Sai Urja Indo Ventures IPO
LISTEDSMEListing Performance
▲ 18.41%
Issue Price
₹113
Listing Price
₹134
Listed On
05 Oct 2026
- Price Band
- ₹107 – ₹113
- Lot Size
- 1,200
- Lot Value
- ₹1,35,600
- Open Date
- 25 Sep25 Sep 2026
- Close Date
- 29 Sep29 Sep 2026
- Min Investment
- ₹1,35,600
About Sai Urja Indo Ventures
Provides operation and maintenance services primarily to public sector undertakings in the power sector.
Use of IPO Proceeds
Total allocation: ₹14.60 Cr (excludes issue expenses)
Promoters
Harsh Ajaykumar Mittal
Chairman and Managing Director · age 44
Over 13 years in the field of Mechanical Engineering
Bachelor of Engineering (Mechanical)
Pre-issue: 44.46% · Post-issue: 9.78%
Santosh Ajay Kumar Mittal
Executive Director · age 72
Over 13 Years
Bachelor of Arts
Pre-issue: 55% · Post-issue: 10.72%
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Strong track record in power sector O&M services.
- •Significant PSU customer base providing revenue stability.
- •Established brand reputation and client goodwill.
Risk Factors (6)
- •First public offering with no formal equity market history; offer price may not reflect actual post-listing market price.
- •No assurance of active or sustained trading or predictable equity price performance after listing on BSE SME platform.
- •Investors may lose entire investment; equity securities inherently carry significant risk exposure and volatility.
- •SEBI has not recommended, approved, or guaranteed accuracy or adequacy of this red herring prospectus disclosures.
- •Offer price multiples of face value lack substantiation; book building process may not reflect true market valuation.
- •Risk factors document beginning page 30 contains material information requiring investor review before investment decision.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 4.43x (QIB 2.80x, NII 6.19x, Retail 4.04x) at close
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 | 1,200 | ₹1,35,600 |
| Retail (max) | 1 | 1,200 | ₹1,35,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,71,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,49,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,84,800 |
Subscription Status
| Category | Day 1 | Day 4 | Day 5 |
|---|---|---|---|
| QIB | — | — | 2.80x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.05x | 0.42x | 4.04x |
| Total | 0.04x | 0.20x | 4.43x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
4.04x
Allotment Ratio
1 lot per 5 applicants
Allotment Probability
~24.8%
Non-Institutional Investors (NII / HNI)
Subscription
6.19x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
2.80x
Allotment Type
Discretionary allotment
Total Subscription
4.43x
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
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
Issue Opens
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
IPO Details
| Registrar | Maashitla Securities Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹24.95 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 85.11 | 4.24 | 7.29 | 15.50 | — |
| FY25 | 65.52 | 3.14 | 5.40 | 20.93 | — |
| FY24 | 45.62 | 1.37 | 2.36 | 47.86 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 45.88 | 65.82 | 85.64 |
| EBITDA | 2.93 | 5.14 | 6.51 |
| Cash Flow — Operating | 3.35 | -2.1 | -0.95 |
| Cash Flow — Investing | 0.04 | -0.52 | -0.23 |
| Cash Flow — Financing | -3.27 | 2.66 | 1.11 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
15.5x
Price ÷ EPS
EPS (FY26)
₹7
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
7.6%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
12 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 58,10,000 |
| Equity Shares (Post-Issue) | — |
Source: Sai Urja Indo Ventures offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Sai Urja Indo Ventures's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Sai Urja Indo Ventures's filing.
Source: Sai Urja Indo Ventures offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
Reservation split not disclosed in this filing.Not disclosed in Sai Urja Indo Ventures's filing.
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Sai Urja Indo Ventures offer document (DRHP/RHP).
Board & Management
Board of Directors (4)
- Harsh Ajaykumar Mittal₹0.27 Cr p.a.
Chairman and Managing Director
- Chetan Arun Mittal₹0.00 Cr p.a.
Non-Executive Director
- Ashutosh Choudhari₹0.00 Cr p.a.
Non-Executive and Independent Director
- Abhishek Jain₹0.00 Cr p.a.
Non-Executive and Independent Director
Key Managerial Personnel (3)
- Harsh Ajaykumar Mittal₹0.24 Cr p.a.
Chairman and Managing Director
- Abhai Kumar Mittal₹0.06 Cr p.a.
Chief Financial Officer
Doctorate of Philosophy; Bachelor of Commerce from Rohilkhand University
above 25 years
- Nikesh Subhash Zade₹0.03 Cr p.a.
Company Secretary & Compliance Officer
Associate Member of the Institute of Company Secretaries of India
over 2 years
Source: Sai Urja Indo Ventures offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Sai Urja Indo Ventures's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Lakshya Powertech Limited | 11.27 | 9.94 | 9.82 | 101.17 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Labour | Company | 3 | — |
| Labour | Promoters | 1 | — |
| Tax | Promoters | 1 | 0.01 |
Three outstanding criminal proceedings under Contract Labor (Regulation and Abolition) Act, 1970 against the Company for alleged non-compliance of labour rules across NTPC contracts. Promoter Harsh Ajaykumar Mittal joined as party to labour proceedings in his capacity as Managing Director; details disclosed under Company litigation. Direct tax demand of Rs. 0.98 Lakhs for Mr. Harsh Mittal for AY 2025-26; rectification request filed.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Maashitla Securities Private Limited→Documents
Frequently Asked Questions
When is the Sai Urja Indo Ventures IPO opening?
The Sai Urja Indo Ventures IPO opens on 25 Sep 2026 and closes on 29 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Sai Urja Indo Ventures IPO?
The price band for the Sai Urja Indo Ventures IPO is ₹107 to ₹113. 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 Sai Urja Indo Ventures IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,35,600. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Sai Urja Indo Ventures IPO today?
The latest Grey Market Premium for Sai Urja Indo Ventures is ₹32 (+28.32%). GMP is unofficial data and is not a guarantee of listing price.
When will the Sai Urja Indo Ventures IPO list on NSE and BSE?
The Sai Urja Indo Ventures IPO is expected to list on 05 Oct 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Sai Urja Indo Ventures IPO allotment status?
The registrar for this IPO is Maashitla Securities Private Limited. 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 Sai Urja Indo Ventures IPO a mainboard or SME issue?
Sai Urja Indo Ventures 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 Sai Urja Indo Ventures IPO?
You can apply for the Sai Urja Indo Ventures 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 Sai Urja Indo Ventures IPO?
The GMP-implied price (unofficial, not a forecast) is ₹145: the upper price band of ₹113 plus the latest grey market premium of ₹32, as of 05 Oct 2026, 11:32 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Sai Urja Indo Ventures IPO?
Based on the retail subscription of 4.04x, the estimated allotment ratio is 1 lot per 5 applicants (approximately 24.8% chance of allotment). This is an estimate and actual allotment may vary.
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