The Shah Investor's Home listing price is ₹171 on the NSE, 2.40% above the issue price of ₹167, on 6 October 2026. The Ahmedabad broking firm raised ₹90.17 crore, the smallest mainboard IPO of 2026, and the book had closed at 38.12 times. The last grey market quote was ₹17 (10.18%).
What one lot did
One lot is 85 shares, which cost ₹14,195 at the issue price. At the opening price that lot was worth ₹14,535, a gain of ₹340 on paper. Allotted shares landed in demat accounts on 5 October 2026, so they can be sold from the first minute of trading or held.
Was the grey market right?
The last grey market quote of ₹17 pointed to a listing near ₹184, and the stock opened ₹13 below that. The last quote of ₹17 (10.18%) pointed to an open near ₹184, and the open came in ₹13 below that mark.
Unlike the big discounts and premiums of this year's hotter issues, this premium stayed in single digits throughout, as our live GMP tracker recorded.
| Date | GMP | Premium over ₹167 |
|---|---|---|
| 30 September 2026 | ₹12.50 | 7.49% |
| 1 October 2026 | ₹12 | 7.19% |
| 2 October 2026 | ₹15.25 | 9.13% |
| 3 October 2026 | ₹15.50 | 9.28% |
| 4 October 2026 | ₹17 | 10.18% |
| 5 October 2026 | ₹16.50 | 9.88% |
GMP is an unofficial price quoted between grey market dealers before listing. It is not an exchange price and no exchange or regulator stands behind it. On the last 10 mainboard listings before this one, the final GMP was off by 10.38 percentage points on average, with a median miss of 4.5 points. It overstated the listing gain four times and understated it six.
How the book was built
Bidding ran from 28 to 30 September 2026 at a band of ₹159 to ₹167, and allotment was finalised on 1 October. At 38.12 times, the issue was the 44th most subscribed of the 99 mainboard IPOs that closed in 2026, a little above the year's median of 24.96 times.
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers | 28.05x |
| Non-institutional, big (above ₹10 lakh) | 105.15x |
| Non-institutional, small | 76.32x |
| Non-institutional, total | 95.54x |
| Retail | 19.26x |
| Total | 38.12x |
Retail at 19.26 times is the gentlest number in that table. Roughly one retail application in 19 got a lot, better odds than most issues this year, because fewer people applied. Non-institutional bidders, who often borrow for the three days of the issue, went to 95.54 times and are the group most likely to sell early. Beeline Capital Advisors managed the issue and MUFG Intime India is the registrar.
What the company actually does
Shah Investor's Home started in October 1994, which is more than 30 years in the securities business. It is a retail broker: it helps individuals buy and sell shares, derivatives, IPOs and mutual funds. Alongside broking it lends to clients against their shares, which is margin funding, and runs a stock lending and borrowing desk.
As on 31 March 2026 it had opened more than 1,00,000 demat accounts, of which over 38,000 were active, and worked through more than 181 authorised persons, the sub-brokers who sell under its licence. It has 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, and most clients are in Gujarat and Maharashtra.
The number in the prospectus that matters
Profit fell in the latest year, and sharply.
| ₹ crore | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total income | 79.05 | 94.47 | 72.40 |
| EBITDA | 25.13 | 35.31 | 21.62 |
| Profit after tax | 18.05 | 23.42 | 13.11 |
| Net worth | 150.54 | 168.09 | 179.71 |
| Total borrowing | 3.54 | 5.71 | 18.47 |
Profit after tax dropped 44 per cent, from ₹23.42 crore in FY2025 to ₹13.11 crore in FY2026, and income fell from ₹94.47 crore to ₹72.40 crore. Broking revenue tracks market activity almost one for one: when volumes fall, commission income falls and the cost of branches and staff stays. At ₹167 the issue was priced at 26.94 times FY2026 earnings of ₹6.20 a share, with a return on net worth of 7.35 per cent.
The whole ₹90.17 crore was fresh capital, with no offer for sale, so the money goes to the company. ₹60 crore of it is for working capital, which in a broker largely means funding client margin loans. Promoter holding falls from 84.34 per cent to 62.81 per cent. Borrowing more than tripled in a year, from ₹5.71 crore to ₹18.47 crore, though at ₹18.47 crore against a net worth of ₹179.71 crore the balance sheet stays lightly geared, at a debt to equity of 0.10.
How 2026 listings have gone
Of the 96 mainboard IPOs that listed in 2026 before this one, 63 opened above their issue price, and the median listing gain was 7.04 per cent. The full table of issue price against listing price for each of them is on our mainboard listing performance page.
What happens next
Refunds for unsuccessful applications were sent and allotted shares credited on 5 October 2026. The stock now trades on the BSE and the NSE like any other listed share. The next hard date is its first quarterly result as a listed company, which will show whether the FY2026 fall in broking income has continued into this year. Dates, subscription history and the rest of the record stay on our Shah Investor's Home IPO page, and the red herring prospectus with the full risk section is on SEBI's filings site.
Frequently asked questions
What is the Shah Investor's Home listing price?
₹171 on the NSE on 6 October 2026, against an issue price of ₹167.
What was the Shah Investor's Home IPO subscription?
38.12 times overall: QIB 28.05x, non-institutional 95.54x and retail 19.26x.
What was the lot size?
85 shares, which cost ₹14,195 at the ₹167 issue price.
