Holt joined the Shrews from Forest in June (Getty)
Grant Holt, Shrewsbury Town's record buy, scored twice on his home debut against West Brom, but Do-Heon Kim and James Morrison rescued the Albion.
Holt - a £170,000 summer purchase from Nottingham Forest - struck early in the second half, with his second goal capping a fine Shrewsbury move.
But Kim and Morrison saved the Baggies with two quality long-range strikes.
Earlier, Neil Clement hit the post for Albion, but Holt was denied a hat-trick by keeper Dean Kiely.
"Holt's here to score goals, but it was a good team performance against good opposition," Town boss Paul Simpson told BBC Radio Shropshire.
Albion manager Tony Mowbray applauded the two late goals from Kim and Morrison, adding: "They are two players who will be threatening (to get into) our team this season."
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