SME
    listed

    Sai Urja Indo Ventures IPO

    Updated 31 Oct 2026, 1:45 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Individual investors (IND))

    ₹2,71,200

    2 lots · 2,400 shares at the upper price band

    Price band

    ₹113

    Latest GMP

    ₹32

    +28.3% of the ₹113 upper band

    Est. listing price

    ₹145

    Issue size

    ₹22.51 Cr

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised30 Sept 2026(done)
    2. Refunds start1 Oct 2026(done)
    3. Shares credited to demat1 Oct 2026(done)
    4. Listing5 Oct 2026(done)
    Check on Maashitla Securities Pvt.Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    5 Oct 2026, 6:50 pm₹32₹145
    5 Oct 2026, 6:45 pm₹32₹145
    5 Oct 2026, 1:50 pm₹32₹145
    5 Oct 2026, 1:45 pm₹32₹145
    5 Oct 2026, 11:31 am₹32₹145
    5 Oct 2026, 8:50 am₹32₹145
    5 Oct 2026, 8:45 am₹32₹145
    3 Oct 2026, 10:44 pm₹10₹123
    2 Oct 2026, 8:50 am₹8₹121
    2 Oct 2026, 8:45 am₹8₹121
    1 Oct 2026, 6:50 pm₹0₹113
    1 Oct 2026, 6:45 pm₹0₹113
    1 Oct 2026, 1:50 pm₹0₹113
    1 Oct 2026, 1:45 pm₹0₹113
    30 Sept 2026, 6:50 pm₹0₹113
    30 Sept 2026, 6:45 pm₹0₹113
    30 Sept 2026, 1:50 pm₹0₹113
    30 Sept 2026, 1:45 pm₹0₹113
    29 Sept 2026, 6:50 pm₹0₹113
    29 Sept 2026, 6:45 pm₹0₹113
    29 Sept 2026, 1:50 pm₹0₹113
    29 Sept 2026, 1:45 pm₹0₹113
    29 Sept 2026, 8:50 am₹0₹113
    29 Sept 2026, 8:45 am₹0₹113
    28 Sept 2026, 6:50 pm₹0₹113
    28 Sept 2026, 6:45 pm₹0₹113
    28 Sept 2026, 1:50 pm₹0₹113
    28 Sept 2026, 1:45 pm₹0₹113
    28 Sept 2026, 8:50 am₹0₹113
    28 Sept 2026, 8:45 am₹0₹113
    26 Sept 2026, 6:50 pm₹0₹113
    26 Sept 2026, 6:45 pm₹0₹113
    26 Sept 2026, 1:50 pm₹0₹113
    26 Sept 2026, 1:45 pm₹0₹113
    26 Sept 2026, 8:50 am₹0₹113
    26 Sept 2026, 8:45 am₹0₹113
    25 Sept 2026, 6:50 pm₹0₹113
    25 Sept 2026, 6:45 pm₹0₹113
    25 Sept 2026, 1:45 pm₹0₹113
    25 Sept 2026, 8:50 am₹0₹113
    25 Sept 2026, 8:45 am₹0₹113
    24 Sept 2026, 6:50 pm₹0₹113
    24 Sept 2026, 6:45 pm₹0₹113
    24 Sept 2026, 1:50 pm₹0₹113
    24 Sept 2026, 1:45 pm₹0₹113
    24 Sept 2026, 8:50 am₹0₹113
    24 Sept 2026, 8:45 am₹0₹113
    23 Sept 2026, 6:50 pm₹0₹113
    23 Sept 2026, 6:45 pm₹0₹113
    23 Sept 2026, 1:50 pm₹0₹113
    23 Sept 2026, 1:45 pm₹0₹113
    23 Sept 2026, 8:50 am₹0₹113
    23 Sept 2026, 8:45 am₹0₹113
    22 Sept 2026, 6:50 pm₹0₹113
    22 Sept 2026, 6:45 pm₹0₹113
    22 Sept 2026, 1:50 pm₹0₹113
    22 Sept 2026, 1:45 pm₹0₹113
    22 Sept 2026, 8:50 am₹0₹113
    22 Sept 2026, 8:45 am₹0₹113
    21 Sept 2026, 6:50 pm₹0₹113
    21 Sept 2026, 6:45 pm₹0₹113
    21 Sept 2026, 1:50 pm₹0₹113
    21 Sept 2026, 1:46 pm₹0₹113
    21 Sept 2026, 11:23 am₹0₹113
    21 Sept 2026, 8:45 am₹0₹113
    19 Sept 2026, 6:45 pm₹0₹113
    19 Sept 2026, 1:45 pm₹0₹113
    19 Sept 2026, 8:45 am₹0₹113
    18 Sept 2026, 6:45 pm₹0₹113
    18 Sept 2026, 1:45 pm₹0₹113
    18 Sept 2026, 8:45 am₹0₹113
    17 Sept 2026, 6:45 pm₹0₹113

