Sai Urja Indo Ventures Limited is engaged in providing operation and maintenance (O&M) and other support services for industrial plants, primarily in the power generation sector. The company also provides services to industries such as iron and steel and agrochemicals. Its service portfolio includes electrical maintenance, control and instrumentation maintenance, mechanical maintenance, boiler-turbine-generator operations, coal handling plant and merry-go-round system operations, industrial housekeeping and overhaul services.
The company provides integrated O&M solutions covering different plant operations and maintenance requirements. Its services include preventive, predictive and breakdown maintenance, equipment monitoring, instrumentation calibration and testing, manpower supply and various overhaul activities. The company has also developed experience in handling operations associated with large industrial and power-generation facilities.
The Sai Urja Indo Ventures IPO is a book-built SME issue of ₹24.95 crore comprising a fresh issue and an offer for sale. The issue consists of 22,08,000 equity shares, with a fresh issue of 18,22,800 shares and an offer for sale of 3,85,200 shares, as per the latest available issue details. The price band is fixed at ₹107 to ₹113 per share and the lot size is 1,200 shares. The shares are proposed to be listed on the BSE SME platform.
The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The basis of allotment is scheduled for 28 September 2026, while the shares are expected to be credited on 29 September 2026 and listed on 30 September 2026. For retail investors, the minimum application is 2 lots, or 2,400 shares, requiring an investment of ₹2,71,200 at the upper price band of ₹113.
Table of Contents
Sai Urja Indo Ventures IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Sai Urja Indo Ventures IPO |
| Company | Sai Urja Indo Ventures Limited |
| IPO Type | SME IPO |
| Issue Type | Book Built Issue |
| Face Value | ₹10 per Equity Share |
| IPO Price Band | ₹107 to ₹113 per Equity Share |
| Total Issue Size | ₹24.95 Cr |
| Fresh Issue | 18,28,800 Equity Shares |
| Offer for Sale | 3,79,200 Equity Shares |
| Total Shares Offered | 22,08,000 Equity Shares |
| Market Maker Portion | 2,16,000 Equity Shares |
| Listing At | BSE SME |
| Lot Size | 1,200 Shares |
| Minimum Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,71,200 |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Lead Manager | Shannon Advisors Pvt. Ltd. |
The fresh issue consists of 18,28,800 shares, while 3,79,200 shares are offered for sale by the promoter selling shareholders. The total offer comprises 22,08,000 shares.
Sai Urja Indo Ventures IPO Dates
| IPO Event | Date |
|---|---|
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Initiation of Refunds | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| IPO Listing Date | 30 September 2026 |
The above dates are the currently published IPO timetable and may be subject to final confirmation by the registrar and exchange.
Sai Urja Indo Ventures IPO Reservation
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 9,79,200 | 49.16% |
| Non-Institutional Investors (NII) | 3,02,400 | 15.18% |
| Retail Individual Investors (RII) | 7,10,400 | 35.66% |
| Market Maker | 2,16,000 | Firm Reservation |
| Total | 22,08,000 | 100% |
The QIB portion includes an anchor investor allocation of 5,86,800 shares, with the remaining QIB portion comprising 3,92,400 shares.
Sai Urja Indo Ventures IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Individual (Minimum) | 2 | 2,400 | ₹2,71,200 |
| Retail Individual (Maximum) | 2 | 2,400 | ₹2,71,200 |
| sHNI (Minimum) | 3 | 3,600 | ₹4,06,800 |
| sHNI (Maximum) | 7 | 8,400 | ₹9,49,200 |
| bHNI (Minimum) | 8 | 9,600 | ₹10,84,800 |
The market lot is 1,200 shares, while the minimum retail application is 2 lots, or 2,400 shares, at the upper price of ₹113.
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited was incorporated in 2012 and is headquartered in Maharashtra. The company provides operations and maintenance services for industrial plants, with a primary focus on power generation and additional exposure to iron and steel and agrochemical industries.
Its maintenance services include electrical systems, mechanical systems and control and instrumentation systems. Its operations services cover Boiler-Turbine-Generator (BTG), Coal Handling Plants (CHP) and Merry-Go-Round (MGR) systems. The company also undertakes industrial housekeeping, equipment overhaul and manpower supply.
The company has expanded its operations across multiple locations in India. As of 15 June 2026, it had 17 ongoing projects with pending execution value of ₹71.65 crore and four projects yet to commence with a value of ₹25.37 crore. The company had 1,969 employees as of 30 June 2026.
Business Operations
- Maintenance Services: Electrical, mechanical and control & instrumentation maintenance.
- Power Plant Operations: Operation of BTG, CHP and MGR systems.
