Black Opal Consultants IPO: dates, price band, lot size and GMP
Black Opal Consultants IPO closed on 1 Oct on the SME; price band ₹185 – ₹197, lot 600 shares, GMP ₹75 (+38.1% over the upper band). Allotment 5 Oct, listing 7 Oct.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Black Opal Consultants IPO has a price band of ₹185 – ₹197, a lot of 600 shares and a grey-market premium of ₹75 (+38.1% over the upper band) as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 29 Sep – 1 Oct 2026 |
| Price band | ₹185 – ₹197 |
| Lot size | 600 shares |
| Issue size | ₹55.08 Cr |
| Fresh issue | ₹41.33 Cr |
| Offer for sale | ₹10.99 Cr |
| GMP (unofficial) | ₹75 |
| Subscription | 73.8x |
| Registrar | Skyline Financial Services Pvt.Ltd. |
| Lead managers | Khambatta Securities Ltd. |
| Status | Closed, listing awaited |
Timeline
- Issue opens: 29 Sep
- Issue closes: 1 Oct
- Allotment: 5 Oct
- Refunds: 6 Oct
- Demat credit: 6 Oct
- Listing: 7 Oct
GMP today
Grey-market premium ₹75 per share (38.1% over the upper band of ₹197), estimated listing price about ₹272. Unofficial, dated, not a forecast. Day-by-day GMP trend.
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 59.77x |
| NII | 124.29x |
| sNII | 82.56x |
| bNII | 145.19x |
| Retail | 60.15x |
| Total | 73.8x |
Last updated 1 Oct 2026, 5:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹208.37 Cr |
| P/E (pre-issue) | 13.47x |
| P/E (post-issue) | 17.07x |
| Fresh issue (shares) | 20,98,200 |
| Offer for sale (shares) | 5,58,000 |
| Total shares offered | 26,56,200 |
| Promoter holding pre-issue | 98.6% |
| Promoter holding post-issue | 72.46% |
| Promoters | Prasoon Chauhan, Sheikh Arfeen Ahmed |
| Lead managers | Khambatta Securities Ltd. |
| Registrar phone | 011-26812682 |
| Registrar email | ipo@skylinerta.com |
| Company website | blackopalgroup.in |
| Anchor bid date | 28 Sep 2026 |
| Anchor lock-in ends (50%) | 4 Nov 2026 |
| Anchor lock-in ends (remaining) | 3 Jan 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 600 | ₹2,36,400 |
| Retail (maximum) | 2 | 1,200 | ₹2,36,400 |
| sNII (minimum) | 3 | 1,800 | ₹2,36,400 |
| bNII (minimum) | 3 | 1,800 | ₹10,63,800 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 7,96,200 | |
| QIB | 20% | 5,31,000 | Not more than 50% of the Net Offer |
| NII (HNI) | 15% | 3,99,000 | Not less than 15% of the Net Offer |
| sNII | 5% | 1,33,200 | |
| bNII | 10% | 2,65,800 | |
| Retail | 35% | 9,30,000 | Not less than 35% of the Net Offer |
| Market Maker | 5.3% | 1,39,800 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 29 Sep | 0.48x | 0.17x | 0.10x | 0.21x | 0.39x | 0.37x |
| Day 2 · 30 Sep | 0.76x | 0.98x | 1.14x | 0.90x | 1.53x | 1.19x |
| Day 3 · 1 Oct | 59.77x | 124.29x | 82.56x | 145.19x | 60.15x | 73.80x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹14.63 |
|---|---|
| EPS (post-issue) | ₹11.54 |
| P/E (pre-issue) | 13.47x |
| P/E (post-issue) | 17.07x |
| RoNW | 37.4% |
| RoCE | 40.12% |
| RoE | 46.03% |
| PAT margin | 29.11% |
| EBITDA margin | 40.62% |
| Price / book | 5.03x |
| NAV per share | ₹39.17 |
| Debt / equity | 0.29 |
| Market cap (upper band) | ₹208.37 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 59.62 | 22.44 | 13.14 | +165.7% |
| Total Income | 42.34 | 33.04 | 19.91 | +28.1% |
| Profit After Tax | 12.22 | 11.48 | 4.32 | +6.4% |
| EBITDA | 17.05 | 15.65 | 6.09 | +8.9% |
| NET Worth | 32.67 | 20.41 | 8.93 | +60.1% |
| Reserves and Surplus | 24.33 | 19.57 | 8.1 | +24.3% |
| Total Borrowing | 9.52 | 0.2 | 1.6 | — |
About Black Opal Consultants
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.
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.
Core service offerings:
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 entered the development business through Aurika Developers LLP. Its first project, "Veda" , is a commercial and hospitality project in Darshan Nagar, Ayodhya.