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    SME
    Price band
    ₹113
    Issue size
    ₹22.51 Cr
    Lot size
    1,200
    Opens
    25 Sept 2026
    Closes
    29 Sept 2026
    Allotment
    30 Sept 2026
    Listing
    5 Oct 2026
    Est. listing price
    ₹145
    Listing price
    Awaited
    Listing gain
    Awaited
    Registrar
    Maashitla Securities Pvt.Ltd.
    Minimum investment
    ₹2,71,200 (2 lots · 2,400 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Offer for sale
    ₹4 Cr
    Listing at
    BSE SME
    Refunds
    1 Oct 2026
    Shares credited
    1 Oct 2026
    Promoter holding
    92.87% before · 65.67% after
    Lead managers
    Shannon Advisors Pvt.Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 29 Sept 2026, 6:53 pm.

    Total subscription

    3.50x

    Qualified Institutional2.80×
    Non Institutional9.90×
    Retail Individual4.04×

    Full issue details

    Details as published for this issue, read 3 Oct 2026, 9:05 am. Verify against the RHP before applying.

    IPO Details

    IPO Date25 to 29 Sep, 2026
    Listing DateMon, Oct 5, 2026
    Face Value₹ 10 per share
    Price Band₹107 to ₹113
    Issue Price₹113 per share
    Lot Size1,200 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE SME
    Total Issue Size22,08,000 shares (agg. up to ₹ 25 Cr)
    Reserved for Market Maker2,16,000 shares (agg. up to ₹ 2 Cr) Prabhat Financial Services Ltd.
    Fresh Issue (Ex Market Maker)16,12,800 shares (agg. up to ₹ 18 Cr)
    Offer for Sale3,79,200 shares of ₹ 10 (agg. up to ₹ 4 Cr)
    Net Offered to Public19,92,000 shares (agg. up to ₹ 23 Cr)
    Share Holding Pre Issue58,10,000 shares
    Share Holding Post Issue76,38,800 shares
    BSE Script Code5,44,958
    ISININE1LLG01019

    IPO Timetable

    IPO Open
    Fri, Sep 25, 2026
    IPO Close
    Tue, Sep 29, 2026
    Allotment
    Wed, Sep 30, 2026
    Refund
    Thu, Oct 1, 2026
    Credit of Shares
    Thu, Oct 1, 2026
    Listing
    Mon, Oct 5, 2026

    Issue Reservation

    • QIB44.35%
    • NII (HNI)13.70%
    • Retail32.17%
    • Market Maker9.78%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Net Issue% of Total Issue
    QIB9,79,20049.16%44.35%
    - Anchor Investor5,86,800—26.58%
    - QIB (Ex. Anchor)3,92,400—17.77%
    NII (HNI)3,02,40015.18%13.70%
    - bNII > ₹10L2,01,600—9.13%
    - sNII < ₹10L1,00,800—4.57%
    Retail7,10,40035.66%32.17%
    Firm Reservations
    Market Maker2,16,000—9.78%
    Total22,08,000100.00%100.00%

    Sai Urja Indo IPO comprises a total issue size of 22,08,000 shares. The net offer to the public is 19,92,000 shares, after excluding 2,16,000 shares allotted on a firm basis. Of the Net offer 9,79,200 (49.16%) are allocated to QIB , 3,02,400 (15.18%) allocated to NII 7,10,400 (35.66%) allocated to RII .

