SME
IPO ·
BSE SME
Sai Urja Indo Ventures Ltd
Listed
Provides operation and maintenance services to power, steel and agrochemical plants.
Issue details
Price band
₹107 – ₹113
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,71,200
Issue size
₹24.95 Cr
Fresh issue
—
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
25 Sep 2026
Closes
29 Sep 2026
UPI mandate cut-off
5:00 PM on 29 Sep 2026
Allotment
30 Sep 2026
Refunds
1 Oct 2026
Shares in demat
1 Oct 2026
Listing
5 Oct 2026
Subscription and listing
Subscription
4.95x
Listing price
₹133.80
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Shannon Advisors Pvt Ltd
Subscription by category
QIB (Ex Anchor)
2.80x
NII *
9.90x
bNII (> ₹10L)
9.93x
sNII (< ₹10L)
9.85x
Individual Investor
4.04x
Total
4.95x
Total applications
1,712
Anchor investors
Amount raised
₹6.63 Cr
Bid date
24 Sep 2026
50% lock-in ends
31 Oct 2026
Rest lock-in ends
30 Dec 2026
Listing day
Issue price
₹113
Open
₹133.80
High
₹140.45
Low
₹127.15
Day close
₹140.45
Listing gain at open
+18.41%
Issue structure
Shares reserved per category and share of the total issue
QIB
9,79,200
44.35%
Anchor Investor
5,86,800
26.58%
QIB (Ex. Anchor)
3,92,400
17.77%
NII
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
22,08,000
100.00%
Finaccle’s quick read
Neutral
Income up about 30% and PAT up about 34% in FY26 with ROE of 42.44% and D/E of 0.59, but PAT margin is only 4.98% and post-issue P/E of 27.56 is full for an O&M services firm.
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
Sai Urja Indo Ventures provides operation and maintenance services to industrial plants, mostly thermal power stations, along with iron and steel and agrochemical units. Its work spans electrical, mechanical and instrumentation maintenance and running coal handling and boiler-turbine-generator systems. The company is manpower-heavy, with 1,969 employees and 17 ongoing projects as of mid-2026.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
42.44%
ROCE
50.66%
Debt / equity
0.59
PAT margin
4.98%
P/E post issue
27.56
Market cap
₹86.32 Cr
Use of IPO money
Working capital
₹8.00 Cr
Repayment/prepayment of loans
₹6.60 Cr
General corporate purposes
₹3.54 Cr
Issue expenses
₹3.05 Cr
Strengths
✓
Steady revenue growth of about 30% in FY26
✓
High ROE of 42.44% and ROCE of 50.66%
✓
Repeat orders from existing power-sector clients
✓
Pending order book of about ₹71.65 Cr
Risks to watch
!
Thin PAT margin of 4.98% and EBITDA margin of 7.65%
!
Concentration in the power generation sector
!
Labour-intensive model with nearly 2,000 employees
!
Post-issue P/E of 27.56 and P/B of 8.46x look full
!
Small revenue and net worth base
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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.