Sai Urja Indo 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 | 2.8x |
| NII | 9.9x |
| sNII (₹2L–₹10L) | 9.85x |
| bNII (above ₹10L) | 9.93x |
| Retail (RII) | 4.04x |
| Total | 4.95x |
Bidding day 5 · final figures at close of bidding: 5 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 25 Sept 2026
- Close Date
- 29 Sept 2026
- Listing Date
- 5 Oct 2026
- Face Value
- ₹10
- Fresh Issue
- ₹18.22 Cr
- OFS
- ₹4.28 Cr
- Listing On
- BSE
- Registrar
- Maashitla Securities
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 | 2,400 | ₹2,71,200 |
| HNI (Min) | 3 | 3,600 | ₹4,06,800 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 5,86,800 | 29.46% |
| QIB (ex-anchor) | 3,92,400 | 19.7% |
| NII | 3,02,400 | 15.18% |
| — sNII (< ₹10L) | 1,00,800 | 5.06% |
| — bNII (> ₹10L) | 2,01,600 | 10.12% |
| Retail | 7,10,400 | 35.66% |
| Total | 19,92,000 | 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 | 45.88 | 1.39 | 2.93 | 4.72 | 13.95 | 2.15 | — |
| FY 2025 | 65.82 | 3.13 | 5.14 | 7.76 | 21.11 | 5.35 | — |
| FY 2026 | 85.64 | 4.19 | 6.51 | 12.2 | 24.25 | 7.18 | 5.39 |
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)
- 20.96x
- P/E (post-issue)
- 27.56x
- RoNW
- 42.44%
- RoE
- 42.44%
- RoCE
- 50.66%
- Debt / Equity
- 0.59
- EPS (pre-issue)
- ₹5.39
- EPS (post-issue)
- ₹4.1
- EBITDA Margin
- 7.65%
- PAT Margin
- 4.98%
- P/BV
- 8.46x
- NAV / share
- ₹20.99
- Market Cap
- ₹86.32 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 the working capital requirements of the Company | ₹8 Cr |
| Repayment/prepayment, in full or part, of certain loans availed by the Company | ₹6.6 Cr |
| General Corporate Purposes | ₹3.54 Cr |
| Issue Expenses | ₹3.05 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees (including Underwriting commission | ₹1.5 Cr |
| Brokerage, selling commission and upload fees | ₹0 Cr |
| Legal Advisor to the Offer | ₹0.05 Cr |
| Registrar to the Offer | ₹0.01 Cr |
| Advertising and Marketing Expenses | ₹0.2 Cr |
| Regulators including stock exchanges | ₹0.07 Cr |
| Printing and Distribution of Offer Stationary | ₹0.03 Cr |
| Fees payable to Peer Review Statutory Auditor | ₹0.08 Cr |
| Fees payable to Peer Review Independent Chartered Accountants | ₹0.01 Cr |
| Miscellaneous Expenses (Including Market Maker, Selling and Distribution | ₹1.1 Cr |
Promoters & Shareholding
Promoters: <p>Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal</p>
- Holding (pre-issue)
- 92.87%
- Holding (post-issue)
- 65.67%
- Dilution
- 27.2%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| AARTH AIF GROWTH FUND | Other | 2,31,600 | ₹113 | 2.62 | 39.47% |
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | Other | 1,77,600 | ₹113 | 2.01 | 30.27% |
| VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES | FII/FPI | 88,800 | ₹113 | 1 | 15.13% |
| MONEYWISE FINANCIAL SERVICES PVT.LTD. | Other | 88,800 | ₹113 | 1 | 15.13% |
Anchor bidding took place on 24 Sept 2026. Anchor lock-in: 50% of shares unlock on 31 Oct 2026, the remainder on 30 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Sai Urja Indo | 7.29 | 20.99 | — | 42.44% | — | Consolidated |
| Lakshya Powertech Limited | 9.94 | 101.17 | 11.27x | 9.82% | 1.11x | Consolidated |
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 Sai Urja Indo IPO
The Sai Urja Indo SME IPO opens for subscription on 25 Sept 2026 and closes on 29 Sept 2026, offered at a price band of ₹107–113 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹24.95 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,71,200.
