Sai Urja Indo Ventures IPO: Price Band, Lot Size, Financials & Review
Sai Urja Indo Ventures IPO listed on BSE on Mon, 5 Oct 2026. The issue was subscribed 5.11x overall.
- Open Date
- 25 Sep 2026
- Close Date
- 29 Sep 2026
Last updated
- Price band
- ₹107 – ₹113
- Lot size
- 1,200 shares
- Min. investment
- ₹2,71,200
- Issue size
- ₹24.95 Cr
- Last GMP
- +₹32
- Subscribed
- 🔥 5.11x
Sai Urja Indo Ventures IPO details
Sai Urja Indo Ventures IPO is a ₹24.95 Cr book-building IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹20.67 Cr (82.85%) with an offer for sale of ₹4.28 Cr (17.15%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Fri, 25 Sep 2026 to Tue, 29 Sep 2026. Allotment was finalised on Wed, 30 Sep 2026, and the shares listed on BSE on Mon, 5 Oct 2026.
The price band is ₹107 to ₹113 per share and the lot size is 1200 shares, so the minimum retail application is ₹2,71,200. Retail investors can apply for up to 2 lots (2,400 shares, ₹2,71,200).
Maashitla Securities Pvt. Limited is the registrar, and Shannon Advisors Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Sai Urja Indo Ventures IPO GMP before listing was +₹32 (+28.32% against the upper price band of ₹113), implying an estimated listing price of ₹145. Across 10 days of tracking, GMP ranged from 0 (25 Sep) to +₹32 (04 Oct).
| Last GMP | +₹32 |
|---|---|
| GMP vs upper band | +28.32% |
| Estimated listing price | ₹145 |
| Highest (04 Oct) | +₹32 |
| Lowest (25 Sep) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Sai Urja Indo Ventures IPO day-wise GMP.
Subscription
Day-wise subscription →Sai Urja Indo Ventures IPO was subscribed 5.11x overall: QIB 2.80x, NII 10.62x and retail 4.04x.
| Category | Subscribed |
|---|---|
| QIB | 2.80x |
| NII | 10.62x |
| └ bNII (above ₹10 lakh) | 11.01x |
| └ sNII (₹2–10 lakh) | 9.85x |
| Retail | 4.04x |
| Total | 5.11x |
Final figures at the close of bidding on 29 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Sai Urja Indo Ventures IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 5,86,800 | 29.46% |
| Qualified Institutions | 3,92,400 | 19.70% |
| Non-Institutional | 3,02,400 | 15.18% |
| └ BNII | 2,01,600 | 10.12% |
| └ SNII | 1,00,800 | 5.06% |
| Retail Investors | 7,10,400 | 35.66% |
| Total | 19,92,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Sai Urja Indo Ventures IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,71,200 |
| Retail (Max) | 2 | 2,400 | ₹2,71,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,06,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,49,200 |
| B-HNI (Min) | 8 | 9,600 | ₹10,84,800 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹20.67 Cr (82.85%) with an offer for sale of ₹4.28 Cr (17.15%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹113, the issue is priced at 20.96x pre-issue earnings and 27.56x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 11.27x (1 company).
Promoter holding falls from 92.87% before the issue to 65.67% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹5.39 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 20.96x |
| EPS (post-issue) EPS on the enlarged share capital | ₹4.1 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 27.56x |
| Promoter holding (pre-issue) | 92.87% |
| Promoter holding (post-issue) | 65.67% |
Sai Urja Indo Ventures Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹65.82 Cr to ₹85.64 Cr, and profit after tax rose from ₹3.13 Cr to ₹4.19 Cr. The PAT margin for 31 Mar 2026 was 4.89%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 24.25 | 21.11 | 13.95 |
| Total Income | 85.64 | 65.82 | 45.88 |
| Profit After Tax | 4.19 | 3.13 | 1.39 |
| EBITDA | 6.51 | 5.14 | 2.93 |
| Net Worth | 12.20 | 7.76 | 4.72 |
| Reserve & Surplus | 6.39 | 1.95 | 4.71 |
| Total Borrowings | 7.18 | 5.35 | 2.15 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 42.44 | 50.27 | 34.37 |
| ROCE % | 50.66 | 65.43 | 52.51 |
| Debt / Equity | 0.59 | 0.69 | 0.45 |
| RoNW % | 42.44 | 50.27 | 34.37 |
| Pat Margin % | 4.98 | 4.79 | 3.01 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Sai Urja Indo Ventures Ltd | 10 | — | 7.29 | 7.29 | 42.44% | 20.99 |
| Lakshya Powertech Ltd | 10 | 11.27 | 9.94 | 9.94 | 9.82% | 101.17 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the working capital requirements of the Company |
| 2 | Repayment/prepayment, in full or part, of certain loans availed by our Company |
| 3 | General Corporate Purpose |
About Sai Urja Indo Ventures Limited
Incorporated in 2012, Sai Urja Indo Ventures Limited provides integrated Operation and Maintenance (O&M) and industrial support services. The company primarily serves the power generation sector, as well as heavy industries like iron & steel and agrochemicals. Its expertise spans managing electrical, mechanical, and instrumentation systems, operating critical plant systems (such as coal handling and merry-go-round networks), equipment overhauls, industrial housekeeping, and skilled manpower supply.
