Black Opal Consultants IPO Open 2026: SME Dates, Price & Size

30 Sep 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

Black Opal Consultants Limited has launched its ₹55.08 Cr BSE SME public issue, open for bidding from 29 Sep 2026 to 01 Oct 2026 at a price band of ₹185.0 to ₹197.0 per share.

Written by the BuyUnlistedShares desk · Published 30 Sep 2026 · Updated 30 Sep 2026

Information only, not investment advice.

Direct answer: The BSE SME issue of Black Opal Consultants Limited opened on 29 Sep 2026 and closes on 01 Oct 2026, offering 26,56,200 equity shares in a price band of ₹185.0 to ₹197.0 per share. Track Black Opal Consultants on BuyUnlistedShares alongside coverage from BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Black Opal Consultants IPO Structure and Issue Terms

Incorporated in 2020, Black Opal Consultants Limited operates in the real estate marketing and project distribution space. The company partners with well-known real estate developers—including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M—to market and sell residential and commercial projects in exchange for brokerage income. It secures exclusive or semi-exclusive sales rights by advancing refundable security deposits to developers, thereby ensuring steady revenue visibility.

The total issue size of ₹55.08 Cr consists of a fresh issue of ₹41.33 Cr and an offer for sale (OFS) of ₹10.99 Cr (up to 5,58,000 equity shares) by promoter Prasoon Chauhan. The equity shares have a face value of ₹10.0 per share and are priced in the band of ₹185.0 to ₹197.0. Retail individual investors can apply for a minimum lot of 600 shares requiring an investment of ₹1,18,200 at the upper price band, while small HNIs (sNII) and big HNIs (bNII) require minimum applications of 1,800 shares (₹3,54,600) and 1,800 shares (₹10,63,800) respectively.

Live Subscription Status and Bidding Trend

Bidding for the SME issue opened on 29 Sep 2026 and concludes on 01 Oct 2026. Bids are processed through the book building process on the BSE SME platform. As recorded on the first day, the overall subscription stood at 0.37x, led by Qualified Institutional Buyers (QIB) at 0.48x and Retail investors at 0.39x, while Non-Institutional Investors (NII) registered 0.17x subscription.

As of 29 Sep 2026, the overall subscription reached 0.37x, ranging from a low of 0.08x at 08:20 to a peak of 0.37x captured at 11:38 on the first day.

No grey market premium (GMP) is recorded for this issue in our database as of 30 Sep 2026. Readers should note that any grey market premium mentioned in market chatter is unofficial and indicative only, and does not serve as a prediction or guarantee of listing performance.

Business Overview, Group Synergies, and Development Business

Black Opal Consultants Limited provides marketing and sales brokerage services primarily for new and under-construction residential and commercial properties in the Delhi-NCR region. The company operates through a network of over 200 associate brokers and utilises digital marketing channels on platforms such as Facebook and Google to reach property buyers. Since inception, the company has executed bookings across key micro-markets including Ghaziabad (913 bookings), Noida (546 bookings), Greater Noida (410 bookings), and Gurgaon (145 bookings).

In addition to marketing third-party developer inventory, Black Opal collaborates with its group entities, such as Aurika Homes Private Limited, to sell group project inventory under formal MoUs. The company has also expanded into real estate development through Aurika Developers LLP. Its debut development initiative, "Veda", is a commercial and hospitality project located in Darshan Nagar, Ayodhya, Uttar Pradesh.

Financial Growth Trend and Objects of the Issue

Per the restated consolidated financial statements in the offer document, Black Opal Consultants has demonstrated sharp growth in operational income and profitability over recent fiscal periods. Total income increased from ₹19.91 Cr in FY24 to ₹33.04 Cr in FY25, and reached ₹42.34 Cr in FY26. Profit after tax (PAT) grew from ₹4.32 Cr in FY24 to ₹11.48 Cr in FY25 and ₹12.20 Cr in FY26, yielding a PAT margin of 34.94% as of 31 Mar 2025.

