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Black Opal Consultants IPO
📅 Founded: 2020
📍 New Delhi
📋 Face Value: ₹10
🏦 Market Cap: ₹164 Cr
Price Band
₹185 – ₹197
Issue Size
₹55.08 Cr
Lot Size
600 shares
Min. Investment
₹2,36,400
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
07 Oct 2026
Registrar
Skyline Financial Services
Black Opal Consultants IPO at a glance
Black Opal Consultants IPO was an SME issue of ₹55.08 Cr at a price band of ₹185 – ₹197 per share, open from 29 Sep 2026 to 01 Oct 2026. The shares listed on BSE SME on 07 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹41.09 Cr
Offer for Sale (OFS)₹10.99 Cr
Total Issue Size₹55.08 Cr
Face Value₹10
Market Cap (at issue)₹164 Cr
Listing ExchangeBSE SME
📅 Open Date29 Sep 2026
🔒 Close Date01 Oct 2026
✂️ Cut-off Price Date01 Oct 2026
🎟️ Allotment Date05 Oct 2026
💸 Refund Initiation06 Oct 2026
📂 Demat Credit06 Oct 2026
📈 Listing Date07 Oct 2026
Objects of the Issue
- 💰 Funding deposits to secure sales/marketing mandates — ₹7.00 Cr
- 💰 Investment in Aurika Developers LLP for an Ayodhya project — ₹26.00 Cr
- 💰 General corporate purposes
About the Company
Black Opal Consultants, incorporated in 2020 and based in Delhi, markets and sells residential and commercial property for developers, often under exclusive sales mandates, and also arranges loan syndication. It has worked with developers such as Gaurs, M3M, Max Estates, Shapoorji Pallonji, SKA and Galaxy, uses a network of over 200 brokers, and is now moving into property development in tier-II cities through group entities.
Strengths
- ✅ Works with several well-known North Indian developers
- ✅ Asset-light advisory model with high returns on equity
- ✅ Income has doubled in two years, from ₹20 Cr in FY24 to ₹42 Cr in FY26
- ✅ Broker network helps it sell inventory quickly for developers
Risk Factors
- ⚠️ Nearly half of the IPO money (₹26 Cr) goes into Aurika Developers LLP for an Ayodhya project — real-estate development risk and a related-party structure
- ⚠️ Earnings depend on property-market conditions and a handful of developer mandates
- ⚠️ PAT barely grew in FY26 (₹12.2 Cr vs ₹11.5 Cr) and borrowings rose to about ₹9.5 Cr
- ⚠️ Securing exclusive mandates may need upfront deposits (₹7 Cr of the IPO money)
- ⚠️ SME listing — shares may trade thinly
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
98.6%
Pre-IPO
→ -26.1%
72.46%
Post-IPO
Founders & Leadership
PC
Prasoon Chauhan
Promoter
One of the company's promoters
SA
Sheikh Arfeen Ahmed
Promoter
One of the company's promoters
IPO Timeline
✓
Open Date
29 Sep 2026
✓
Close Date
01 Oct 2026
✓
Allotment Date
05 Oct 2026
✓
Listing Date
07 Oct 2026
Key Financials
Revenue₹42.3 Cr
PAT₹12.2 Cr
EPS₹14.63
P/E Ratio13.47x
ROE56.25%
Market Cap₹164 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 42.34 | 33.04 | 19.91 |
| Profit After Tax | 12.20 | 11.48 | 4.32 |
| Net Worth | 32.67 | 20.41 | 8.93 |
| Total Borrowing | 9.52 | 0.20 | 1.60 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 37.34 | 56.25 |
| Debt / Equity | 0.29 | 0.01 |
| Net Worth (Rs. Cr) | 32.67 | 20.41 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹14.63 | — |
| P/E (x) | 13.47x | — |
| ROE (%) | 56.25% | — |
| Promoter Holding | 98.6% | 72.46% |
| Market Cap | ₹164 Cr | |
IPO Registrar
Black Opal Consultants IPO FAQs
Black Opal Consultants IPO is an SME IPO with an issue size of ₹55.08 Cr at a price band of ₹185 – ₹197. Minimum lot size is 600 shares and the minimum application is 2 lots (minimum investment ~₹2,36,400). Opened on 29 Sep 2026 and closed on 01 Oct 2026. Listed on BSE SME. Registrar: Skyline Financial Services.