Core Service Offerings
Maintenance Services: Electrical systems maintenance, Control & Instrumentation (C&I), and mechanical jobs.
Operation Services: Operation of Coal Handling Plants (CHP), Merry-Go-Round (MGR) railway systems, and Boiler-Turbine-Generator (BTG) units.
Specialized & Overhaul Services: Industrial housekeeping, Annual Overhauls (AOH), Capital Overhauls (COH), predictive/preventive maintenance, breakdown repairs, condition monitoring, and field instrument calibration.
Contractual Structure Services are delivered through four tender-based contract models:
Annual Maintenance Contracts (AMC): Multi-year agreements typically ranging from 1 to 3 years.
Performance-Based Contracts: Service agreements linked directly to plant output metrics and equipment reliability.
Manpower Supply Contracts: Specialized staffing solutions tailored to industrial requirements.
Short-Term Bill of Quantity (BOQ) Contracts: Task-specific engagements for temporary or project-based needs.
Order Book & Work In Progress (As of June 15, 2026)
Project Status | Count | Value (₹ Lakhs) |
|---|---|---|
Ongoing Projects (Pending Execution) | 17 | 7,165.10 |
New Projects (Uncommenced) | 4 | 2,536.74 |
Total Pipeline | 21 | 9,701.84 |
Workforce As of June 30, 2026, the company employs 1,969 individuals managing field operations, day-to-day business activities, HR, and accounting functions.
Promoters
- Harsh Ajaykumar Mittal
- Santosh Ajay Kumar Mittal
Contact details
Sai Urja Indo Ventures Ltd.
UG-2 Office Floor, J. K. Complex,
Nanaji Nagar Nagpur Road,
Chandrapur, Maharashtra, 442401
Tel: +919960815166
Email-id: headoffice@suiv.co.in
Website: https://suiv.co.in/
Sai Urja Indo Ventures IPO FAQs
- What is the Sai Urja Indo Ventures IPO price band?
- The Sai Urja Indo Ventures IPO price band is ₹107 to ₹113 per share.
- What is the Sai Urja Indo Ventures IPO lot size and minimum investment?
- The Sai Urja Indo Ventures IPO lot size is 1200 shares. The minimum retail investment is ₹2,71,200 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,400 shares), costing ₹2,71,200.
- When was Sai Urja Indo Ventures IPO open for subscription?
- Sai Urja Indo Ventures IPO was open for subscription from Fri, 25 Sep 2026 to Tue, 29 Sep 2026.
- What is the Sai Urja Indo Ventures IPO subscription status?
- Sai Urja Indo Ventures IPO was subscribed 5.11x overall: QIB 2.80x, NII 10.62x and retail 4.04x. Day-wise and category-wise figures are on the subscription page.
- What was the Sai Urja Indo Ventures IPO GMP before listing?
- The last Sai Urja Indo Ventures IPO GMP before listing was +₹32 (+28.32% against the upper price band of ₹113), implying an estimated listing price of ₹145. Across 10 days of tracking, GMP ranged from 0 (25 Sep) to +₹32 (04 Oct). GMP is an unofficial grey market indicator and can change quickly.
- What is the Sai Urja Indo Ventures IPO allotment date?
- The Sai Urja Indo Ventures IPO basis of allotment was finalised on Wed, 30 Sep 2026. You can check your allotment status on the Maashitla Securities Pvt. Limited website.
- What is the Sai Urja Indo Ventures IPO listing date?
- Sai Urja Indo Ventures IPO listed on BSE on Mon, 5 Oct 2026.
- Is the Sai Urja Indo Ventures IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹20.67 Cr (82.85%) with an offer for sale of ₹4.28 Cr (17.15%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Sai Urja Indo Ventures IPO?
- The registrar for the Sai Urja Indo Ventures IPO is Maashitla Securities Pvt. Limited, and the book running lead manager is Shannon Advisors Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.