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₹197 - 197 Amounts at the upper price band.
Black Opal Consultants Ltd
RealtyIPOSME
₹197 - 197
Black Opal Consultants Limited facilitates the sale of residential and commercial properties developed by reputed builders in exchange for brokerage. Specializing in luxury properties, the Company has partnered with developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M, successfully selling over 2,000 units through a network of 200+ brokers. Backed by 18 years of promoter experience, the Company also markets inventories of its Group Entities like Aurika Homes Private Limited, creating a synergistic ecosystem to capture opportunities in India's fast-growing Tier-II real estate markets.
Lot600Min Invest₹2,36,400Face Value₹10Issue Size₹55 CrFresh Issue₹44 CrOffer for Sale₹11 CrListing Price₹200CMP₹184
Timeline
29 Sept
Bidding opens
1 Oct
Bidding closes
5 Oct
Allotment
6 Oct
Refund & demat credit
7 Oct
Listing
Subscription · As of 7:59 PM, 1 Oct
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB59.8x12.46 L7.45 Cr1,467.56NII92.3x3.75 L3.46 Cr681.29Retail60.2x8.73 L5.25 Cr1,034.94Total68.7x27.96 L19.21 Cr3,554.37
Reports
Offer Details
Terms
Issue Size₹55 Cr0.28 Cr shares
Fresh Issue₹44 Cr
Offer for Sale₹11 Cr
Face Value₹10
Lot Size600 shares
ReservationQIB 49.99% · NII 15% · RETAIL 35.01%
Application Sizes
Retail₹2,36,4001-1 lots
sNII₹2,36,400from 2 lots
bNII₹10,63,800from 9 lots
Managers & Registrar
Lead ManagerKhambatta Securities Limited
RegistrarSkyline Financial Services Pvt
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrPrasoon ChauhanPRMTR5,58,00010.99Total5,58,00010.99
Shareholding
CategoryPre IPOPost IPOPromoter Group98.6%72.46%Public1.4%27.54%
Objects of the Issue
- Funding for securing Sales/Marketing mandates
- Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project
- General corporate purposes
Anchor Book
Bid Date28-Sep-2026Bid Price₹197Shares7,96,200Amount₹16 Cr30-day lock-in03-Nov-202690-day lock-in02-Jan-2027
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 8 | 20 | 33 | 42 |
| Operating ProfitCr | 2 | 6 | 15 | 17 |
| OPM% | 30.3 | 30.1 | 47.1 | 39.7 |
| PBTCr | 2 | 6 | 15 | 16 |
| PATCr | 2 | 4 | 11 | 12 |
| EPS | 2 | 5 | 14 | 15 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 1 | 8 |
| ReservesCr | 4 | 8 | 20 | 24 |
| BorrowingsCr | 0 | 2 | 0 | 10 |
| Total AssetsCr | 7 | 13 | 22 | 60 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 0 | 6 | -1 | 16 |
| Investing Cash FlowCr | -2 | -4 | 2 | -22 |
| Financing Cash FlowCr | 2 | 0 | -1 | 9 |
| Net Cash FlowCr | -1 | 1 | 0 | 3 |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong, experienced and dedicated senior management team and qualified workforce.
- Acquisition in Aurika Developers LLP.
- Ability to provide good services and customer satisfaction.
- Ability to scout for new opportunities and capitalising the same.
- Consistent track record of growth and financial performance.
- Ability to serve diverse customer needs.
Strategies · as stated in the DRHP
- Expand Developer Mandates and Strengthen Inventory Partnerships.
- Deepen Market Penetration in NCR Market.
- Strengthen Agent Network Through Training and Support.
- Strategic Entry into Real Estate Development Business.
- Leveraging Premium Housing Demand.
Risks · as stated in the DRHP
- The company generates a substantial portion of its revenue from a limited number of key customers, and the company does not maintain long-term contractual arrangements with them. Accordingly, any reduction in the volume of business from such customers, or the termination or non-renewal of existing project specific arrangements, could have a material adverse effect on the company's business, cash flows, financial condition, and results of operations.
- The company operations are geographically concentrated in two states i.e. Uttar Pradesh and Haryana, and any adverse developments in these markets may materially and adversely affect its business, financial condition, and results of operations.
- The company's revenue is significantly dependent on its brokerage and related activities, which exposes the company to certain business and operational risks.
- The company's business is significantly concentrated in the residential real estate segment. A limited presence in commercial may expose it to segment-specific risks and limit the company's revenue diversification.
- The Company does not own the premises where its registered office, correspondence office and corporate office is situated, and also shared amongst the group entities, the company has entered into a rent agreement for the same. Any termination or dispute in relation to this rental agreement may have an adverse effect on its business operations and results thereof.
- The Company, its Directors and Promoters are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.