Black Opal Consultants IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 59.77x |
| NII | 124.29x |
| sNII (₹2L–₹10L) | 82.56x |
| bNII (above ₹10L) | 145.19x |
| Retail (RII) | 60.15x |
| Total | 73.8x |
Bidding day 3 · final figures at close of bidding: 7 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 29 Sept 2026
- Close Date
- 1 Oct 2026
- Listing Date
- 7 Oct 2026
- Face Value
- ₹10
- Fresh Issue
- ₹41.33 Cr
- OFS
- ₹10.99 Cr
- Listing On
- BSE
- Registrar
- Skyline Financial Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,36,400 |
| HNI (Min) | 3 | 1,800 | ₹3,54,600 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 7,96,200 | 29.98% |
| QIB (ex-anchor) | 5,31,000 | 19.99% |
| NII | 3,99,000 | 15.02% |
| — sNII (< ₹10L) | 1,33,200 | 5.01% |
| — bNII (> ₹10L) | 2,65,800 | 10.01% |
| Retail | 9,30,000 | 35.01% |
| Total | 26,56,200 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 19.91 | 4.32 | 6.09 | 8.93 | 13.14 | 1.6 | — |
| FY 2025 | 33.04 | 11.48 | 15.65 | 20.41 | 22.44 | 0.2 | — |
| FY 2026 | 42.34 | 12.22 | 17.05 | 32.67 | 59.62 | 9.52 | 14.63 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.47x
- P/E (post-issue)
- 17.07x
- RoNW
- 37.4%
- RoE
- 46.03%
- RoCE
- 40.12%
- Debt / Equity
- 0.29
- EPS (pre-issue)
- ₹14.63
- EPS (post-issue)
- ₹11.54
- EBITDA Margin
- 40.62%
- PAT Margin
- 29.11%
- P/BV
- 5.03x
- NAV / share
- ₹39.17
- Market Cap
- ₹208.37 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding for securing Sales/Marketing mandates | ₹7 Cr |
| Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project | ₹26 Cr |
| General Corporate Purposes | ₹6.26 Cr |
| Issue Expenses | ₹6 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the Book Running Lead Manager | ₹0.5 Cr |
| Underwriting Commission | ₹2.75 Cr |
| Selling Commission | ₹1.65 Cr |
| Fees Payable to Registrar to the Offer | ₹0.01 Cr |
| Fees Payable to the Legal Advisor to the Company | ₹0.05 Cr |
| Fees Payable Advertising, Marketing Expenses and Printing Expenses | ₹0.61 Cr |
| Fees Payable to Regulators including Stock Exchange | ₹0.13 Cr |
| Fees payable to Practicing Company Secretary (PCS), Chartered Engineer, Industry Report Provider, Vendor Risk Assessment Report provider, etc | ₹0.16 Cr |
| Fees payable to Peer Review Auditor | ₹0.07 Cr |
| Fees Payable to Market Maker (for first Year | ₹0.03 Cr |
| Processing fees to SCSBs for ASBA Applications procured by the members of the Syndicate or Registered Brokers and submitted with the SCSBs | ₹0.05 Cr |
Promoters & Shareholding
Promoters: <p>Prasoon Chauhan, Sheikh Arfeen Ahmed</p>
- Holding (pre-issue)
- 98.6%
- Holding (post-issue)
- 72.46%
- Dilution
- 26.14%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| VENUS INVESTMENTS VCC-VENUS STELLAR FUND | Other | 1,90,800 | ₹197 | 3.76 | 23.96% |
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | Other | 1,51,800 | ₹197 | 2.99 | 19.07% |
| RADIANT GLOBAL FUND-CLASS B PARTICIPATING SHARES | FII/FPI | 1,42,200 | ₹197 | 2.8 | 17.86% |
| UNI GROWTH FUND | Other | 87,000 | ₹197 | 1.71 | 10.93% |
| SECUROCROP BHARAT AMRITKAAL FUND I | Other | 87,000 | ₹197 | 1.71 | 10.93% |
| PESB ALPHA FUND | Other | 86,400 | ₹197 | 1.7 | 10.85% |
| ALGOQUANT GLOBAL OPPORTUNITIES FUND | FII/FPI | 51,000 | ₹197 | 1 | 6.41% |
Anchor bidding took place on 28 Sept 2026. Anchor lock-in: 50% of shares unlock on 4 Nov 2026, the remainder on 4 Jan 2027.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Black Opal Consultants | 14.65 | 39.17 | — | 37.4% | Consolidated |
| Homesfy Realty Limited | -63.5 | 92.06 | — | -68.98% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Black Opal Consultants IPO
The Black Opal Consultants SME IPO runs from 29 Sept 2026 to 1 Oct 2026, offered at a price band of ₹185–197 per share, and is set to list on BSE. The company is looking to raise ₹55.08 crore through the offer. Retail investors bid in lots of 600 shares, a minimum application of ₹2,36,400.
