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SRIT India, Shah Investor’s Home list today on BSE + NSE at ₹130 and ₹167 — after 125× and 38× books
BSE notices 20261005-42 and 20261005-41: Bengaluru IT services firm SRIT India (issue ₹130, scrip 544965) and Gujarat broker Shah Investor’s Home (issue ₹167, scrip 544963) are admitted to dealing in ‘T’ Group from Tue 6 Oct, with a Special Pre-open Session this morning. Final NSE bid data: SRIT 125.16×, Shah 38.12×.
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List day (Tue 6 Oct 2026 IST): Two mainboard IPOs start trading on BSE and NSE today. Per BSE’s listing notices dated 5 Oct, both are admitted to dealing in the ‘T’ Group from today, sit in the trade-for-trade segment for 10 trading days, and are part of this morning’s Special Pre-open Session that discovers the opening price.
| SRIT India | Shah Investor’s Home | |
|---|---|---|
| What it does | Bengaluru IT/ITeS — e-governance, telecom & broadband, healthcare platforms | Retail stock broker (equity, derivatives, MF distribution, margin funding), Gujarat-focused |
| Issue price | ₹130 (face value ₹5) | ₹167 (face value ₹10) |
| BSE scrip code / symbol | 544965 / SRIT | 544963 / SHAHINVEST |
| Shares listed | 6,42,71,757 | 2,11,53,200 |
| Fresh issue | 1,68,00,000 shares ≈ ₹218.4 crore | 53,99,200 shares ≈ ₹90.17 crore |
| Value at issue price | ≈ ₹836 crore | ≈ ₹353 crore |
| Final bid data (NSE, 30 Sep, 7:00 p.m.) | 125.16× | 38.12× |
| QIB / NII / Retail | 91.84× / 312.99× / 63.70× | 28.05× / 95.54× / 19.26× |
| Registrar | KFin Technologies | MUFG Intime India |
Also debuting today on BSE SME (MT Group, Special Pre-open): Shivchem Agro (issue ₹62, lot 2,000), Pind Hospitality (issue ₹99, lot 1,200), Acme Universal Safezone 9 (issue ₹71, lot 1,600).
Allotment day for Monday’s closes: basis of allotment for Vishal Nirmiti (1.71×) and Nityas Gems (2.25×) is due on or about today, with trading on or about Thu 8 Oct, per their RHP timetables (close-day story).
Takeaway: Heavy books do not set the listing price — Snapdeal parent AceVector closed about 18.5% below its issue price on Monday after a 3.30× book (AceVector debut). Watch the pre-open discovered price, not grey-market chatter. No GMP, no listing-price forecast. Not investment advice.
Analysis
Why lead with these two
They are the only mainboard listings today, and their books could not be more different from Monday’s. SRIT India drew bids for about 147.19 crore shares against 1.18 crore on offer — roughly ₹19,135 crore of demand at the ₹130 issue price for a ₹218.4 crore fresh issue. Shah Investor’s Home drew bids for 14.41 crore shares against 37.79 lakh.
SRIT India — what the prospectus shows
- Business: a 26-year-old Bengaluru IT/ITeS company that builds and runs digital platforms for government bodies and enterprises. E-governance was 68.39% of FY26 revenue, telecom & broadband 24.27%, healthcare 7.34%.
- Numbers (restated, FY26): revenue from operations ₹450.0 crore (+15.58%), profit after tax ₹43.29 crore, PAT margin 9.62%, net worth ₹193.27 crore.
- Valuation at issue: about 19× FY26 earnings on the post-issue share count (₹836 crore ÷ ₹43.29 crore) — Capital Chronicle arithmetic, not a company figure.
- Concentration risk: the top five customers made up 75.55% of FY26 revenue (84.36% in FY25). Government-heavy order books can mean lumpy billing and receivables.
- Promoters: Dr. Nambiar Raghavan Madhusoodan (MD & CEO), Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko. The issue was 100% fresh — no promoter selling.
Shah Investor’s Home — what the prospectus shows
- Business: a three-decade-old retail broker trading as “Shah Investors”, registered in GIFT City, with 38,189 active clients at 31 Mar 2026 — 96.15% in Gujarat — through 11 branches and 181 authorised persons.
- Numbers (restated, FY26): revenue from operations ₹71.48 crore, down 24.18% from ₹94.27 crore; profit after tax ₹13.20 crore, down from ₹23.39 crore in FY25. Brokerage was 64.78% of revenue.
- Valuation at issue: about 27× FY26 earnings on the post-issue share count (₹353 crore ÷ ₹13.20 crore) — Capital Chronicle arithmetic.
- Use of money: ₹60 crore of the fresh issue is earmarked for working capital; the rest of the net proceeds goes to general corporate purposes.
- The read-through: FY26 shows how sensitive a broker’s revenue is to trading volumes. Investors bid 38× anyway; from today the market prices the business.
What is still thin
- The opening prices will come from this morning’s pre-open auction; Capital Chronicle will update from exchange data.
- Final allotment ratios for SRIT and Shah were not part of the exchange notices reviewed.
What to watch today
- Pre-open discovered prices for SRIT and SHAHINVEST against ₹130 and ₹167
- Liquidity under trade-for-trade rules (every trade must be settled by delivery for the first 10 sessions)
- Vishal Nirmiti and Nityas Gems allotment status — registrars MUFG Intime and Bigshare Services
- RBI MPC decision on Wed 7 Oct (preview)
Sources
- BSE Notice No. 20261005-42 — SRIT India listing from 6 Oct 2026: ‘T’ Group, scrip 544965, 64,271,757 shares of ₹5, issue price ₹130, allotment 1 Oct 2026, Special Pre-open Session — https://www.bseindia.com/downloads/UploadDocs/Notices/20261005-42/20261005-42.pdf
- BSE Notice No. 20261005-41 — Shah Investor’s Home listing from 6 Oct 2026: ‘T’ Group, scrip 544963, 21,153,200 shares of ₹10, issue price ₹167, allotment 1 Oct 2026 — https://www.bseindia.com/downloads/UploadDocs/Notices/20261005-41/20261005-41.pdf
- BSE Notices No. 20261005-27, 20261005-39, 20261005-36 — BSE SME listings from 6 Oct 2026 of Shivchem Agro (₹62), Pind Hospitality (₹99), Acme Universal Safezone 9 (₹71) — https://www.bseindia.com/downloads/UploadDocs/Notices/20261005-27/20261005-27.pdf · https://www.bseindia.com/downloads/UploadDocs/Notices/20261005-39/20261005-39.pdf · https://www.bseindia.com/downloads/UploadDocs/Notices/20261005-36/20261005-36.pdf
- NSE category-wise bid details, “Updated as on 30-Sep-2026 19:00:00” — SRIT https://www.nseindia.com/api/ipo-active-category?symbol=SRIT · Shah Investor’s Home https://www.nseindia.com/api/ipo-active-category?symbol=SHAHINVEST
- SRIT India Limited Abridged Prospectus (RHP dated 22 Sep 2026) — business, verticals, FY24–FY26 restated financials, top-5 customer share, promoters, fresh issue of up to 16,800,000 shares — https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/SRIT%20India%20Limited_AbridgedProspectus_p.pdf
- Shah Investor’s Home Limited Abridged Prospectus (RHP dated 22 Sep 2026) — business, client base, FY24–FY26 restated financials, objects (₹6,000 lakh working capital), fresh issue of 53,99,200 shares — https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/SIHL_Abrigde%20Prospectus_p.pdf
- Vishal Nirmiti and Nityas Gems RHPs dated 24 Sep 2026 — indicative allotment and listing timetable (see close-day story for links)
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