Sai Urja Indo IPO: dates, price band, lot size and GMP
Sai Urja Indo IPO listed on 5 Oct at ₹134 (BSE SME). Issue dates 25 – 29 Sep 2026, price band ₹107 – ₹113, lot 1,200 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Sai Urja Indo IPO has a price band of ₹107 – ₹113, a lot of 1,200 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 25 – 29 Sep 2026 |
| Price band | ₹107 – ₹113 |
| Lot size | 1,200 shares |
| Issue size | ₹24.95 Cr |
| Fresh issue | ₹18.22 Cr |
| Offer for sale | ₹4.28 Cr |
| Subscription | 4.95x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Shannon Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 25 Sep
- Issue closes: 29 Sep
- Allotment: 30 Sep
- Refunds: 1 Oct
- Demat credit: 1 Oct
- Listing: 5 Oct
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 2.8x |
| NII | 9.9x |
| sNII | 9.85x |
| bNII | 9.93x |
| Retail | 4.04x |
| Total | 4.95x |
Last updated 29 Sep 2026, 6:54 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹86.32 Cr |
| P/E (pre-issue) | 20.96x |
| P/E (post-issue) | 27.56x |
| Fresh issue (shares) | 16,12,800 |
| Offer for sale (shares) | 3,79,200 |
| Total shares offered | 19,92,000 |
| Promoter holding pre-issue | 92.87% |
| Promoter holding post-issue | 65.67% |
| Promoters | Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal |
| Lead managers | Shannon Advisors Pvt.Ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | investor.ipo@maashitla.com |
| Company website | suiv.co.in |
| Anchor bid date | 24 Sep 2026 |
| Anchor lock-in ends (50%) | 28 Oct 2026 |
| Anchor lock-in ends (remaining) | 27 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 2,400 | ₹2,71,200 |
| Retail (maximum) | 2 | 2,400 | ₹2,71,200 |
| sNII (minimum) | 3 | 3,600 | ₹2,71,200 |
| bNII (minimum) | 3 | 3,600 | ₹10,84,800 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.5% | 5,86,800 | |
| QIB | 19.7% | 3,92,400 | Not more than 50% of the Net Offer |
| NII (HNI) | 15.2% | 3,02,400 | Not less than 15% of the Net Offer |
| sNII | 5.1% | 1,00,800 | |
| bNII | 10.1% | 2,01,600 | |
| Retail | 35.7% | 7,10,400 | Not less than 35% of the Net Offer |
| Market Maker | 10.8% | 2,16,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 25 Sep | 0.00x | 0.07x | 0.11x | 0.05x | 0.05x | 0.04x |
| Day 2 · 28 Sep | 0.00x | 0.08x | 0.14x | 0.05x | 0.43x | 0.23x |
| Day 3 · 29 Sep | 2.80x | 9.90x | 9.85x | 9.93x | 4.04x | 4.95x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹5.39 |
|---|---|
| EPS (post-issue) | ₹4.1 |
| P/E (pre-issue) | 20.96x |
| P/E (post-issue) | 27.56x |
| RoNW | 42.44% |
| RoCE | 50.66% |
| RoE | 42.44% |
| PAT margin | 4.98% |
| EBITDA margin | 7.65% |
| Price / book | 8.46x |
| NAV per share | ₹20.99 |
| Debt / equity | 0.59 |
| Market cap (upper band) | ₹86.32 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 24.25 | 21.11 | 13.95 | +14.9% |
| Total Income | 85.64 | 65.82 | 45.88 | +30.1% |
| Profit After Tax | 4.19 | 3.13 | 1.39 | +33.9% |
| EBITDA | 6.51 | 5.14 | 2.93 | +26.7% |
| NET Worth | 12.2 | 7.76 | 4.72 | +57.2% |
| Reserves and Surplus | 6.39 | 1.95 | 4.71 | +227.7% |
| Total Borrowing | 7.18 | 5.35 | 2.15 | +34.2% |
About Sai Urja Indo
Sai Urja Indo Ventures Limited is offers Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals.
The company handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India.
Services:
As of March 31, 2025, the company had a team of 2,469 personnel, up from 1611 in 2024 and 1326 in 2023.
