Black Opal Consultants IPO Details

Bookbuilding IPO | ₹55 Cr | Listing at BSE SME | Tue, Sep 29, 2026 - Thu, Oct 1, 2026

Black Opal Consultants IPO is a book build issue of ₹55.08 crores. The issue is a combination of fresh issue of 22.38 lakh shares aggregating to ₹44.09 crores and offer for sale of 5.58 lakh shares aggregating to ₹10.99 crores.

Black Opal Consultants IPO opens for subscription on Sep 29, 2026 and closes on Oct 1, 2026. The allotment for the Black Opal Consultants IPO is expected to be finalized on Oct 5, 2026. Black Opal Consultants IPO will list on the BSE SME with a tentative listing date fixed as Oct 7, 2026.

Black Opal Consultants IPO is set issue price band at ₹185 to ₹197 per share. The lot size for an application is 600 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,36,400 (1,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,800 shares), amounting to ₹3,54,600.

Khambatta Securities Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Share India Securities Ltd.

Refer to Black Opal Consultants IPO RHP for detailed Information.

IPO Open

Tue, Sep 29, 2026

IPO Close

Thu, Oct 1, 2026

Price Band

₹185 to ₹197

Market Cap*

₹208.37 Cr * on Upper Price

IPO Details

IPO Date

29 Sep to 1 Oct, 2026
Listing Date

Wed, Oct 7, 2026
Face Value

₹10 per share
Issue Price

₹185 to ₹197
Lot Size

600 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE SME

Total Issue Size

27,96,000 shares (agg. up to ₹55 Cr)
Reserved for Market Maker

1,39,800 shares (agg. up to ₹3 Cr) Share India Securities Ltd.
Fresh Issue (Ex Market Maker)

20,98,200 shares (agg. up to ₹41 Cr)
Offer for Sale

5,58,000 shares of ₹10 (agg. up to ₹11 Cr)
Net Offered to Public

26,56,200 shares (agg. up to ₹52 Cr)
Share Holding Pre Issue

83,39,190 shares
Share Holding Post Issue

1,05,77,190 shares

IPO Timetable (Tentative)

IPO Open

Tue, Sep 29, 2026
Allotment

Mon, Oct 5, 2026
Credit of Shares

Tue, Oct 6, 2026

IPO Close

Thu, Oct 1, 2026
Refund

Tue, Oct 6, 2026
Listing

Wed, Oct 7, 2026

Issue Reservation

Black Opal Consultants IPO comprises a total issue size of 27,96,000 shares. The net offer to the public is 26,56,200 shares, after excluding 1,39,800 shares allotted on a firm basis. Of the Net offer 13,27,800 (49.99%) are allocated to QIB, 3,98,400 (15.00%) allocated to NII 9,30,000 (35.01%) allocated to RII.

Investor Category	Shares	% of Net Issue	% of Total Issue
QIB	13,27,800	49.99%	47.49%
− Anchor Investor	7,96,800		28.50%
− QIB (Ex. Anchor)	5,31,000		18.99%
NII (HNI)	3,98,400	15.00%	14.25%
− bNII > ₹10L	2,65,200		9.48%
− sNII < ₹10L	1,33,200		4.76%
Retail	9,30,000	35.01%	33.26%
Firm Reservations
Market Maker	1,39,800		5.00%
Total	27,96,000	100.00%	100.00%

IPO Lot Size

Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	1200	₹2,36,400
Individual investors (IND) (Max)	2	1200	₹2,36,400
S-HNI (Min)	3	1800	₹3,54,600
S-HNI (Max)	8	4800	₹9,45,600
B-HNI (Min)	9	5400	₹10,63,800

About Black Opal Consultants Ltd.

Incorporated in 2020, Black Opal Consultants Limited works with well-known real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial projects. The Company signs exclusive or semi-exclusive sales rights to market and sell specific units within a project in return for brokerage income. The Company also works with its Group Entities, such as Aurika Homes Private Limited to market and sell Aurika Homes’ projects in return for brokerage income. This helps strengthen group synergies and enhances business growth.

Service Offerings:

Consulting & Advisory Services
Exclusive Sale Arrangements: Commission or margin on the sale of underwritten/exclusively mandated inventorie
Loan Syndication Services: Commissions or success fees for arranging developer and buyer financing.
Real Estate Development through group entities operating in Tier -II cities in India

The Company works in both residential and commercial segments, mainly focusing on new and under-construction properties. It supports developers in selling their projects and helps customers buy properties. Black Opal has a network of more than 200 brokers, which helps expand its reach. It also uses platforms like Facebook and Google for marketing.

