Black Opal Consultants Limited IPO
Listed 07 Oct 2026, 68.71× subscribed, on the SME platform.
Dates
Issuer's timetable, IST.
- 29 SeptBidding opens
- 1 OctBidding closesRetail UPI mandates by 5 pm IST
- 5 OctAllotmentStatus from Skyline Financial Services Private Limited
- 7 OctListingSME platform
- 29 SeptBidding opens
- 1 OctBidding closesRetail UPI mandates by 5 pm IST
- 5 OctAllotmentStatus from Skyline Financial Services Private Limited
- 7 OctListingSME platform
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB59.77×
- Non-institutionalNII92.30×
- Above ₹10 lakhbNII146×
- ₹2–10 lakhsNII82.56×
- RetailRII60.15×
Max 146×, log scale; tick = 1× (fully subscribed). 59,512 applications.
How this is worked out
Retail is 60.15× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 60.2 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 92.3× subscribed. This category is allotted proportionately, so a bid receives roughly 1/92.3 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.
Grey-market premium
Unofficial dealer quotes; not from NSE, BSE or SEBI.
over the upper band, rising since 29 Sept 2026
Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹185 – ₹197
- Face value
- ₹10.00
- Lot size
- 600 shares
- Minimum application
- ₹2,36,4002 lots at the upper band
- Total issue size
- —
- Anchor investors
- Allotted
- Registrar
- Skyline Financial Services Private Limited
- Lead managers
- KHAMBATTA SECURITIES LIMITED
- ISIN
- INE0M3101012
Company and valuation
- P/E at upper band
- —
- ROE, latest period
- 56.25%
- ROCE, latest period
- 75.05%
- Debt/Equity, latest period
- 0.01
- RoNW, latest period
- 56.25%
- PAT Margin, latest period
- 34.94%
- EBITDA Margin, latest period
- 47.07%
- NAV, latest period
- 244.76
- P/B (x), latest period
- 0.80
“Latest period” rows can be a part year, so ratios there may read low.
Who gets what
Split by investor category, and minimum bids.
- QIB47.5%
- NII (HNI)14.3%
- Retail33.3%
- Market Maker5.0%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 13,27,200 | 47.47% |
| Anchor Investor | 7,96,200 | 28.48% |
| QIB (Ex. Anchor) | 5,31,000 | 18.99% |
| NII (HNI) | 3,99,000 | 14.27% |
| bNII > ₹10L | 2,65,800 | 9.51% |
| sNII < ₹10L | 1,33,200 | 4.76% |
| Retail | 9,30,000 | 33.26% |
| Market Maker | 1,39,800 | 5.00% |
Total issue 27,96,000 shares. Indented rows sit inside the row above.
What each category may bid
- Individual investors (IND) (Min)
- ₹2,36,4002 lots, 1,200 shares
- Individual investors (IND) (Max)
- ₹2,36,4002 lots, 1,200 shares
- S-HNI (Min)
- ₹3,54,6003 lots, 1,800 shares
- S-HNI (Max)
- ₹9,45,6008 lots, 4,800 shares
- B-HNI (Min)
- ₹10,63,8009 lots, 5,400 shares
Small-HNI minimum is several lots, not one.
Anchor book
- Shares allotted
- 7,96,200 shares
- Anchor portion
- ₹15.69 Cr
- Bid date
- 28 Sept 2026
- Lock-in ends, first 50%
- 04 Nov 2026
- Lock-in ends, the rest
- 03 Jan 2027
Lock-in dates = when anchor shares may first be sold.
How the issuer compares
Peers named by the issuer itself.
| Company | EPS (₹) | P/E | NAV (₹) | RoNW |
|---|---|---|---|---|
| Black Opal Consultants Limitedthis issue | 13.77 | — | 244.76 | 56.25% |
| Homesfy Realty Limited | 4.46 | 48.6× | 155.67 | 43.24% |
The offer document prints no P/E for the issuer; figures are pre-listing.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Vedant Poly Fabs Limited | 1.9× | unchanged 0.0% | |
| Maxwell Engineering Solutions Limited | 491× | up +90.0% | |
| HGS (India) Limited | 231× | up +33.3% | |
| Ravita Engineering Services Limited | 6.7× | unchanged 0.0% | |
| Vaibhav Vyapaar Limited | 3.1× | down minus 2.0% | |
| R.K. Fashion Accessories Limited | 2.6× | down minus 2.4% | |
| Eventions Limited | 2.3× | down minus 5.9% | |
| Papadmalji Agro Foods Limited | 2.5× | up +0.4% |
Different companies at different prices. Bars share one scale (full = 90%).
Offer documents
Primary sources.
- PROSPECTUS29 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
What is the Black Opal Consultants Limited IPO GMP today?
The most recent grey-market premium recorded for Black Opal Consultants Limited is ₹100 per share — about 50.8% over the ₹197 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Black Opal Consultants Limited IPO subscribed?
Black Opal Consultants Limited is subscribed 68.71× overall (QIB 59.77×, NII 92.30×, retail 60.15×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Skyline Financial Services Private Limited.
What is the minimum investment in the Black Opal Consultants Limited IPO?
One lot is 600 shares, so a retail application at the ₹197 cut-off price blocks ₹1,18,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Black Opal Consultants Limited IPO?
The retail portion is subscribed 60.15×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 60. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Black Opal Consultants Limited IPO allotment date?
Allotment is scheduled for 2026-10-05, with listing on 2026-10-07. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Skyline Financial Services Private Limited.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.

