SME
IPO ·
BSE SME
Black Opal Consultants Ltd
Listed
Real estate sales and marketing firm for developers, moving into Tier-II property development.
Issue details
Price band
₹185 – ₹197
Face value
₹10
Lot size
600 shares
Minimum investment
₹2,36,400
Issue size
₹55.08 Cr
Fresh issue
₹44.09 Cr
Offer for sale
₹10.99 Cr
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
29 Sep 2026
Closes
1 Oct 2026
UPI mandate cut-off
5:00 PM on 1 Oct 2026
Allotment
5 Oct 2026
Refunds
6 Oct 2026
Shares in demat
6 Oct 2026
Listing
7 Oct 2026
Subscription and listing
Subscription
73.80x
Listing price
₹200
Registrar
Skyline Financial Services Pvt Ltd
Lead manager
Khambatta Securities Ltd
Subscription by category
QIB (Ex Anchor)
59.77x
NII *
124.29x
bNII (> ₹10L)
145.19x
sNII (< ₹10L)
82.56x
Individual Investor
60.15x
Total
73.80x
Total applications
59,685
Anchor investors
Amount raised
₹15.69 Cr
Bid date
28 Sep 2026
50% lock-in ends
4 Nov 2026
Rest lock-in ends
4 Jan 2027
Listing day
Issue price
₹197
Open
₹200.00
High
₹210.00
Low
₹190.00
Day close
₹206.30
Listing gain at open
+1.52%
Issue structure
Shares reserved per category and share of the total issue
QIB
13,27,200
47.47%
Anchor Investor
7,96,200
28.48%
QIB (Ex. Anchor)
5,31,000
18.99%
NII
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
27,96,000
100.00%
Finaccle’s quick read
Neutral
Income up 28% in FY26 with ROE of 46% and post-issue P/E of 17.07, but PAT rose only 6% and ₹26 Cr of proceeds go into a group real estate project.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Black Opal Consultants is a real estate sales and marketing firm that earns brokerage by selling residential and commercial projects for developers such as Gaurs Group, Shapoorji Pallonji, Max Estates and M3M. It also offers advisory, exclusive sales mandates and loan syndication, and works through a network of over 200 brokers. Through group entities it is now moving into its own development, starting with the 'Veda' project in Ayodhya.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
46.03%
ROCE
40.12%
Debt / equity
0.29
PAT margin
29.11%
P/E post issue
17.07
Market cap
₹208.37 Cr
Use of IPO money
Funding sales/marketing mandates
₹7.00 Cr
Investment in Aurika Developers LLP (Ayodhya project)
₹26.00 Cr
General corporate purposes
₹6.26 Cr
Issue expenses
₹6.00 Cr
Strengths
✓
Exclusive sales mandates with several large developers
✓
High ROE of 46% and EBITDA margin above 40%
✓
Broker network of over 200 channel partners
✓
Asset-light brokerage model with low debt
Risks to watch
!
PAT grew only 6% in FY26 after a near-tripling in FY25
!
Largest object is ₹26 Cr into a group real estate LLP
!
Borrowings rose from ₹0.20 Cr to ₹9.52 Cr in FY26
!
About 20% of the issue is OFS by a promoter
!
Earnings tied to a cyclical property market and few developers
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.