Sai Urja Indo Ventures IPO
ListedSMEInfrastructure Developers & Operators
4.43×
Subscribed
Price band
₹107 – ₹113
Lot size
1,200
1 lot = ₹1,35,600
Issue size
₹24.95 Cr
Open – close
25 Sept 2026
to 29 Sept 2026
Listing
05 Oct 2026
Listing gain
+18.41%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Sept 2026
- Closes29 Sept 2026
- Allotment30 Sept 2026
- Listing05 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB2.80x
Non-institutionalNII / HNI6.19x
Big NIIabove ₹10L11.01x
Small NII₹2L – ₹10L9.85x
Retail individualRII4.04x
1,682 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Sept 2026.
Chance of allotment
Retail4.04× subscribed
~1 in 4
Minimum 2 lots · 2,400 shares · ₹2,71,200 blocked
Retail is 4.04× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII6.19× subscribed
~1 in 6.2
Minimum 1 lot · 1,200 shares · ₹1,35,600 blocked
HNI is 6.19× subscribed. This category is allotted proportionately, so a bid receives roughly 1/6.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹32+28.3%
over the upper band · last seen 19 Oct 2026 · rising since 01 Oct 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹107 – ₹113
Face value₹10
Lot size1,200shares
Minimum application₹1,35,600at cut-off
Total issue size₹24.95 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
NAV per share₹20.99
Debt / equity0.59×
ROE42.44%
ROCE50.66%
RoNW42.44%
PAT Margin4.98%
EBITDA Margin7.65%
NAV20.99
P/B (x)8.46
ISININE1LLG01019
RegistrarMaashitla Securities Private Limited
Lead managersShannon Advisors Private Limited
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 9,79,200 | 44.35% |
| Anchor Investor | 5,86,800 | 26.58% |
| QIB (Ex. Anchor) | 3,92,400 | 17.77% |
| NII (HNI) | 3,02,400 | 13.70% |
| bNII > ₹10L | 2,01,600 | 9.13% |
| sNII < ₹10L | 1,00,800 | 4.57% |
| Retail | 7,10,400 | 32.17% |
| Market Maker | 2,16,000 | 9.78% |
Total issue 22,08,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,71,2002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,71,2002 lots · 2,400 sh
S-HNI (Min)₹4,06,8003 lots · 3,600 sh
S-HNI (Max)₹9,49,2007 lots · 8,400 sh
B-HNI (Min)₹10,84,8008 lots · 9,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted5,86,800
Anchor portion₹6.63 Cr
Bid date24 Sept 2026
Lock-in ends (50%)28 Oct 2026
Lock-in ends (rest)27 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding the working capital requirements of our Company₹8 Cr
- 02Debt Repayment/ prepayment, in full or part, of certain loans availed by our Company₹6.6 Cr
- 03General Corporate Purposenot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Sai Urja Indo Ventures Limitedthis issue | 7.29 | — | 20.99 | 42.44% |
| Lakshya Powertech Limited | 9.94 | 11.27 | 101.17 | 9.82% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur business, results of operations, and financial condition are heavily dependent on maintaining relationships with our top customers and continuing to receive orders from them; failure to do so, or inability to do so on commercially viable terms, could have an adverse impact on our revenue and/or
mediumWe derived 99.97%, 100% and 99.98% of our revenue from operations in Fiscals 2026, 2025 and 2024 respectively from our top 10 clients. The potential loss of one or more of these major customers or a reduction in the volume of business derived from them could have adverse effects on our overall busin
mediumOur revenues are significantly dependent on contracts awarded by public sector undertakings (PSUs) for operation and maintenance and other services. We cannot assure that such contracts will continue to be awarded to us in future.
Litigation
Except as stated in this section, there are no outstanding (i) criminal proceedings involving our Company, Directors, or Promoters and the Key Managerial Personnels; (ii) actions by statutory and/or regulatory authorities involving the Relevant Parties; (iii) outstanding claims relating to direct and indirect taxes involving the Relevant Parties; and (iv) other pending litigation involving the Relevant Parties as determined to be material by our Board pursuant to the Materiality Policy; or (v) litigation involving our Group Companies which has a material impact on our Company. Further, except as stated in this section, there are no disciplinary actions including penalties imposed by SEBI or stock exchanges against the Company, it’s Promoters or its Directors in the last five Financial Years including any outstanding action.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+0.0%
Listed up
3 of 8
Best
+90.0%
Maxwell Engineering Solutions Limited
Worst
-5.9%
Eventions Limited
Vedant Poly Fabs Limitedsame segment
1.9× sub+0.0%
Maxwell Engineering Solutions Limitedsame segment
491.4× sub+90.0%
HGS (India) Limitedsame segment
231.2× sub+33.3%
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Sai Urja Indo Ventures
Sai Urja Indo Ventures is an operation and maintenance (O&M) services company for industrial plants, primarily in the power generation industry, as well as the iron and steel and agrochemical industries. Its services cover electrical, mechanical, and control and instrumentation maintenance, along with operations of boiler-turbine-generator units, coal handling plants, and merry-go-round systems in power plants. The company also provides industrial housekeeping, equipment overhauls, and skilled and unskilled manpower supply. Its services are provided through annual maintenance contracts, performance-based contracts, manpower supply contracts, and short-term bill of quantity contracts. Over the last three years, the company has served 21 locations across nine states and executed more than 45 projects as of June 15, 2026. It holds valid electrical licences in Maharashtra, Uttar Pradesh, Bihar, Jharkhand, and Madhya Pradesh. The company operates from its registered office in Chandrapur and corporate office in Nagpur.
Founded 2012MD Mr Harsh Ajaykumar MittalSector Infrastructure Developers & Operators
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Sai Urja Indo Ventures IPO GMP today?
The most recent grey-market premium recorded for Sai Urja Indo Ventures is ₹32 per share — about 28.3% over the ₹113 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 Sai Urja Indo Ventures IPO subscribed?
Sai Urja Indo Ventures is subscribed 4.43× overall (QIB 2.80×, NII 6.19×, retail 4.04×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Private Limited.
What is the minimum investment in the Sai Urja Indo Ventures IPO?
One lot is 1,200 shares, so a retail application at the ₹113 cut-off price blocks ₹1,35,600. 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 Sai Urja Indo Ventures IPO?
The retail portion is subscribed 4.04×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 4. 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 Sai Urja Indo Ventures IPO allotment date?
Allotment is scheduled for 2026-09-30, with listing on 2026-10-05. 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, Maashitla Securities Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.