- Price band
- ₹107 – ₹113
- Issue size
- ₹24.95 Cr
- Lot size
- 1200 sh
- Bidding
- 25 – 29 Sep
- Grey market
- —
Face value ₹10.00
83% fresh capital
Lists 5 Oct 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Sai Urja Indo Ventures runs and maintains other companies' industrial plants — electrical, mechanical and control-and-instrumentation work inside coal-fired power stations, alongside industrial housekeeping, equipment overhauls and manpower supply — and the company describes most of its revenue as coming from thermal power, with iron and steel and agrochemical plants making up the rest. Revenue was Rs 45.62 Cr in FY24, Rs 65.52 Cr in FY25 and Rs 85.11 Cr in FY26, with profit after tax of Rs 1.37 Cr, Rs 3.14 Cr and Rs 4.24 Cr across the same three years. The Rs 24.95 Cr BSE SME issue — Rs 20.67 Cr fresh and Rs 4.28 Cr offer for sale, priced at Rs 107-113 — took promoter holding from 92.87% before the issue to 65.65% after, and was subscribed 4.95 times overall on 29 September 2026, the one subscription day the record carries. It listed on 5 October 2026 at Rs 133.80 against a band top of Rs 113 and last traded at Rs 166.75 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Sai Urja Indo Ventures, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2012 · Chandrapur, Maharashtra · 1,969 employees
Sai Urja Indo Ventures runs and maintains other companies' industrial plants. Its crews handle electrical, mechanical and control-and-instrumentation systems inside coal-fired power stations, and operate the Boiler-Turbine-Generator units, coal handling plants and merry-go-round coal transport systems that keep those stations fed. Alongside that it does industrial housekeeping, major equipment overhauls and straight manpower supply. Most revenue comes from thermal power, with iron and steel and agrochemical plants making up the rest. The RHP names Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO among its clients, and says it served 21 locations across 9 states in the previous three years and executed more than 45 projects. It is registered in Chandrapur, Maharashtra, with a corporate office in Nagpur, and employs over 1,969 people.
Revenue is contracted service work won through tenders — annual maintenance contracts of one to three years, performance-based contracts, manpower supply, and short-term bill-of-quantity jobs. The business is labour, not equipment: employee benefit expenses were Rs 7,430.51 lakh in FY26, or 87.31% of revenue from operations, against consumables of just Rs 228.25 lakh. That leaves a thin spread — EBITDA margin 7.65% and PAT margin 4.98% in FY26 — so growth comes from adding headcount and sites rather than pricing. Client concentration is the structural constraint: the top 10 clients produced 99.97% of FY26 revenue from operations. Working capital turns on receivables, Rs 1,051.50 lakh at FY26 close, and FY26 operating cash flow was negative Rs 94.86 lakh.
The company on paper
- Legal name
- Sai Urja Indo Ventures Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 17 May 2012
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74900MH2012PLC231235
- Sector
- Industrials · Operation and maintenance services for thermal power plants and heavy industry
- Employees
- 1,969
- Registered office
- Chandrapur, Maharashtra
- Promoters
- Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal
- Promoter holding, pre-issue
- 92.9%
- Promoter holding, post-issue
- 65.7%
- Website
- suiv.co.in
The numbers
Financial performance
Revenue has compounded at 36.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
83% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹20.67 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹4.28 Cr
- Total issue size
- ₹24.95 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,16,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 27.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹113.00
- Listed at
- ₹133.80
- Listing gain
- up 18.4%
- Since listing
- down 12.9%
- Against the issue price
- up 3.2%
Trading at ₹116.60 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹113.00
- Amount blocked
- ₹2,71,200
One lot is 1200 shares at ₹1,35,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,71,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~25%
chance of one lot, per application
- Retail subscription
- 4.02×
- Applicants per share available
- 4.0× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹133.80
listed at, 18.4% against the issue price
- Issue price
- ₹113.00
- Premium said
- —
- If allotted 1200 shares
- ₹24,960
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 43.62% in FY25, from Rs 45.62 Cr to Rs 65.52 Cr, and a further 29.90% in FY26, to Rs 85.11 Cr.
- Profit after tax was Rs 1.37 Cr in FY24, Rs 3.14 Cr in FY25 and Rs 4.24 Cr in FY26 — rises of 129.20% and then 35.03% — so PAT margin on the revenue above read 3.00%, 4.79% and 4.98%, higher at each of the two steps the record covers.
- Net worth was Rs 4.72 Cr in FY24, Rs 7.76 Cr in FY25 and Rs 12.20 Cr in FY26, the FY26 level being 158.47% above the FY24 one.
- The RHP names Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO among its clients, and the filing states it served 21 locations across 9 states in the previous three years and executed more than 45 projects.
What to weigh against it
- The company's own business-model description puts the top 10 clients at 99.97% of FY26 revenue from operations.
- The cost base is labour rather than equipment: employee benefit expenses were Rs 7,430.51 lakh in FY26, stated as 87.31% of revenue from operations, against consumables of Rs 228.25 lakh. EBITDA margin was 6.42% in FY24 (Rs 2.93 Cr on Rs 45.62 Cr), 7.84% in FY25 (Rs 5.14 Cr on Rs 65.52 Cr) and 7.65% in FY26 (Rs 6.51 Cr on Rs 85.11 Cr) — higher in FY26 than FY24, lower than FY25.
- FY26 operating cash flow was negative Rs 94.86 lakh, against profit after tax of Rs 4.24 Cr for the same year. Receivables stood at Rs 1,051.50 lakh (Rs 10.52 Cr) at the FY26 close, equal to 12.35% of FY26 revenue of Rs 85.11 Cr.
- Total borrowings were higher at each step on record — Rs 2.15 Cr in FY24, Rs 5.35 Cr in FY25, Rs 7.18 Cr in FY26 — while net worth went Rs 4.72 Cr, Rs 7.76 Cr, Rs 12.20 Cr, putting borrowings at 0.46x, 0.69x and 0.59x net worth respectively.
Easy to miss in the prospectus
- The record carries one subscription row only — day three, 29 September 2026: QIB 2.80x, NII 9.90x, retail 4.02x, 4.95x overall. There is no day-one or day-two data, no anchor book and no category-wise allocation.
- The financials table carries no operating cash flow, total assets or total expenses figure for any of the three years; the only cash flow number anywhere in the record is the FY26 negative Rs 94.86 lakh given in the business-model description.
- No valuation multiples, peer set or post-issue share count are recorded, so the Rs 166.75 price as of 23 October 2026 — 24.63% above the Rs 133.80 listing price — cannot be placed on an earnings multiple from this record.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- Shannon Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Built from 9 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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