- Equipment Overhaul: Annual and capital overhaul services.
- Industrial Housekeeping: Plant housekeeping and related support services.
- Manpower Supply: Workforce deployment for industrial operations.
- Industrial O&M: Integrated operations and maintenance services for industrial facilities.
Industry Overview
Operations and maintenance services are important for maintaining the efficiency, safety and reliability of industrial plants and equipment. The sector covers maintenance, repair, inspection, diagnostics and operational support across power, manufacturing, mining, utilities and other industries.
Sai Urja operates primarily in industrial O&M, with its largest business exposure linked to the power generation sector. Its presence in iron and steel and agrochemical industries provides additional industry coverage.
Business Strategy
- Expand its industrial O&M service capabilities.
- Increase repeat business from existing customers.
- Execute its existing project and order pipeline.
- Strengthen its presence across industrial locations.
- Improve operational efficiency through experienced manpower.
- Continue expanding its customer and industry base.
Sai Urja Indo Ventures Limited Financial Information
Sai Urja Indo Ventures has reported growth in revenue and profitability over the three financial years. Revenue increased from ₹45.88 crore in FY2024 to ₹85.64 crore in FY2026, while PAT increased from ₹1.39 crore to ₹4.19 crore during the same period.
Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Assets | ₹13.95 Cr | ₹21.11 Cr | ₹24.25 Cr |
| Revenue | ₹45.88 Cr | ₹65.82 Cr | ₹85.64 Cr |
| EBITDA | ₹2.93 Cr | ₹5.14 Cr | ₹6.51 Cr |
| Profit After Tax | ₹1.39 Cr | ₹3.13 Cr | ₹4.19 Cr |
| Net Worth | ₹4.72 Cr | ₹7.76 Cr | ₹12.20 Cr |
| Total Borrowings | ₹2.15 Cr | ₹5.35 Cr | ₹7.18 Cr |
| Reserves & Surplus | ₹4.71 Cr | ₹1.95 Cr | ₹6.39 Cr |
The figures above are restated financial figures reported for the IPO period.
Sai Urja Indo Ventures Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| EPS | ₹5.39 |
| NAV | ₹20.99 |
| RoNW | 42.44% |
| ROCE | 50.66% |
| PAT Margin | 4.98% |
| EBITDA Margin | 7.65% |
| Debt to Equity | 0.59 |
| Pre-IPO P/E | 20.96x |
| Post-IPO P/E | 27.56x |
The post-issue EPS is reported at ₹4.10, with the post-issue P/E based on the upper issue price reported at 27.56x.
Sai Urja Indo Ventures Limited Objects of IPO
The company proposes to use the net proceeds from the fresh issue for meeting its working capital requirements, repayment or prepayment of certain borrowings and general corporate purposes. The proposed utilisation of the IPO proceeds is intended to support the company’s ongoing operational requirements and strengthen its financial position.
Around ₹8 crore of the net proceeds is proposed to be utilised towards funding the working capital requirements of the company. Working capital is important for an O&M services business as the company requires funds for employee-related expenses, project execution, operating costs and other day-to-day business requirements.
A further ₹6.60 crore is proposed to be used for repayment or prepayment, in full or in part, of certain loans availed by the company. The proposed reduction in borrowings is intended to address part of the company’s outstanding debt obligations and related financial requirements.
The remaining proceeds will be used for general corporate purposes and other eligible issue-related requirements, subject to the limits specified in the offer documents. Investors should refer to the latest RHP for the detailed utilisation of the IPO proceeds and the final allocation under each object.
| Object | Amount |
|---|---|
| Funding Working Capital Requirements | ₹8.00 Cr |
| Repayment/Prepayment of Certain Borrowings | ₹6.60 Cr |
| General Corporate Purposes | Balance Amount |
The primary objectives are to strengthen working capital, repay or prepay certain borrowings and meet general corporate requirements.
Sai Urja Indo Ventures IPO Listing Performance
Sai Urja Indo Ventures IPO is scheduled to be listed on the BSE SME platform on 30 September 2026. Since the listing has not taken place yet, the actual listing price, listing gain or loss and first-day trading performance are not available at present.
The IPO price band is ₹107 to ₹113 per share, with a lot size of 1,200 shares. The final issue price will be determined through the book-building process within the announced price band. Investors can compare the final issue price with the actual exchange-listed price once trading begins.
The minimum retail application is 2 lots, or 2,400 shares, requiring ₹2,71,200 at the upper price band. The actual listing price will depend on market trading conditions when the shares begin trading on the BSE SME platform.
