Sai Urja Indo Ventures IPO Details

Bookbuilding IPO | ₹25 Cr | Listing at BSE SME | Wed, Sep 23, 2026 - Fri, Sep 25, 2026

IPO Details

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Sai Urja Indo IPO is a book build issue of ₹24.95 crores. The issue is a combination of fresh issue of 18.29 lakh shares aggregating to ₹20.67 crores and offer for sale of 3.79 lakh shares aggregating to ₹4.28 crores.

Sai Urja Indo IPO opens for subscription on Sep 23, 2026 and closes on Sep 25, 2026. The allotment for the Sai Urja Indo IPO is expected to be finalized on Sep 28, 2026. Sai Urja Indo IPO will list on the BSE SME with a tentative listing date fixed as Sep 30, 2026.

Sai Urja Indo IPO is set issue price band at ₹107 to ₹113 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,71,200 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹4,06,800.

Shannon Advisors Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Prabhat Financial Services Ltd.

Refer to Sai Urja Indo IPO RHP for detailed Information.

IPO Open

Wed, Sep 23, 2026

IPO Close

Fri, Sep 25, 2026

Price Band

₹107 to ₹113

Market Cap*

₹86.32 Cr * on Upper Price

IPO Details

IPO Date

23 to 25 Sep, 2026
Listing Date

Wed, Sep 30, 2026
Face Value

₹10 per share
Price Band

₹107 to ₹113
Lot Size

1,200 Shares
Sale Type

Fresh capital cum OFS
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE SME

Total Issue Size

22,08,000 shares (agg. up to ₹25 Cr)
Reserved for Market Maker

2,16,000 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 Sale

3,79,200 shares of ₹10 (agg. up to ₹4 Cr)
Net Offered to Public

19,92,000 shares (agg. up to ₹23 Cr)
Share Holding Pre Issue

58,10,000 shares
Share Holding Post Issue

76,38,800 shares

IPO Open

Wed, Sep 23, 2026
Allotment

Mon, Sep 28, 2026
Credit of Shares

Tue, Sep 29, 2026

IPO Close

Fri, Sep 25, 2026
Refund

Tue, Sep 29, 2026
Listing

Wed, Sep 30, 2026

Issue Reservation

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.

Investor Category	Shares	% of Net Issue	% of Total Issue
QIB	9,79,200	49.16%	44.35%
− Anchor Investor	5,86,800		26.58%
− QIB (Ex. Anchor)	3,92,400		17.77%
NII (HNI)	3,02,400	15.18%	13.70%
− bNII > ₹10L	2,01,600		9.13%
− sNII < ₹10L	1,00,800		4.57%
Retail	7,10,400	35.66%	32.17%
Firm Reservations
Market Maker	2,16,000		9.78%
Total	22,08,000	100.00%	100.00%

IPO Lot Size

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

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	2400	₹2,71,200
Individual investors (IND) (Max)	2	2400	₹2,71,200
S-HNI (Min)	3	3600	₹4,06,800
S-HNI (Max)	7	8400	₹9,49,200
B-HNI (Min)	8	9600	₹10,84,800

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)

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. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	24.25	21.11	13.95
Total Income	85.64	65.82	45.88
Profit After Tax	4.19	3.13	1.39
EBITDA	6.51	5.14	2.93
NET Worth	12.20	7.76	4.72
Reserves and Surplus	6.39	1.95	4.71
Total Borrowing	7.18	5.35	2.15

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IPO Objects of the Issue

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

# Issue Objects

Est Amt (₹ Cr.)
1 Funding the working capital requirements of the Company

8.00
2 Repayment/prepayment, in full or part, of certain loans availed by the Company

6.60
3 General Corporate Purposes
Total

14.60

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	42.44%
ROCE	50.66%
Debt/Equity	0.59
RoNW	42.44%
PAT Margin	4.98%
EBITDA Margin	7.65%
NAV	20.99
Price to Book Value	8.46

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	5.39	4.10
P/E (x)	20.96	27.56
Market Cap at Offer Price	₹65.65 Cr.	₹86.32 Cr

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

Category	Pre IPO	Post IPO
Promoter and Promoter Group	92.87%	65.67%
Public	7.13%	34.33%
Total	100%	100%

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

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Santosh Ajay Kumar Mittal	Promoter	1,89,600	2.14
Harsh Ajaykumar Mittal	Promoter	1,89,600	2.14
Total		3,79,200	4.28

Sai Urja Indo IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Registrar

Maashitla Securities Pvt.Ltd.

011-45121795
investor.ipo@maashitla.com
Visit Website

IPO Lead Manager(s)

Shannon Advisors Pvt.Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

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
Visit Website

IPO FAQs

What is the Sai Urja Indo IPO?

Sai Urja Indo IPO is a SME IPO of 22,08,000 equity shares of the face value of ₹10 aggregating up to ₹25 Crores. The issue is priced at ₹107 to ₹113. The minimum order quantity is 1200.

The IPO opens on Wed, Sep 23, 2026, and closes on Fri, Sep 25, 2026.

Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Sai Urja Indo IPO through Angel One?

Angel One customers can apply online in Sai Urja Indo IPO using UPI as a payment gateway. Angel One customers can apply in Sai Urja Indo IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Sai Urja Indo IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Sai Urja Indo IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Sai Urja Indo IPO will open?

The Sai Urja Indo IPO opens on Wed, Sep 23, 2026 and closes on Fri, Sep 25, 2026.

What is the lot size of Sai Urja Indo IPO?

Sai Urja Indo IPO lot size is 1200, and the minimum amount required for application is ₹2,71,200, with 2 lots being the minimum application size.

How to apply for Sai Urja Indo IPO?

You can apply in Sai Urja Indo IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Sai Urja Indo IPO allotment?

The finalization of Basis of Allotment for Sai Urja Indo IPO will be done on Monday, September 28, 2026, and the allotted shares will be credited to your demat account by Tue, Sep 29, 2026. Check the Sai Urja Indo IPO allotment status.

When is Sai Urja Indo IPO listing date ?

The Sai Urja Indo IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 30, 2026.