Black Opal has entered the development business through Aurika Developers LLP. Its first project, “Veda”, is a commercial and hospitality project in Darshan Nagar, Ayodhya.

Key strengths

In-depth Asset & Project Management Expertise and Proven Track Record in Project Sales
Experienced Professional Team
Strategic Partnerships with Developers such as Gaurs Group, SKA, Shapoorji Pallonji, Max Estates, and M3M for Exclusive Mandate
Strong and Reputed Customer Base
Strategic Foray into High-Margin Real Estate Development with Tier II City Focus Strengthen Agent Network Through Training and Support

Company Financials (Restated Consolidated)

Black Opal Consultants Ltd.’s revenue increased by 28% and profit after tax (PAT) rose by 6% 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	59.62	22.44	13.14
Total Income	42.34	33.04	19.91
Profit After Tax	12.20	11.48	4.32
EBITDA	17.05	15.65	6.09
NET Worth	32.67	20.41	8.93
Reserves and Surplus	243.26	195.77	80.96
Total Borrowing	9.52	0.20	1.60

Recently Listed IPOs in Residential, Commercial Projects

Company	Issue Type	Issue Size	Issue Price	PE Ratio	Listing Day Close	Listing Gain/Loss %	LTP
Veegaland Developers Ltd.	Mainboard	₹210.00 Cr	₹140	17.74	₹146.30	+4.50%	₹142.87
Pranav Constructions Ltd.	Mainboard	₹351.03 Cr	₹124	15.16	₹132.00	+6.45%	₹105.85
Horizon Industrial Parks Ltd.	Mainboard	₹2,600.00 Cr	₹60	-72.29	₹58.16	-3.07%	₹53.28

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 for securing Sales/Marketing mandates

7.00
2 Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project

26.00
3 General Corporate Purposes
Total

33.00

Key Performance Indicator (KPI)

KPI	Mar 31, 2025
ROE	56.25%
ROCE	75.05%
Debt/Equity	0.01
RoNW	56.25%
PAT Margin	34.94%
EBITDA Margin	47.07%
NAV	244.76
Price to Book Value	0.80

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	14.63	11.54
P/E (x)	13.47	17.07
Market Cap at Offer Price	₹164.28 Cr.	₹208.37 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, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	98.6%	72.46%
Public	1.40%	27.54%
Total	100%	100%

Company Promoters: Prasoon Chauhan and Sheikh Arfeen Ahmed.

Offer For Sale – Selling Shareholder

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Prasoon Chauhan	Promoter	5,58,000	10.99
Total		5,58,000	10.99

Black Opal Consultants IPO Recommendations

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

IPO Registrar

Skyline Financial Services Pvt.Ltd.

011-26812682
ipo@skylinerta.com
Visit Website

IPO Lead Manager(s)

Khambatta Securities Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Black Opal Consultants Ltd. Address

Shop No. 8, Ground Floor

C.S.C. AGCR Enclave,

Delhi, New Delhi, 110092

+91 9999560810
investors@blackopalgroup.in
Visit Website

IPO FAQs

What is the Black Opal Consultants IPO?

Black Opal Consultants IPO is a SME IPO of 27,96,000 equity shares of the face value of ₹10 aggregating up to ₹55 Crores. The issue is priced at ₹185 to ₹197. The minimum order quantity is 600.

The IPO opens on Tue, Sep 29, 2026, and closes on Thu, Oct 1, 2026.

Skyline Financial Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Black Opal Consultants IPO through Angel One?

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

Steps to apply in Black Opal Consultants IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Black Opal Consultants 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 Black Opal Consultants IPO will open?

The Black Opal Consultants IPO opens on Tue, Sep 29, 2026 and closes on Thu, Oct 1, 2026.

What is the lot size of Black Opal Consultants IPO?

Black Opal Consultants IPO lot size is 600, and the minimum amount required for application is ₹2,36,400, with 2 lots being the minimum application size.

How to apply for Black Opal Consultants IPO?

You can apply in Black Opal Consultants 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 Black Opal Consultants IPO allotment?

The finalization of Basis of Allotment for Black Opal Consultants IPO will be done on Monday, October 5, 2026, and the allotted shares will be credited to your demat account by Tue, Oct 6, 2026. Check the Black Opal Consultants IPO allotment status.

When is Black Opal Consultants IPO listing date ?

The Black Opal Consultants IPO listing date is not yet announced. The tentative date of listing is Wed, Oct 7, 2026.