Any grey market premium or other unofficial indication before listing should be considered separately from actual exchange performance. Grey market prices are unofficial and may change before listing, whereas the actual listing price and subsequent trading performance are determined on the stock exchange.
| Particular | Details |
|---|---|
| IPO Price Band | ₹107–₹113 |
| Final Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain/Loss | Yet to be Updated |
| Closing Price | Yet to be Updated |
The listing performance will be updated after the shares begin trading on BSE SME.
Sai Urja Indo Ventures IPO Subscription Status
The Sai Urja Indo Ventures IPO is scheduled to open on 23 September 2026. Therefore, live subscription figures are not available before the issue opens.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Not Applicable |
| Total Subscription | Yet to be Updated |
Sai Urja Indo Ventures IPO GMP
The latest available grey market update indicates ₹0 GMP for Sai Urja Indo Ventures IPO. GMP is an unofficial market indicator and can change before the listing.
Sai Urja Indo Ventures IPO GMP History
| Date | GMP | Sub2 | Kostak |
|---|---|---|---|
| 20 September 2026 | ₹0 | 0 | 0 |
GMP is not an official exchange price and should not be considered a guaranteed indication of the listing price.
Sai Urja Indo Ventures IPO Review
Sai Urja Indo Ventures operates in industrial O&M services, primarily serving power generation plants along with iron and steel and agrochemical industries. Its financial performance shows growth in revenue and PAT between FY2024 and FY2026. The company also has ongoing projects and an order pipeline supporting future execution.
The IPO proceeds are primarily intended for working capital and debt repayment. Investors may also consider the company’s relatively modest PAT margin, borrowing levels, dependence on industrial activity and execution requirements associated with its project portfolio.
The IPO is priced at ₹107–₹113 per share, with a reported post-issue P/E of 27.56x at the upper price band.
Sai Urja Indo Ventures IPO Strengths
- Industrial O&M Expertise: Provides integrated maintenance and operational services for industrial plants.
- Diversified Applications: Serves power generation, iron and steel and agrochemical industries.
- Growing Financials: Revenue and PAT increased substantially between FY2024 and FY2026.
- Project Pipeline: Ongoing and upcoming projects provide visibility for future execution.
- Experienced Workforce: The company had 1,969 employees as of June 2026.
Sai Urja Indo Ventures IPO Risk Factors
- Industrial Dependence: Business performance is linked to activity and spending in industrial sectors.
- Project Execution: Delays in executing ongoing or new projects may affect revenue and profitability.
- Customer Concentration: Dependence on major industrial customers can create business concentration risks.
- Borrowings: Total borrowings increased from ₹2.15 crore in FY2024 to ₹7.18 crore in FY2026.
- Margin Pressure: The FY2026 PAT margin was approximately 4.98%.
Sai Urja Indo Ventures IPO Promoters
The promoters of Sai Urja Indo Ventures Limited are Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal. The promoters are associated with the company’s business operations and strategic development and are responsible for guiding its overall business direction. Harsh Ajaykumar Mittal serves as the Chairman and Managing Director, while Santosh Ajaykumar Mittal serves as an Executive Director.
The promoter group has been involved in the company’s operations and development of its industrial O&M services business. Their responsibilities include overseeing strategic decisions, business operations and the company’s future growth plans.
| Promoter | Position |
|---|---|
| Harsh Ajaykumar Mittal | Promoter |
| Santosh Ajay Kumar Mittal | Promoter |
Sai Urja Indo Ventures IPO Management Team
The management team of Sai Urja Indo Ventures Limited oversees the company’s operational activities, project execution, client relationships and business development. Harsh Ajaykumar Mittal serves as the Chairman and Managing Director and is responsible for the overall management and strategic direction of the company. Santosh Ajaykumar Mittal serves as an Executive Director and contributes to the company’s management and governance.
The company’s board also includes Chetan Arun Mittal as a Non-Executive Director and Abhishek Jain and Ashutosh Choudhari as Non-Executive Independent Directors. CS Nikesh Subhash Zade is the Company Secretary and Compliance Officer.
| Name | Designation |
|---|---|
| Harsh Ajaykumar Mittal | Chairman & Managing Director |
| Santosh Ajay Kumar Mittal | Executive Director |
| Chetan Arun Mittal | Non-Executive Director |
| Abhishek Jain | Independent Non-Executive Director |
| Ashutosh Choudhari | Independent Non-Executive Director |
| Abhai Kumar Mittal | Chief Financial Officer |
| Nikesh Subhash Zade | Company Secretary & Compliance Officer |
Sai Urja Indo Ventures IPO Registrar Details
Maashitla Securities Private Limited is the registrar to the Sai Urja Indo Ventures IPO. The registrar is responsible for processing IPO applications, maintaining investor records and coordinating the allotment, refund and credit of shares to successful applicants. Investors can contact the registrar for queries relating to their IPO applications and allotment status.