Objects of the issue
- Funding the working capital requirements of the Company — ₹8 Cr
- Repayment/prepayment, in full or part, of certain loans availed by the Company — ₹6.6 Cr
- General Corporate Purposes — ₹3.54 Cr
- Issue Expenses — ₹3.05 Cr
Net proceeds: ₹21.19 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Sai Urja Indo Ventures Ltd. (issuer) | 7.29 | 7.29 | 20.99 | — | 42.44% | — | Consolidated |
| Lakshya Powertech Limited | 9.94 | 9.94 | 101.17 | 11.27x | 9.82% | 1.11 | Consolidated |
Notes: Listed Peers closing market price as on, June 24, 2026 on NSE Limited has been considered for calculation of P/E P/E Ratio has been computed based on the closing market price of equity shares on Stock exchange (NSE Limited) as on June 24, 2026, divided by the Basic EPS provided above in the table.
Strengths (per the offer document)
- Diversified O&M service solutions for power and other industries — We offer wide range of Operations and Maintenance (O&M) services for power generation industry and other industries.
- Repeat orders from existing clients with larger project values — We consistently receive repeat orders from existing clients, with larger project values, focusing on building long-term relationships across various industries and continuously improving our services.
- Large orderbook facilitating sustainable growth in financial performance — As on June 15, 2026, our total order book is worth Rs.
- C&I 12.7 Lakh — Agroche Triennial 12 PSU Instrumentatio MT (Urea 424.40 102.12 micals Contracts* n Production) Electrical And C&I Biennial 13 Generatio PSU 1320 518.74 67.26 (FGD) 14 Generatio than Vehicle Rent…
- Leadership with a track record, powered by a sizable team — As of March 31, 2026, we have a team of 2,058 personnel, 2469 in 2025 and 1611 in 2024.
Risk factors (as disclosed by the company)
- We derived 99.97%, 100% and 99.98% of our revenue from operations in Fiscals 2026, 2025 and 2024 respectively, from our top 10 clients — We generate a substantial portion of our revenues from, and are therefore dependent on, certain key clients for a substantial portion of our business.
- We depend on contracts entered into with Public Sector undertakings (PSU) that account for a significant portion of our revenues — Our revenues are significantly dependent on contracts awarded by public sector undertakings for the operation and maintenance and other services.
- If we are unable to attract and retain qualified, experienced personnel, as well as skilled and unskilled labour — Our operations are majorly dependent on our ability to attract and retain qualified, experienced and other employees.
- We have experienced significant working capital requirements in past and may continue to experience in future also — Our business is working capital driven.
- Our revenue from operations is primarily driven by Industries and companies in Power Generation — We rely on following type of projects: - % of Revenue % of Revenue % of Revenue FY FY FY Particulars from from from 8,090.49 95.06% 6,132.61 93.64% 4,054.28 88.92% Generation Iron & Steel 204.52…
- Our current Order Book does not guarantee full realization of future income — As of June 15, 2026, we had an Order Book of Rs.
- We may face legal proceedings involving our Company, Promotors, Directors and KMP which may adversely affect our business — Currently there are no outstanding proceedings pending before any court, enquiry officers and appellate forums involving our Company, Promoters, Directors and KMP.
- Inability to effectively manage project execution and operations may result in delays, increased costs, and adversely affect our business — Our business operations in the power sector, including operation and maintenance (O&M) services are highly dependent on our ability to efficiently manage project execution within defined timelines,…
From the RHP (strengths pages 200–207, risk factors pages 35–42). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Sai Urja Indo IPO GMP today and trend
- Sai Urja Indo IPO subscription status, day by day
- Sai Urja Indo IPO allotment status and how to check
Frequently asked questions
When does the Sai Urja Indo IPO open and close?
The issue is scheduled for 25 – 29 Sep 2026.
What is the Sai Urja Indo IPO price band?
The price band is ₹107 – ₹113 per share with a lot size of 1,200 shares.
How big is the Sai Urja Indo IPO?
The total issue size is ₹24.95 Cr, of which ₹18.22 Cr is a fresh issue and ₹4.28 Cr an offer for sale.
When will Sai Urja Indo list?
The tentative listing date is 5 Oct on the SME platform.
How do I apply for the Sai Urja Indo 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), Sai Urja Indo · as filed with SEBI · bsesme.com
- Red herring prospectus (RHP), Sai Urja Indo · as filed · bseindia.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 30 Sep · maashitla.com
- BSE SME issues page · listing 5 Oct · bsesme.com
- Sai Urja Indo company website · suiv.co.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 5 Oct, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Sai Urja Indo IPO”, https://buyunlistedshares.com/ipo/sai-urja-indo-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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