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Black Opal Consultants Limited IPO
Real Estate Advisory · Exclusive Mandate Sales · Project Marketing · New Delhi
📋 BSE SME IPO
Fresh + OFS
BSE SME
₹197
Upper Price
₹55.08 Cr
Issue Size
Oct 7, 2026
Listing Date
₹164.28 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Tuesday, 29 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Thursday, 1 October 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Monday, 5 October 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Tuesday, 6 October 2026
Unallotted funds returned; shares credited to demat
🏷️
Wednesday, 7 October 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date29 September 2026 (Tue)
IPO Close Date1 October 2026 (Thu)
Listing Date7 October 2026 (Wed)
Face Value₹10 per share
Price Band₹185 to ₹197
Issue Price (Upper Band)₹197 per share
Issue TypeBook Build — Fresh + OFS
Lot Size600 shares (Min App: 2 Lots / 1,200 Shares)
Total Issue Size27,96,000 shares (₹55.08 Cr)
Fresh Issue22,38,000 shares (₹44.09 Cr)
Offer for Sale (OFS)5,58,000 shares (₹10.99 Cr)
Market Maker Portion1,39,800 shares (₹2.75 Cr)
Net Offered to Public26,56,200 shares (₹52.33 Cr)
Pre-Issue Shares83,39,190
Post-Issue Shares1,05,77,190
Promoter Holding (Pre)98.60%
Market Cap (Pre-IPO)₹164.28 Cr
Listing ExchangeBSE SME
Lead ManagerKhambatta Securities Ltd.
RegistrarSkyline Financial Services Pvt.Ltd.
Market MakerShare India Securities Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹197| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 2 | 1,200 | ₹2,36,400 |
| Retail — Maximum | 2 | 1,200 | ₹2,36,400 |
| S-HNI (sNII) — Min | 3 | 1,800 | ₹3,54,600 |
| S-HNI (sNII) — Max | 8 | 4,800 | ₹9,45,600 |
| B-HNI (bNII) — Min | 9 | 5,400 | ₹10,63,800 |
⚠️ Note: Investors can bid for a minimum of 1,200 shares (2 lots) and in multiples of 600 shares thereafter. Market Maker reservation comprises 1,39,800 shares allotted to Share India Securities Ltd.
👥 Investor Reservation
Allocated portion of Net Offer49.99% (13.28 L Sh)
QIB Portion
35.01% (9.30 L Sh)
Retail Portion
15.00% (3.98 L Sh)
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 59.62 | 22.44 | 13.14 |
| Total Income | 42.34 | 33.04 | 19.91 |
| PAT | 12.20 | 11.48 | 4.32 |
| EBITDA | 17.05 | 15.65 | 6.09 |
| Net Worth | 32.67 | 20.41 | 8.93 |
| Reserves & Surplus | 243.26 | 195.77 | 80.96 |
| Total Borrowing | 9.52 | 0.20 | 1.60 |
Income Growth
FY 2023–24₹19.91 Cr
FY 2024–25₹33.04 Cr
FY 2025–26₹42.34 Cr
🎯 Key Performance Indicators
56.25%
ROE
Mar 31, 2025
0.01
Debt/Equity
Mar 31, 2025
75.05%
ROCE
Mar 31, 2025
34.94%
PAT Margin
Mar 31, 2025
47.07%
EBITDA Margin
Mar 31, 2025
56.25%
RoNW
Mar 31, 2025
0.80x
Price/Book
Mar 31, 2025
244.76
NAV
Mar 31, 2025
⚖️ Valuation & EPS
Pre-IPO EPS
₹14.63
FY26 earnings + pre-issue shares
P/E: 13.47xPost-IPO EPS
₹11.54
FY26 earnings + post-issue shares
P/E: 17.07xPrice to Book Value
0.80x
At upper price band ₹197
Market Cap (Pre-IPO)
₹164.28 Cr
At issue price ₹197
ℹ️
Pre-IPO EPS (₹14.63) based on pre-issue shares (83,39,190) and FY26 restated PAT (₹12.20 Cr). Post-IPO EPS (₹11.54) accounts for the dilution resulting from the issuance of 22,38,000 fresh equity shares extending the total post-issue equity to 1,05,77,190 shares. Post-IPO Market Cap expands to ₹208.37 Cr at the upper issue price of ₹197.