    IPO Lot Size

    Individual investors (IND) (Min)₹2,71,200
    Individual investors (IND) (Max)₹2,71,200
    S-HNI (Min)₹4,06,800
    S-HNI (Max)₹9,49,200
    B-HNI (Min)₹10,84,800
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Individual investors (IND) (Min)22,400₹2,71,200
    Individual investors (IND) (Max)22,400₹2,71,200
    S-HNI (Min)33,600₹4,06,800
    S-HNI (Max)78,400₹9,49,200
    B-HNI (Min)89,600₹10,84,800

    Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

    IPO Anchor Investors

    Bid DateThu, Sep 24, 2026
    Shares Offered5,86,800
    Anchor Portion (₹ Cr.)6.63
    Anchor lock-in period end date for 50% shares (30 Days)Wed, Oct 28, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Sun, Dec 27, 2026

    Sai Urja Indo IPO raises ₹ 6.63 crore from anchor investors . Sai Urja Indo IPO Anchor bid date is September 24, 2026 .

    📝 Anchor Investors Letter (PDF)

    About Sai Urja Indo Ventures Ltd.

    Incorporated in 2012, 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 work includes managing electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.

    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).

    The services are delivered through four types of contracts based on the tenders which include: Annual Maintenance Contracts (for one to three years), Performance-Based Contracts (linked to plant output or reliability), Manpower Supply Contracts and Short-Term Bill of Quantity Contracts (for temporary needs).

    As on June 15, 2026, they have 17 on-going projects for which Rs. 7,165.10 Lakhs worth project execution is pending and 4 projects worth Rs. 2,536.74 Lakhs whose execution is yet to commence.

    They offer a wide range of operation & maintenance services, including breakdown, predictive and preventive maintenance, condition monitoring, all field instruments calibration and testing, and other related activities for power plants and other industries.

    As on June 30, 2026, they have 1969 employees, who look after day-to-day business operations, HR & accounting functions.

    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

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 202445.88
    31 Mar 202565.82
    31 Mar 202685.64

    Profit After Tax

    31 Mar 20241.39
    31 Mar 20253.13
    31 Mar 20264.19

    EBITDA

    31 Mar 20242.93
    31 Mar 20255.14
    31 Mar 20266.51

    NET Worth

    31 Mar 20244.72
    31 Mar 20257.76
    31 Mar 202612.20
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets24.2521.1113.95
    Total Income85.6465.8245.88
    Profit After Tax4.193.131.39
    EBITDA6.515.142.93
    NET Worth12.207.764.72
    Reserves and Surplus6.391.954.71
    Total Borrowing7.185.352.15
    Amount in ₹ Crore

    Sai Urja Indo Ventures Ltd.'s revenue increased by 30% and profit after tax (PAT) rose by 34% between the financial year ending with March 31, 2026 and March 31, 2025.

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    IPO Objects of the Issue

    Funding the working capital requirements of the Company8.00
    Repayment/prepayment, in full or part, of certain loans availed by the Company6.60
    General Corporate Purposes3.54
    Issue Expenses3.05
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Funding the working capital requirements of the Company8.00
    2Repayment/prepayment, in full or part, of certain loans availed by the Company6.60
    3General Corporate Purposes3.54
    4Issue Expenses3.05
    Total21.19

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE42.44%
    ROCE50.66%
    Debt/Equity0.59
    RoNW42.44%
    PAT Margin4.98%
    EBITDA Margin7.65%
    NAV20.99
    P/B (x)8.46

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)5.394.10
    P/E (x)20.9627.56
    Market Cap at Offer Price₹65.65 Cr.₹86.32 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group92.87%
    • Public7.13%

    Post IPO

    • Promoter and Promoter Group65.67%
    • Public34.33%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group92.87%65.67%
    Public7.13%34.33%
    Total100%100%

    Company Promoters: Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal.

