The Indian primary market is set for another busy week as two mainboard initial public offerings — SRIT India and Shah Investors Home — are scheduled to open for subscription on Monday, September 28, 2026. Both IPOs will remain open until September 30, giving investors three days to place their bids. The two companies operate in very different sectors: SRIT India is an IT and digital-solutions company with a significant government-business exposure, while Shah Investors Home operates in retail broking and related financial services.
SRIT India IPO: ₹218.4 Crore Issue Focused on IT and Digital Transformation
SRIT India is bringing a substantially larger issue to the market, with the IPO valued at up to ₹218.4 crore at the upper end of its price band. The company has fixed the IPO price band at ₹123 to ₹130 per equity share. The issue consists entirely of a fresh issue of up to 1.68 crore shares, meaning the company itself will receive the proceeds rather than existing shareholders selling shares through an offer-for-sale component.
Retail investors need to bid for a minimum of 115 shares, making the minimum application at the upper price of ₹130 equal to ₹14,950. Bids can subsequently be placed in multiples of 115 shares. The issue is scheduled to open on September 28 and close on September 30, with the shares expected to be listed on October 6, subject to the IPO process proceeding according to schedule.
SRIT India operates in the IT and IT-enabled services (IT/ITeS) space. Its business includes digital solutions, custom application development and system integration. The company works on large-scale digital platforms and technology projects for government bodies as well as enterprise customers, with activities spanning areas including healthcare, e-governance and telecommunications and broadband.
Where SRIT India Plans to Use the IPO Money
A significant portion of the capital raised will go toward strengthening the company’s working capital position. According to issue-related information, around ₹124 crore is earmarked for working capital requirements. Funds will also be used for modernisation of existing products and redevelopment, while part of the proceeds is intended for inorganic growth through unidentified acquisitions and general corporate purposes.
The company’s financial performance has also shown revenue growth. SRIT India’s consolidated revenue increased from ₹389.35 crore in FY2025 to ₹450 crore in FY2026, while profit after tax rose from ₹33.60 crore to ₹43.29 crore during the same period.
One notable characteristic of the business is its exposure to government-related projects. In FY2026, the government segment accounted for approximately 89.41% of revenue, while enterprise customers contributed about 10.59%. This concentration is an important factor for investors to consider because the company’s revenue profile is heavily linked to government business.
SRIT India reported an order book of approximately ₹1,182.8 crore at the end of FY2026, according to IPO-related disclosures. The order book provides visibility into contracted business, although the timing of execution and conversion of orders into revenue remains important.
Shah Investors Home IPO: ₹90.17 Crore Fresh Issue
The second mainboard IPO opening on Monday is Shah Investors Home, which is looking to raise up to ₹90.17 crore. The company has fixed its price band at ₹159 to ₹167 per share. The IPO consists entirely of a fresh issue of approximately 53.99 lakh shares, with no offer-for-sale component.
The minimum lot size is 85 shares. At the upper price of ₹167, one lot requires an investment of ₹14,195. The issue will open on September 28 and close on September 30. The current IPO schedule indicates allotment on October 1 and a tentative listing on October 6.
Shah Investors Home operates in the financial-services industry, particularly retail stock broking. Its services include equity and derivatives broking, IPO-related services, mutual fund distribution and other securities-related activities. The company also operates services connected with margin funding and stock lending and borrowing under the Shah Investors brand.
Shah Investors Home Financial Performance
The company’s financial results show significant changes across the past few financial years. According to issue-related financial data, revenue from operations stood at ₹94.27 crore in FY2025, before declining to ₹71.48 crore in FY2026. Profit after tax was ₹23.42 crore in FY2025 compared with ₹13.11 crore in FY2026.
This means investors will be looking closely at whether the company can restore growth in revenue and profitability following the decline reported in FY2026. For a broking business, trading activity, market participation, customer additions, brokerage income and broader market conditions can all influence financial performance.
The IPO proceeds from Shah Investors Home are intended primarily for working capital requirements and general corporate purposes. Unlike SRIT India’s larger capital-raising plan, the issue is relatively smaller at ₹90.17 crore.
SRIT India vs Shah Investors Home: Key IPO Details
| Particular | SRIT India | Shah Investors Home |
|---|---|---|
| IPO opening date | September 28, 2026 | September 28, 2026 |
| IPO closing date | September 30, 2026 | September 30, 2026 |
| Price band | ₹123–₹130 | ₹159–₹167 |
| Issue size | Up to ₹218.4 crore | Up to ₹90.17 crore |
| Issue type | Fresh issue | Fresh issue |
| Lot size | 115 shares | 85 shares |
| Minimum investment at upper band | ₹14,950 | ₹14,195 |
| Tentative listing | October 6, 2026 | October 6, 2026 |
| Sector | IT/ITeS | Retail broking/financial services |
The figures above are based on the companies’ IPO schedules and current issue disclosures.
What Makes These Two IPOs Different
Although both companies are entering the market on the same day, their business models are fundamentally different. SRIT India is primarily a technology and digital-transformation play, with substantial exposure to government projects, while Shah Investors Home is a financial-services and broking business whose performance is more closely linked to activity in capital markets and its customer base.
SRIT India’s IPO is also more than twice the size of Shah Investors Home’s issue. At the upper price band, SRIT India is seeking approximately ₹218.4 crore compared with ₹90.17 crore for Shah Investors Home. Both issues are entirely fresh issues, meaning the companies are raising new capital rather than primarily providing an exit opportunity for existing shareholders.
For investors studying the two offerings, important areas to examine include revenue and profit trends, valuation, customer concentration, order visibility, use of IPO proceeds, competitive environment and the risks highlighted in the respective red herring prospectuses. The two IPOs represent different types of businesses, so their financial drivers and risk factors are not directly comparable.
With both issues opening simultaneously on September 28, the coming week is set to be another active period for India’s primary market. Subscription figures, category-wise demand, grey-market activity where available, and the final basis of allotment will provide additional information as the IPO process progresses.
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