🎯 Objects of the Issue
Net proceeds utilisation1
Funding for securing Sales/Marketing mandates
₹7.00 Cr
2
Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project
₹26.00 Cr
3
General Corporate Purposes
Balance
Total Fresh Issue Goal
₹44.09 Cr
🏢 About Black Opal Consultants Ltd.
Est. 2020 · New Delhi · Real Estate Advisory & Exclusive Sales MandatesBlack Opal Consultants Limited, incorporated in 2020, is a specialized real estate advisory and project sales management company. The enterprise partners with leading real estate developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell residential and commercial properties. The company enters into exclusive and semi-exclusive underwriting and sales mandate agreements to commercialize inventories across high-growth corridors in exchange for structured commission and brokerage revenue.
The business operates across key verticals: (i) Consulting & Advisory Services for property developers and buyers; (ii) Exclusive Mandate Sales delivering end-to-end sales execution for contracted inventories; (iii) Loan Syndication arranging developer construction finance and end-user retail home loans; and (iv) Real Estate Development in Tier-II cities via group entities like Aurika Developers LLP, which is developing “Veda”, a flagship commercial and hospitality project in Ayodhya. Supported by a channel partner network exceeding 200 registered brokers and targeted digital acquisition campaigns, the company provides comprehensive marketing outreach across primary urban real estate hubs.
Brand Ecosystem
🏢
Exclusive Mandates
Sole and semi-exclusive sales rights marketing residential and commercial inventories for top-tier builders.
🏗️
Real Estate Development
Developing commercial and hospitality assets in Tier-II hubs through Aurika Developers, starting with project “Veda” in Ayodhya.
💵
Loan Syndication
Advisory and syndication services arranging construction debt for developers and home mortgages for retail buyers.
🤝
200+ Broker Network
Extensive community of channel partners supported by technology-driven digital marketing and structured training programs.
Competitive Strengths
🏆Strategic partnerships with marquee developers including Gaurs Group, Shapoorji Pallonji, and Max Estates.
📊Proven asset and project management capability driving rapid turnaround on exclusive underwriting assignments.
🌍Strategic expansion into high-margin real estate development targeting untapped religious and commercial centers.
📈Outstanding capital efficiency marked by a 56.25% ROE, 75.05% ROCE, and strong 34.94% PAT margins in FY25.
Company Promoters
PC
Prasoon Chauhan & Sheikh Arfeen Ahmed
Promoters, Black Opal Consultants Ltd.
Key Selling Shareholders (OFS)
Prasoon Chauhan5,58,000 Shares (₹10.99 Cr)
📅 Key Dates
IPO Opens29 Sep 2026
IPO Closes1 Oct 2026
Allotment5 Oct 2026
Refund & Share Credit6 Oct 2026
Listing Day7 Oct 2026
💡 Quick Summary
Price Band₹185 – ₹197
Upper Price₹197 / share
Lot Size600 shares
Min. Investment (Retail)₹2,36,400 (2 Lots)
Issue Size₹55.08 Cr
ListingBSE SME
🏦 Registrar & Lead Manager
Lead Manager
Khambatta Securities Ltd.
📍 Registered Address
Black Opal Consultants Ltd.
Shop No. 8, Ground Floor, C.S.C. AGCR Enclave,
Delhi, New Delhi — 110092
📞 +91 9999560810
[email protected]
Shop No. 8, Ground Floor, C.S.C. AGCR Enclave,
Delhi, New Delhi — 110092
📞 +91 9999560810
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
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Disclaimer: This page presents publicly available information from the Black Opal Consultants IPO RHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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