Black Opal Consultants IPO
Updated 23 Sept 2026, 1:50 pm.
Minimum investment (Individual investors (IND))
₹2,36,400
2 lots · 1,200 shares at the upper price band
Price band
₹185–197
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹52.33 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹185–197
- Issue size
- ₹52.33 Cr
- Lot size
- 600
- Opens
- 29 Sept 2026
- Closes
- 1 Oct 2026
- Allotment
- 5 Oct 2026
- Listing
- 7 Oct 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Minimum investment
- ₹2,36,400 (2 lots · 1,200 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹11 Cr
- Listing at
- BSE SME
- Refunds
- 6 Oct 2026
- Shares credited
- 6 Oct 2026
- Promoter holding
- 98.6% before · 72.46% after
- Lead managers
- Khambatta Securities Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 23 Sept 2026, 2:05 pm. Verify against the RHP before applying.
IPO Details
| IPO Date | 29 Sep to 1 Oct, 2026 |
|---|---|
| Listing Date | Wed, Oct 7, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹185 to ₹197 |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 27,96,000 shares (agg. up to ₹ 55 Cr) |
|---|---|
| Reserved for Market Maker | 1,39,800 shares (agg. up to ₹ 3 Cr) |
| Fresh Issue (Ex Market Maker) | 20,98,200 shares (agg. up to ₹ 41 Cr) |
| Offer for Sale | 5,58,000 shares of ₹ 10 (agg. up to ₹ 11 Cr) |
| Net Offered to Public | 26,56,200 shares (agg. up to ₹ 52 Cr) |
| Share Holding Pre Issue | 83,39,190 shares |
| Share Holding Post Issue | 1,05,77,190 shares |
IPO Timetable (Tentative)
- IPO Open
- Tue, Sep 29, 2026
- IPO Close
- Thu, Oct 1, 2026
- Allotment
- Mon, Oct 5, 2026
- Refund
- Tue, Oct 6, 2026
- Credit of Shares
- Tue, Oct 6, 2026
- Listing
- Wed, Oct 7, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1200 | ₹2,36,400 |
| Individual investors (IND) (Max) | 2 | 1200 | ₹2,36,400 |
| S-HNI (Min) | 3 | 1800 | ₹3,54,600 |
| S-HNI (Max) | 8 | 4800 | ₹9,45,600 |
| B-HNI (Min) | 9 | 5400 | ₹10,63,800 |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.
IPO Subscription Details
About Black Opal Consultants Ltd.
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.
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 a network of more than 200 brokers, which helps expand its reach. It also uses platforms like Facebook and Google for marketing.
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
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 343.53 | 224.43 | 131.35 | 65.24 |
| Total Income | 174.92 | 330.43 | 199.05 | 79.73 |
| Profit After Tax | 43.86 | 114.81 | 43.23 | 17.21 |
| EBITDA | 58.61 | 154.69 | 59.40 | 23.88 |
| NET Worth | 247.97 | 204.11 | 89.30 | 46.07 |
| Reserves and Surplus | 239.63 | 195.77 | 80.96 | 37.74 |
| Total Borrowing | 41.81 | 2.03 | 16.01 | 1.18 |
| Amount in ₹ Crore |
Recently Listed IPOs in Residential, Commercial Projects
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Veegaland Developers Ltd. | Mainboard | ₹210.00 Cr | ₹140 | 17.74 | ₹146.30 | +4.50% | ₹139.84 |
| Pranav Constructions Ltd. | Mainboard | ₹351.03 Cr | ₹124 | 15.16 | ₹132.00 | +6.45% | ₹102.87 |
| Horizon Industrial Parks Ltd. | Mainboard | ₹2,600.00 Cr | ₹60 | -72.29 | ₹58.16 | -3.07% | ₹52.76 |
View More »
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding for securing Sales/Marketing mandates | 7.00 |
| 2 | Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project | 25.00 |
| 3 | General corporate purposes | — |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 56.25% |
| ROCE | 75.05% |
| Debt/Equity | 0.01 |
| RoNW | 56.25% |
| PAT Margin | 34.94% |
| EBITDA Margin | 47.07% |
| NAV | 244.76 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| Market Cap at Offer Price | - | ₹208.37 Cr |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group98.6%
- Public1.40%
Post IPO
- Promoter and Promoter Group72.46%
- Public27.54%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 98.6% | 72.46% |
| Public | 1.40% | 27.54% |
| Total | 100% | 100% |
Company Promoters: Prasoon Chauhan and Sheikh Arfeen Ahmed.
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Prasoon Chauhan | Promoter | 5,58,000 | 10.99 |
| Total | — | 5,58,000 | 10.99 |
Black Opal Consultants IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Skyline Financial Services Pvt.Ltd.
011-26812682
ipo@skylinerta.com
IPO Lead Manager(s)
Khambatta Securities Ltd.
Contact Details
Black Opal Consultants Ltd. Address
Shop No. 8, Ground Floor
C.S.C. AGCR Enclave,
Delhi, New Delhi , 110092
+91 9999560810
investors@blackopalgroup.in
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Black Opal Consultants: common questions
Answered from this issue's own record.
