Q2. Why is the company raising funds via IPO?

Arjun Jewellers is raising funds via IPO to finance inventory and setting up of new stores in Saurashtra and for general corporate purposes to support growth and brand expansion.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is approx ₹ 180 crore. It will be listed on the BSE & NSE platform.

Q6. How to apply for the IPO?

You can apply for the IPO online via your broker or bank’s IPO/ASBA facility using UPI/net banking, select the IPO, enter desired lots.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Shah Investor's Home Limited: New IPO, GMP, Price, Profit, Analysis

Closed

Shah Investor’s Home Limited: New IPO, GMP, Price, Profit, Analysis

Market Cap

₹ 353.26 Cr

IPO Issue Size

₹ 90.17 Crore

Expected Price by IPOCorner

₹ 159 to ₹ 167

IPO Score

*Score varies on actual price

Shah Investor’s Home Limited is a financial services and full-service brokerage firm offering equity and derivatives broking, wealth management, and investment advisory services to retail and institutional clients. It also facilitates mutual funds distribution, margin funding and stock lending, serving a large client base across India.

The company has filed its DRHP with SEBI for an IPO with an issue size of ₹ 90.17 Crore which includes entirely as a Fresh Issue of ₹90.17 Crore & no Offer-for-Sale.

Shah Investor’s Home Limited was incorporated in the year 1994 & currently Mr. Tanmay U. Shah is the Managing Director of the company.

The company primarily provides equity and derivatives brokerage, IPO investing, mutual fund distribution, margin funding, and stock lending services to retail and institutional clients across India. It has served over 100,000 demat accounts with more than 37,810 active clients and maintains partnerships with 184 authorised persons, establishing a strong retail presence in key Indian cities.

Subscription date to apply for Shah Investor’s Home Limited starts on 28th Sep’26 & closes on 30th Sep’26. Price band for the IPO is in the range ₹159 to ₹167 with a lot size of 85 Shares.

Year	2025
Networth	₹ 168.1 Cr
Revenue	₹ 94.3 Cr
EBITDA	₹ 35.3 Cr
PAT	₹ 23.4 Cr
EBITDA Margin	~37.46%
PAT Margin	~24.76%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	Sep 28, 2026
Close Date	Sep 30, 2026
Anchor Investor Bidding	Sep 27, 2026
Allotment Date	Oct 1, 2026
Refunds& Demat Credit	Oct 5, 2026
Tentative Listing Date	Oct 6, 2026

Use Of Proceeds

Purpose	Amount
Working Capital Requirement	~ ₹ 70 Cr
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	51.68	77.82	94.27
PAT (₹ Cr)	7.63	17.93	23.38
Asset (₹ Cr)	211.86	298.76	302.56
Net Worth (₹ Cr)	117.45	150.54	168.08

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
30 -Sept	₹ 159 - ₹ 167	₹ 15	₹ 1,275
29 -Sept	₹ 159 - ₹ 167	₹ 14	₹ 1,190
28 -Sept	₹ 159 - ₹ 167	₹ 09	₹ 765
27 -Sept	₹ 159 - ₹ 167	₹ 10	₹ 850
26-Sept	₹ 159 - ₹ 167	₹ 12	₹ 1,020

Pros

Long operating history with an established brand in retail brokerage and financial services.
Diversified revenue streams across broking, mutual funds, IPOs and margin funding.
Large and active client base supported by a wide authorised-person network.
Asset-light business model with relatively lower capital expenditure needs.
IPO may strengthen balance sheet and support business expansion.

Cons

Highly competitive brokerage industry with pressure on margins and pricing.
Revenues are sensitive to stock market volatility and investor sentiment.
Regulatory changes can materially impact business operations and profitability.
Dependence on trading volumes for a significant portion of income.
Limited publicly disclosed market share compared with larger national brokers.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Upendra Trikamlal Shah	~19.04%
Purnima Upendra Shah	~21.90%
Tanmay Upendra Shah	~15.90%
Trupti Utpal Shah	~4.13%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	85	1	85	₹ 14,195
Retail (Max)	85	13	1,105	₹ 184,535
HNI (Min)	85	14	1,190	₹ 198,730
HNI (Max)	85	66	5,610	₹ 936,870
Big HNI (Min)	85	67	5,695	₹ 951,065

Key Performance Index (KPI)

ROE	7.59%
ROCE	10.61%
RoNW	7.35%

Lead / Book Running Lead Managers

Beeline Capital Advisors Pvt. Ltd.

Registrar (RTA)

MUFG Intime India Pvt Ltd

Q1. What is the business of Arjun Jewellers Limited?

It is a retail jewellery company offering gold, silver, platinum, diamond and precious stone jewellery through its own retail showrooms in Gujarat, blending traditional craftsmanship with contemporary design.

Q2. Why is the company raising funds via IPO?
Arjun Jewellers is raising funds via IPO to finance inventory and setting up of new stores in Saurashtra and for general corporate purposes to support growth and brand expansion.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is approx ₹ 180 crore. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Risks for investors which must be considered is its regional concentration of stores, exposure to gold price volatility, intense competition from larger brands, inventory management challenges, and reliance on third-party suppliers.

Q5. What are the potential upsides?

Potential upsides of the IPO is its growing jewellery demand, strong regional brand presence, diversified product portfolio, planned retail expansion, and improving financial performance as store footprint increases.

Q6. How to apply for the IPO?
You can apply for the IPO online via your broker or bank’s IPO/ASBA facility using UPI/net banking, select the IPO, enter desired lots.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.