Across the three-year historical period, total income grew from ₹19.91 Cr in FY24 to ₹33.04 Cr in FY25, reaching a high of ₹42.34 Cr in FY26.

As investors track primary market issues across our IPO calendar, evaluating financial growth and valuation metrics remains vital. Insights are tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

The net proceeds from the fresh issue portion will be utilized towards specific growth objectives set out by management:

• Funding for securing Sales/Marketing mandates: ₹7.00 Cr to advance refundable security deposits to real estate developers for exclusive sales rights.
• Investment in Aurika Developers LLP: ₹25.00 Cr to finance the development of the Ayodhya commercial and hospitality project ("Veda").
• General Corporate Purposes: Balance funds allocated towards routine administrative and operational requirements.

Peer Comparison and Key Risk Factors

In its offer document, Black Opal Consultants identifies Homesfy Realty Limited as its listed industry peer. The table below presents the comparative financial figures as of 31 Mar 2026:

Investors evaluating this SME issue should carefully weigh the specific risk factors highlighted in the DRHP:

• Execution risks in inventory underwriting: Deploying funds to secure project mandates involves execution risks related to developer inventory selection and market demand.
• Real estate project development in Ayodhya: Developing the Ayodhya project through associate entity Aurika Developers LLP exposes the company to regulatory, legal, and operational construction risks.
• Capital intensity and RERA compliance: Real estate marketing and development activities require substantial upfront capital. The business is subject to mandatory compliance under the Real Estate (Regulation and Development) Act, 2016 (RERA).
• Lack of comprehensive insurance cover: The company currently does not maintain insurance coverage for its operational assets, equipment, or third-party liabilities.
• Litigation against group entities: A legal claim amounting to ₹8,417.47 lakh is outstanding against group entities.
• Promoter documentation gaps: The company lacks complete documentary evidence to substantiate certain past banking and real estate employment experience of co-promoter Sheikh Arfeen Ahmed.

Timeline and Next Steps

The subscription window for Black Opal Consultants Limited closes on 01 Oct 2026. The basis of allotment is scheduled to be finalized on 05 Oct 2026 by the registrar, Skyline Financial Services Pvt. Ltd. Unsuccessful applicants will receive refund processing or ASBA mandate unblocks on 06 Oct 2026, and equity shares will be credited to demat accounts on the same day. The equity shares are expected to list on the BSE SME exchange platform on 07 Oct 2026.

Investors interested in comparing public issues with unlisted opportunities can explore our Unlisted shares screener, or review similar public issues such as the Omara Ventures India IPO Opens 2026: SME Dates, Price Band & Lot Size and the Pind Hospitality IPO 2026: SME Open Dates, Price Band & Lot Size.

For ongoing tracking of primary market offerings, private placement valuations, and pre-IPO instruments, reach out through our enquiry desk. This analysis is brought to you by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Frequently Asked Questions

When does the Black Opal Consultants IPO open and close?

The issue opens for subscription on 29 Sep 2026 and closes on 01 Oct 2026.

What is the price band and lot size for Black Opal Consultants IPO?

The price band is fixed at ₹185.0 to ₹197.0 per equity share. The lot size is 600 equity shares, requiring a minimum retail application of ₹1,18,200 at the upper price band.

What is the total issue size of the Black Opal Consultants IPO?

The total issue size is ₹55.08 Cr, comprising a fresh issue of ₹41.33 Cr and an offer for sale (OFS) of ₹10.99 Cr by promoter Prasoon Chauhan.

Where will the equity shares of Black Opal Consultants be listed?

The equity shares will be listed on the BSE SME platform, with expected listing on 07 Oct 2026.

Should I apply for the Black Opal Consultants IPO?

We do not make that call. As a SEBI-compliant information provider, BuyUnlistedShares does not offer investment recommendations, ratings, or buy/sell advice. Investors should examine the offer document, consult a registered financial advisor, and assess their personal risk appetite before participating.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.