Black Opal Consultants IPO
CLOSEDSMEListing Today
Lists today
Issue Price
₹197
Listing Price
Updates after the market opens
- Price Band
- ₹185 – ₹197
- Lot Size
- 600
- Lot Value
- ₹1,18,200
- Open Date
- 29 Sep29 Sep 2026
- Close Date
- 01 Oct01 Oct 2026
- Min Investment
- ₹1,18,200
About Black Opal Consultants
Generates revenue through real estate advisory and brokerage services, exclusive sale arrangements, loan syndication fees, and prospective real estate development activities.
Use of IPO Proceeds
Total allocation: ₹33.00 Cr (excludes issue expenses)
Promoters
Prasoon Chauhan
Managing Director · age 49
Pre-issue: 94.18% · Post-issue: 68.98%
Sheikh Arfeen Ahmed
Non-Executive Director · age 41
Pre-issue: 1% · Post-issue: 0.79%
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Concentrated operations in high-demand NCR markets with strategic tier-II expansion.
- •Diversified revenue streams beyond brokerage including advisory, loan syndication, and development.
- •No material defaults or payment failures from project owners in past operations.
Risk Factors (6)
- •Revenue highly concentrated in limited customers without long-term contracts; loss of major clients could materially harm business and financial performance.
- •Lack of formal written agreements with some clients creates enforceability risks, potential payment disputes, and recovery challenges affecting cash flow.
- •Real estate industry historically experiences significant downturns which could materially adversely impact company business, financial condition and operations.
- •Industry market data from Ken Research relies on estimates and assumptions that may be inaccurate or subject to change without verification.
- •Top five customers represent 67.69% of FY26 revenue; customer concentration creates vulnerability to business volatility and revenue sustainability.
- •No formal market exists for company securities as this is first public offer; offer price may not reflect actual post-listing trading price.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 68.61x (QIB 59.77x, NII 92.26x, Retail 59.95x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,18,200 |
| Retail (max) | 1 | 600 | ₹1,18,200 |
| S-HNI (min) | 2 | 1,200 | ₹2,36,400 |
| S-HNI (max) | 8 | 4,800 | ₹9,45,600 |
| B-HNI (min) | 9 | 5,400 | ₹10,63,800 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.48x | 0.76x | 59.77x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.38x | 1.61x | 59.95x |
| Total | 0.34x | 1.23x | 68.61x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
59.95x
Allotment Ratio
1 lot per 60 applicants
Allotment Probability
~1.7%
Non-Institutional Investors (NII / HNI)
Subscription
92.26x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
59.77x
Allotment Type
Discretionary allotment
Total Subscription
68.61x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
29 Sep 2026 · Tue
Issue Closes
01 Oct 2026 · Thu
Bidding Cut-off (UPI Mandate)
01 Oct 2026 · 5:00 PM IST
Allotment
05 Oct 2026 · Mon
Listing
07 Oct 2026 · Wed · Today
Issue Opens
29 Sep 2026 · Tue
Issue Closes
01 Oct 2026 · Thu
Bidding Cut-off (UPI Mandate)
01 Oct 2026 · 5:00 PM IST
Allotment
05 Oct 2026 · Mon
Listing
07 Oct 2026 · Wed · Today
IPO Details
| Registrar | — |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹55.08 Cr |
| Fresh Issue | — |
| OFS Size | ₹10.99 Cr |
| Lead Managers | — |
3-Year Financial Summary
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | — | 12.22 | — | — | 37.40% |
| FY25 | — | 11.48 | — | — | 56.24% |
| FY24 | — | 4.32 | — | — | 48.41% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | — | — | 42.34 |
| EBITDA | 6.09 | 15.65 | 17.05 |
| Net Worth | 8.93 | 20.41 | 32.67 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY26)
—
Earnings per share
RoNW
37.40%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in Black Opal Consultants's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Black Opal Consultants's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Black Opal Consultants's filing.
Source: Black Opal Consultants offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Prasoon Chauhan5,58,000 sh
Source: Black Opal Consultants offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Prasoon Chauhan
Promoter & Managing Director
Expertise in sales, business planning, and financial services
- Sheikh Arfeen Ahmed
Promoter & Non-Executive Director
Founder of Grabhome Consulting Private Limited
- Sandeep Kumar Singh
Non-Executive Director
MBA in Marketing from Chaudhary Charan Singh University, Meerut and B.Sc. from Rohilkhand University, Bareilly
Over 22 years of experience in business operations, sales, liaising, supply chain management, and customer relationship management
- Sangeeta Bhatia
Independent Director
Bachelor of Science degree from Delhi University and a Post Graduate Diploma in International Trade from Punjab University
Around 36 years of experience with NTPC Limited, superannuated as Executive Director (Finance)
- Pradeep Pasari
Independent Director
Qualified Company Secretary and Chartered Accountant and holds a Bachelor of Commerce degree
Key Managerial Personnel (2)
- Ms. Anju₹0.10 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Arts degree from Delhi University and is a member of the Institute of Company Secretaries of India
Over 9 years of professional experience
- Mr. Gaurav Bhardwaj₹0.24 Cr p.a.
Chief Financial Officer
Bachelor of Business Studies (B.B.S.) degree from Shaheed Sukhdev College of Business Studies, University of Delhi, and a Post Graduate Diploma in Management from the Indian Institute of Management, Shillong
Over 11 years of experience in finance and banking
Source: Black Opal Consultants offer document (DRHP/RHP).
Industry & Market
Per Ken Research Report, September 2026, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Black Opal Consultants Limited | — | 14.65 | 37.4 | 39.17 |
| Homesfy Realty Limited | — | -63.5 | -68.98 | 92.06 |
Documents
Frequently Asked Questions
When is the Black Opal Consultants IPO opening?
The Black Opal Consultants IPO opens on 29 Sep 2026 and closes on 01 Oct 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Black Opal Consultants IPO?
The price band for the Black Opal Consultants IPO is ₹185 to ₹197. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Black Opal Consultants IPO?
The minimum lot size is 600 shares with a minimum investment of ₹1,18,200. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Black Opal Consultants IPO today?
The latest Grey Market Premium for Black Opal Consultants is ₹60 (+30.46%). GMP is unofficial data and is not a guarantee of listing price.
When will the Black Opal Consultants IPO list on NSE and BSE?
The Black Opal Consultants IPO is expected to list on 07 Oct 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Black Opal Consultants IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Black Opal Consultants IPO a mainboard or SME issue?
Black Opal Consultants is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Black Opal Consultants IPO?
You can apply for the Black Opal Consultants IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Black Opal Consultants IPO?
The GMP-implied price (unofficial, not a forecast) is ₹257: the upper price band of ₹197 plus the latest grey market premium of ₹60, as of 07 Oct 2026, 08:30 AM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Black Opal Consultants IPO?
Based on the retail subscription of 59.95x, the estimated allotment ratio is 1 lot per 60 applicants (approximately 1.7% chance of allotment). This is an estimate and actual allotment may vary.
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