to Rs 167 per equity share of face value Rs 10, per NSE data. The bid lot is 85 equity shares and multiples thereof, so the minimum application at the cap price is Rs 14,195. The issue is a 100% book-built offering.

When does the issue open and close?

Anchor-investor bidding was held on 25 September 2026. The issue opens on 28 September 2026 and closes on 30 September 2026, per the exchange record. The cut-off for UPI mandate confirmation is 5:00 p.m. on the closing date.

What are the objects of the issue?

Per the RHP, the net proceeds are to fund the company's working capital requirements, with Rs 60 crore earmarked for that purpose, and general corporate purposes. The offer is a fresh issue with no offer-for-sale component, so the proceeds accrue to the company.

Where can I read the RHP?

The red herring prospectus is on SEBI's website under Filings, Public Issues, and on the NSE and BSE public-issue pages. The book-running lead manager is Beeline Capital Advisors and the registrar is MUFG Intime India.

This report is based on the red herring prospectus filed with SEBI and issue data published by the NSE. It was surfaced via coverage in The Economic Times.