Sai Urja Indo IPO Date & Timeline
Tentative schedule from the RHP.
Sai Urja Indo IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Individual | Total |
|---|---|---|---|---|---|---|
| Shares offered | 3,92,400 | 2,01,600 | 1,00,800 | 3,02,400 | 7,10,400 | 14,05,200 |
| Day 1 · Sep 25 | 0.00× | 0.05× | 0.11× | 0.07× | 0.05× | 0.04× |
| Day 2 · Sep 28 | 0.00× | 0.05× | 0.14× | 0.08× | 0.43× | 0.23× |
| Day 3 · Sep 29 | 2.80× | 11.01× | 9.85× | 10.62× | 4.04× | 5.11× |
Sai Urja Indo IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 25 – 29, 2026 |
| Price band | ₹107 – 113 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Total issue size | 22,08,000 shares ₹24.95 Cr |
| Fresh issue | 18,28,800 shares ₹20.67 Cr |
| Offer for sale | 3,79,200 shares ₹4.28 Cr |
| Issue type | Book Built · SME |
| Listing at | BSE SME |
| Market cap | ≈ ₹86.32 Cr |
| Promoter holding | 92.87% → 65.67% |
| Lead manager | Shannon Advisors Pvt. Ltd. |
| Market maker | Prabhat Financial Services Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
Offer documents
Sai Urja Indo IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹113.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 2,400 | ₹2,71,200 |
| Individual (max) | 2 | 2,400 | ₹2,71,200 |
| sHNI (min) | 3 | 3,600 | ₹4,06,800 |
| sHNI (max) | 7 | 8,400 | ₹9,49,200 |
| bHNI (min) | 8 | 9,600 | ₹10,84,800 |
Sai Urja Indo IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Market maker | 2,16,000 | 9.8% | — |
| Anchor investors | 5,86,800 | 26.6% | — |
| QIB (ex-anchor) | 3,92,400 | 17.8% | — |
| NII (HNI) | 3,02,400 | 13.7% | — |
| ↳ bHNI (>₹10L) | 2,01,600 | 9.1% | 56 |
| ↳ sHNI (₹2–10L) | 1,00,800 | 4.6% | 28 |
| Individual investors | 7,10,400 | 32.2% | 296 |
| Total | 22,08,000 | 100% |
Sai Urja Indo Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 45.88 | 65.82 | 85.64 | +30.1% |
| EBITDA | 2.93 | 5.14 | 6.51 | +26.7% |
| Profit after tax | 1.39 | 3.13 | 4.19 | +33.9% |
| Total assets | 13.95 | 21.11 | 24.25 | +14.9% |
| Net worth | 4.72 | 7.76 | 12.20 | +57.2% |
| Reserves & surplus | 4.71 | 1.95 | 6.39 | +227.7% |
| Total borrowing | 2.15 | 5.35 | 7.18 | +34.2% |
Sai Urja Indo IPO Valuation
At the upper band of ₹113.
About Sai Urja Indo
Business profile from the RHP.
- 2012Incorporated · Chandrapur, Maharashtra
- Power plantsMain client segment (plus steel, agrochem)
- ~30%Revenue growth, FY26
Promoters & holding
Harsh Ajaykumar Mittal, Santosh Ajay Kumar Mittal
Objects of the issue
Sai Urja Indo IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: Steady ~30% revenue growth and high return ratios are positives. But margins are thin, the business is manpower-driven with little moat, borrowings keep rising, and ~28× post-issue earnings and ~8.5× book look expensive.
- Revenue up ~30% and profit up ~34% in FY26, continuing growth from FY24.
- High return ratios (RoE ~42%, RoCE ~51%), helped by a small capital base.
- Recurring O&M work for power plants and heavy industry.
- ₹6.6 Cr of the proceeds repays loans.
- Richly priced at ~28× post-issue earnings and ~8.5× book for a services business.
- Thin margins (PAT ~5%) and a manpower-heavy model make it sensitive to wage costs.
- Client base is industrial plants in one region; concentration is likely (check the RHP).
- Borrowings rose from ₹2.2 Cr to ₹7.2 Cr over FY24–FY26.
- Very small issue (₹25 Cr) on BSE SME, with a minimum application of 2 lots (₹2.71 lakh).
Sai Urja Indo Listing Performance Updates after Oct 5
We close the loop: issue vs listing price, and whether our call was right.
Sai Urja Indo IPO Allotment Status & Contact Details
Allotment was finalised on Sep 30. Check it with your PAN or application number.
Maashitla Securities Pvt. Ltd.
- Phone
- 011-45121795
- investor.ipo@maashitla.com
Sai Urja Indo Ventures Ltd.
- Address
- UG-2 Office Floor, J. K. Complex, Nanaji Nagar, Nagpur Road, Chandrapur, Maharashtra 442401
- Phone
- +91 99608 15166
- headoffice@suiv.co.in
- Website
- suiv.co.in
Sai Urja Indo IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Sai Urja Indo IPO?
Sai Urja Indo IPO is a ₹24.95 Cr SME book built issue made up of a fresh issue of ₹20.67 Cr and an offer for sale of ₹4.28 Cr. The shares will list on BSE SME.
What is the price band of Sai Urja Indo IPO?
The price band is ₹107 – ₹113 per equity share of face value ₹10.
What is the lot size of Sai Urja Indo IPO?
The minimum lot is 1,200 shares. Individual investors must apply for exactly 2 lots (2,400 shares).
What is the minimum investment for Sai Urja Indo IPO?
The minimum individual investment is ₹2,71,200 (2,400 shares at ₹113).
When does Sai Urja Indo IPO open and close?
The IPO opens on Sep 25, 2026 and closes on Sep 29, 2026.
What is the allotment date of Sai Urja Indo IPO?
The basis of allotment is finalised on Sep 30, 2026. Refunds and demat credit were on Oct 1, 2026.
When will Sai Urja Indo IPO be listed?
The tentative listing date is Oct 5, 2026 on BSE SME.
What is Sai Urja Indo IPO subscription status?
At close (Sep 29 · 5:00 PM IST), the issue was subscribed 5.11× overall — QIB 2.80×, bHNI 11.01×, sHNI 9.85×, Individual 4.04×.
What is the P/E ratio and valuation of Sai Urja Indo IPO?
At the upper band, the P/E is 21.0× pre-issue and 27.6× post-issue, with a market cap of about ₹86.32 Cr.
Should I apply for Sai Urja Indo IPO?
IPOSignal's view is High Risk · Richly Valued (49/100). Steady ~30% revenue growth and high return ratios are positives. But margins are thin, the business is manpower-driven with little moat, borrowings keep rising, and ~28× post-issue earnings and ~8.5× book look expensive. This is research, not investment advice.
How to check Sai Urja Indo IPO allotment status?
Check on the registrar Maashitla Securities Pvt. Ltd.'s site (maashitla.com/allotment-status/public-issues), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Sai Urja Indo IPO?
The registrar is Maashitla Securities Pvt. Ltd.. The book-running lead manager is Shannon Advisors Pvt. Ltd.. The market maker is Prabhat Financial Services Ltd..