Issue structure
The offer combines a fresh issue of ₹18.22 crore with an offer for sale (OFS) of ₹4.28 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 funding the working capital requirements of the company (₹8 crore), alongside repayment/prepayment, in full or part, of certain loans availed by the company (₹6.6 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Sai Urja Indo reported revenue of ₹85.64 crore and a net profit of ₹4.19 crore. Revenue grew from ₹45.88 crore in FY2024 to ₹85.64 crore in FY2026 (+87.0%). Net worth stood at ₹12.2 crore at the end of FY2026. At the upper band, that puts the issue at roughly 21.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 27.56× post-issue earnings and 8.46× book value, against a return on net worth of 42.44% and a debt-to-equity ratio of 0.59. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal</p>. Promoter holding stands at 92.87% before the issue and comes down to 65.67% after listing.
Grey market premium (GMP)
In the unofficial grey market, Sai Urja Indo shares are quoted at a premium of ₹32 implying an expected listing around ₹145, about +28.3% 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 Sai Urja Indo IPO was subscribed 4.95 times overall. The strongest demand came from non-institutional investors (NII) at 9.9 times, with qualified institutional buyers (QIB) at 2.8× and retail investors at 4.04×.
Listing performance
Sai Urja Indo listed on 5 Oct 2026 at ₹133.8, a premium of +18.4% over the issue price of ₹113.
What to weigh
When evaluating the Sai Urja Indo 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 Sai Urja Indo
Sai Urja Indo Ventures Limited is offers Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals. The company handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India. Services: Maintenance Services: Electrical systems, Control & Instrumentation (C&I), Mechanical Jobs Operation Services: Coal Handling Plants (CHP), Merry-Go-Round (MGR), Boiler-Turbine-Generator (BTG), Other Services: Industrial Housekeeping, Overhaul Works, Annual Overhaul (AOH) and Capital Overhaul (COH). As of March 31, 2025, the company had a team of 2,469 personnel, up from 1611 in 2024 and 1326 in 2023. Competitve Strengths: Diversified O&M service solutions for power and other industries Increase in repeat orders from existing clients with larger project values Large orderbook facilitating sustainable growth in financial performance Leadership with a track record, powered by a sizable team
Sai Urja Indo — Contact Details
- Registered office
- UG-2 Office Floor,, J. K. Complex,, Nanaji Nagar Nagpur Road,, Chandrapur, Maharashtra, 442401
- Phone
- +919960815166
- Website
- suiv.co.in/
- Registrar (IPO queries)
- investor.ipo@maashitla.com
Frequently asked questions
- What is the Sai Urja Indo IPO price band?
- The Sai Urja Indo IPO price band is ₹107 to ₹113 per share, with a lot size of 1200 shares.
- What was the Sai Urja Indo IPO GMP before listing?
- The final grey market premium recorded before the Sai Urja Indo IPO listed was ₹32. The IPO listed on 5 Oct 2026 at ₹133.8, +18.4% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Sai Urja Indo IPO open and close?
- The Sai Urja Indo IPO opens on 25 Sept 2026 and closes on 29 Sept 2026.
- When is the Sai Urja Indo IPO allotment and listing date?
- Allotment is expected on 30 Sept 2026. The shares are scheduled to list on 5 Oct 2026 on BSE.
- How many times was the Sai Urja Indo IPO subscribed?
- The Sai Urja Indo IPO was subscribed 4.95 times in total across all investor categories.
- What is the reservation split in the Sai Urja Indo IPO?
- Of the total shares offered, retail investors get 35.66%, QIBs 19.7% (plus 29.46% anchor), non-institutional investors 15.18%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Sai Urja Indo and what is their holding?
- The promoters are <p>Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal</p>. Promoter holding is 92.87% before the issue and 65.67% after listing.
- What is the P/E ratio of the Sai Urja Indo IPO?
- At the upper price band, the Sai Urja Indo IPO is valued at 20.96× pre-issue earnings and 27.56× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Sai Urja Indo IPO?
- The net proceeds go primarily toward funding the working capital requirements of the company, 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 Sai Urja Indo IPO?
- The book-running lead manager is Shannon Advisors Pvt.Ltd.. Maashitla Securities is the registrar to the issue.
- Is Sai Urja Indo a Mainboard or SME IPO?
- Sai Urja Indo is an SME IPO, listing on BSE (SME platform).