Issue structure
The offer combines a fresh issue of ₹41.33 crore with an offer for sale (OFS) of ₹10.99 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in aurika developers llp, one of group entity, for financing the development of its ayodhya project (₹26 crore), alongside funding for securing sales/marketing mandates (₹7 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Black Opal Consultants reported revenue of ₹42.34 crore and a net profit of ₹12.22 crore. Revenue grew from ₹19.91 crore in FY2024 to ₹42.34 crore in FY2026 (+113.0%). Net worth stood at ₹32.67 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.07× post-issue earnings and 5.03× book value, against a return on net worth of 37.4% and a debt-to-equity ratio of 0.29. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Prasoon Chauhan, Sheikh Arfeen Ahmed</p>. Promoter holding stands at 98.6% before the issue and comes down to 72.46% after listing.
Grey market premium (GMP)
In the unofficial grey market, Black Opal Consultants shares are quoted at a premium of ₹9 implying an expected listing around ₹206, about +4.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Black Opal Consultants IPO was subscribed 73.8 times overall. The strongest demand came from non-institutional investors (NII) at 124.29 times, with qualified institutional buyers (QIB) at 59.77× and retail investors at 60.15×.
Listing performance
Black Opal Consultants listed on 7 Oct 2026 at ₹200, a premium of +1.5% over the issue price of ₹197.
What to weigh
When evaluating the Black Opal Consultants IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Black Opal Consultants
Incorporated in 2020, Black Opal Consultants Limited works with well-known real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial projects. The Company signs exclusive or semi-exclusive sales rights to market and sell specific units within a project in return for brokerage income. The Company also works with its Group Entities, such as Aurika Homes Private Limited to market and sell Aurika Homes’ projects in return for brokerage income. This helps strengthen group synergies and enhances business growth. Black Opal has a network of more than 200 brokers, which helps expand its reach. It also uses platforms like Facebook and Google for marketing. Core service offerings: Consulting & Advisory Services Exclusive Sale Arrangements: Commission or margin on the sale of underwritten/exclusively mandated inventorie Loan Syndication Services: Commissions or success fees for arranging developer and buyer financing. Real Estate Development through group entities operating in Tier -II cities in India The Company works in both residential and commercial segments, mainly focusing on new and under-construction properties. It supports developers in selling their projects and helps customers buy properties. Black Opal has entered the development business through Aurika Developers LLP. Its first project, “Veda” , is a commercial and hospitality project in Darshan Nagar, Ayodhya. Key strengths In-depth Asset & Project Management Expertise and Proven Track Record in Project Sales Experienced Professional Team Strategic Partnerships with Developers such as Gaurs Group, SKA, Shapoorji Pallonji, Max Estates, and M3M for Exclusive Mandate Strong and Reputed Customer Base Strategic Foray into High-Margin Real Estate Development with Tier II City Focus Strengthen Agent Network Through Training and Support
Black Opal Consultants — Contact Details
- Registered office
- Shop No. 8, Ground Floor, C.S.C. AGCR Enclave,, Delhi, New Delhi, 110092
- Phone
- +91 9999560810
- Website
- www.blackopalgroup.in/
- Registrar (IPO queries)
- ipo@skylinerta.com
Frequently asked questions
- What is the Black Opal Consultants IPO price band?
- The Black Opal Consultants IPO price band is ₹185 to ₹197 per share, with a lot size of 600 shares.
- What was the Black Opal Consultants IPO GMP before listing?
- The final grey market premium recorded before the Black Opal Consultants IPO listed was ₹9. The IPO listed on 7 Oct 2026 at ₹200, +1.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Black Opal Consultants IPO open and close?
- The Black Opal Consultants IPO opens on 29 Sept 2026 and closes on 1 Oct 2026.
- When is the Black Opal Consultants IPO allotment and listing date?
- Allotment is expected on 5 Oct 2026. The shares are scheduled to list on 7 Oct 2026 on BSE.
- How many times was the Black Opal Consultants IPO subscribed?
- The Black Opal Consultants IPO was subscribed 73.8 times in total across all investor categories.
- What is the reservation split in the Black Opal Consultants IPO?
- Of the total shares offered, retail investors get 35.01%, QIBs 19.99% (plus 29.98% anchor), non-institutional investors 15.02%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Black Opal Consultants and what is their holding?
- The promoters are <p>Prasoon Chauhan, Sheikh Arfeen Ahmed</p>. Promoter holding is 98.6% before the issue and 72.46% after listing.
- What is the P/E ratio of the Black Opal Consultants IPO?
- At the upper price band, the Black Opal Consultants IPO is valued at 13.47× pre-issue earnings and 17.07× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Black Opal Consultants IPO?
- The net proceeds go primarily toward investment in aurika developers llp, one of group entity, for financing the development of its ayodhya project, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Black Opal Consultants IPO?
- The book-running lead manager is Khambatta Securities Ltd.. Skyline Financial Services is the registrar to the issue.
- Is Black Opal Consultants a Mainboard or SME IPO?
- Black Opal Consultants is an SME IPO, listing on BSE (SME platform).