Objects of the issue
- Funding for securing Sales/Marketing mandates — ₹7 Cr
- Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project — ₹26 Cr
- General Corporate Purposes
Net proceeds: ₹33 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|
| Black Opal Consultants Ltd. (issuer) | 14.65 | 14.65 | 39.17 | 37.4% | Consolidated |
| Homesfy Realty Limited | −63.5 | −63.41 | 92.06 | −68.98% | — |
Notes: The peer group figures based on audited financials as on and for the financial year ended March 31, 2026. P/E figure for the peer is computed based on closing market price as on September 21, 2026 of relevant peer company as available at NSE, (available at www.nseindia.com) divided by Diluted EPS for financial year ended March 31, 2026 reported in the filings made with stock exchanges.
Strengths (per the offer document)
- Experienced Professional Team — Our Company is led by our Promoters, Mr.
- Strategic Partnerships with Developers for Exclusive Mandate — We have established strong relationships with leading developers such as Gaurs Group, SKA, Shapoorji Pallonji, Max Estates, and M3M, enabling us to deliver carefully curated real estate inventory…
- Key Ongoing/Executed mandates by Black Opal Consultants Ltd — Total Brokerage Key Project Mandated Sold Project Type Year Project Revenue (₹ Mandates Location Units* Units Units in Lakhs) 2021- Exclusive Mandate 1 Noida Residential 508 473 1,692.41 Ongoing…
- Strong and Reputed Customer Base — Black Opal Consultants Limited has established recurring business relationships with prominent names in the Indian real estate and infrastructure sector.
Risk factors (as disclosed by the company)
- Business Promotion Charges Black Opal Technologies Private - - - - - - 7.50 1.32
- Our Company may be exposed to legal, regulatory — Our Company, through its associate Aurika Developers LLP, is engaged in a real estate development project situated at Ayodhya, Uttar Pradesh.
- Our Proposed Inventory Underwriting Objective may face execution risks due to unidentified inventory and developers — One of the objects of the Offer is to utilize the proceeds for underwriting the inventory of real estate developers.
- Our Company's operations are exposed to financial, operational, and legal risks due to the absence of insurance coverage — Our Company currently does not maintain insurance coverage for its business operations, assets, or liabilities, including office premises, equipment, third-party liabilities, or any unforeseen…
- We are regulated by RERA and must comply with its guidelines, including those related to project completion timelines — Our Company is required to comply with the Real Estate (Regulation and Development) Act, 2016 (“RERA”) and the rules and regulations framed thereunder.
- We operate in a capital-intensive industry and there can be no assurance that our capital investments will result in commensurate returns… — Real estate development activities undertaken by our Company are inherently capital intensive, requiring substantial upfront investments in land acquisition, regulatory approvals, project planning,…
- We derive considerable advantages from our relationships with our Promoters — Our Company derives benefits from its relationships with our Promoters, including their industry reputation, professional experience, established networks, and knowledge of the real estate and…
- We do not have complete documentary evidence to substantiate the period, designation and certain aspects of the past experience of our Promoter — Our Promoter, Mr. Sheikh Arfeen Ahmed, has previously been associated with HSBC – Banking and Cushman & Wakefield, and while we possess documents confirming his association with these entities, we…
From the DRHP (strengths pages 206–209, risk factors pages 33–53). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Black Opal Consultants IPO GMP today and trend
- Black Opal Consultants IPO subscription status, day by day
- Black Opal Consultants IPO allotment status and how to check
Frequently asked questions
When does the Black Opal Consultants IPO open and close?
The issue is scheduled for 29 Sep – 1 Oct 2026.
What is the Black Opal Consultants IPO price band?
The price band is ₹185 – ₹197 per share with a lot size of 600 shares.
How big is the Black Opal Consultants IPO?
The total issue size is ₹55.08 Cr, of which ₹41.33 Cr is a fresh issue and ₹10.99 Cr an offer for sale.
What is the Black Opal Consultants IPO GMP today?
The grey-market premium reported today is ₹75 per share. GMP is an unofficial, unregulated indicator and not a prediction of the listing price.
When will Black Opal Consultants list?
The tentative listing date is 7 Oct on the SME platform.
How do I apply for the Black Opal Consultants IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Black Opal Consultants · as filed with SEBI · bsesme.com
- Red herring prospectus (RHP), Black Opal Consultants · as filed · bsesme.com
- Registrar allotment page, Skyline Financial Services Pvt.Ltd. · allotment 5 Oct · skylinerta.com
- BSE SME issues page · listing 7 Oct · bsesme.com
- Black Opal Consultants company website · blackopalgroup.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 6 Oct, 08:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Black Opal Consultants IPO”, https://buyunlistedshares.com/ipo/black-opal-consultants-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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