    Offer For Sale - Selling Shareholders

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    Santosh Ajay Kumar MittalPromoter1,89,6002.14
    Harsh Ajaykumar MittalPromoter1,89,6002.14
    Total—3,79,2004.28

    Sai Urja Indo IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0000
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid forTotal Applications
    QIB (Ex Anchor)2.803,92,40010,99,2000
    NII *9.903,02,40029,95,2000
    bNII (> ₹10L)9.932,01,60020,02,800—
    sNII (< ₹10L)9.851,00,8009,92,400—
    Individual Investor4.047,10,40028,68,0000
    Total4.9514,05,20069,62,4001,712

    The Sai Urja Indo IPO is subscribed 4.95 times on September 29, 2026 6:53:18 PM (Day 3). The public issue subscribed 4.04 times in the individual investors category, 2.80 times in the QIB category, and 9.90 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 1,712

    *Market Maker portion is not included to NII/HNI.

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Book Running Lead Manager Fees (including Underwriting commission1.50
    2Brokerage, selling commission and upload fees0.00
    3Legal Advisor to the Offer0.05
    4Registrar to the Offer0.01
    5Advertising and Marketing Expenses0.20
    6Regulators including stock exchanges0.07
    7Printing and Distribution of Offer Stationary0.03
    8Fees payable to Peer Review Statutory Auditor0.08
    9Fees payable to Peer Review Independent Chartered Accountants0.01
    10Miscellaneous Expenses (Including Market Maker, Selling and Distribution1.10
    Total3.05

    IPO Registrar

    Maashitla Securities Pvt.Ltd.

    011-45121795

    investor.ipo@maashitla.com

    IPO Lead Manager(s)

    Shannon Advisors Pvt.Ltd.

    Contact Details

    Sai Urja Indo Ventures Ltd. Address

    UG-2 Office Floor,

    J. K. Complex,

    Nanaji Nagar Nagpur Road,

    Chandrapur, Maharashtra , 442401

    +919960815166

    headoffice@suiv.co.in

    Sai Urja Indo Ventures IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Sai Urja Indo Ventures Limited has completed an IPO in the amount of INR 249.504 million.

    marketscreener.com · 30 Sept 2026

    Sai Urja Indo Ventures IPO Day 3 Subscription Status: 4.95x

    HDFC Sky · 29 Sept 2026

    Sai Urja Indo Ventures IPO Day 2: Subscribed 0.23x; Retail demand jumps 207%

    scanx.trade · 29 Sept 2026

    Sai Urja Indo Ventures IPO Day 3: Subscribed 4.95x; NII (sHNI) hits 11.01x; QIB crosses 2.77x

    scanx.trade · 29 Sept 2026

    Sai Urja Indo Ventures IPO Allotment Status: 0.23x Subscribed, Check Online

    Univest · 29 Sept 2026

    Sai Urja Indo Ventures IPO Day 2 Subscription Status: 0.23x

    HDFC Sky · 28 Sept 2026

    Sai Urja Indo Ventures IPO Day 3 Subscription Status 29 Sep 2026

    Univest · 28 Sept 2026

    Sai Urja Indo Ventures IPO Day 2: Subscription Status on 28 September 2026

    Univest · 28 Sept 2026

    FAQ

    Sai Urja Indo Ventures: common questions

    Answered from this issue's own record.

    The Sai Urja Indo Ventures SME IPO is priced at ₹113 per share, for an issue size of ₹22.51 crore.

    The issue opens on 25 Sept 2026 and closes on 29 Sept 2026, with listing expected on 5 Oct 2026.

    One lot is 1200 shares, and applications must be in multiples of a lot. At the upper band that is ₹1,35,600 for one lot.

    Latest recorded subscription: QIB 2.8x, NII 9.9x, retail 4.04x (as of 31 Oct 2026).