The registrar’s disclosed address is 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034. The contact telephone number is 011-47581432 and the IPO email address is [email protected]. The disclosed contact person is Mr. Mukul Agrawal.
| Particular | Details |
|---|---|
| Registrar | Maashitla Securities Private Limited |
| Address | 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034 |
| Phone | 011-45121795 / 011-45121796 |
| [email protected] | |
| Website | www.maashitla.com |
Sai Urja Indo Ventures IPO Lead Manager Details
Shannon Advisors Private Limited is the sole book-running lead manager for the Sai Urja Indo Ventures IPO. The lead manager is responsible for coordinating various activities associated with the public issue, including issue management, due diligence, regulatory coordination, documentation and coordination with other IPO intermediaries.
The lead manager works with the company, registrar, stock exchange and other intermediaries throughout the IPO process. Investors can refer to the latest RHP and official issue documents for the lead manager’s current contact details and other information relating to the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Shannon Advisors Private Limited |
| Address | 902, IX Floor, New Delhi House, 27 Barakhamba Road, Connaught Place, New Delhi – 110001 |
| Phone | 011-42758011 |
| Website | www.shannon.co.in |
Sai Urja Indo Ventures Company Contact Details
| Particular | Details |
|---|---|
| Company Name | Sai Urja Indo Ventures Limited |
| Registered Office | UG-2 Office Floor, J. K. Complex, Nanaji Nagar Nagpur Road, Chandrapur, Maharashtra – 442401 |
| Phone | +91 9960815166 |
| [email protected] | |
| Website | www.suiv.co.in |
The company operates from Chandrapur, Maharashtra and provides O&M and allied services to industrial plants.
How to Check Sai Urja Indo Ventures IPO Allotment Status
Sai Urja Indo Ventures IPO allotment status can be checked online after the basis of allotment is finalised. Applicants can check their application status through the IPO registrar’s website or the BSE website. Investors generally need to enter their PAN, application number or other required information to view the allotment result and confirm whether shares have been allotted.
Through Registrar
- Visit the Maashitla Securities IPO status page.
- Select Sai Urja Indo Ventures Limited.
- Enter PAN or application details.
- Submit the details to check the allotment status.
Through BSE
- Visit the BSE IPO application-status section.
- Select the equity issue.
- Select Sai Urja Indo Ventures Limited.
- Enter the required application or PAN details.
- Submit to view the allotment result.
Conclusion
Sai Urja Indo Ventures IPO is a ₹24.95 crore book-built SME issue with a price band of ₹107 to ₹113 per share and a lot size of 1,200 shares. The IPO opens on 23 September 2026 and closes on 25 September 2026, with listing scheduled for 30 September 2026 on the BSE SME platform. The minimum retail application is 2 lots, or 2,400 shares, requiring ₹2,71,200 at the upper price band.
Sai Urja Indo Ventures operates in the industrial operation and maintenance services segment, with a focus on power generation and other industrial sectors. Its services cover electrical, control and instrumentation, mechanical, coal handling, boiler-turbine-generator operations, housekeeping and overhaul activities. The company also has ongoing and upcoming projects supporting its order pipeline.
The fresh issue proceeds are proposed to be used primarily for working capital requirements and repayment or prepayment of certain loans, with the balance allocated towards general corporate purposes. The company reported total income of ₹85.64 crore and profit after tax of ₹4.19 crore for FY2026, compared with ₹65.82 crore revenue and ₹3.13 crore PAT in FY2025.
Investors should review the latest RHP, financial performance, valuation, issue structure, promoter details, objects of the issue and risk factors before applying. The final offer documents should be referred to for any changes in the issue size, dates, pricing, allotment or other IPO-related terms.
FAQs
Sai Urja Indo Ventures IPO is a Book Built SME IPO of approximately ₹24.95 crore comprising 22,08,000 equity shares.
The IPO will open for subscription on 23 September 2026.
The price band is ₹107 to ₹113 per equity share.
The market lot size is 1,200 shares. The minimum retail application is 2 lots, or 2,400 shares.
At the upper price band of ₹113, the minimum retail investment is ₹2,71,200 for 2,400 shares.
The basis of allotment is scheduled for 28 September 2026.
The shares are scheduled to list on BSE SME on 30 September 2026.
The latest available GMP is reported at ₹0. GMP is unofficial and may change before listing.
Maashitla Securities Private Limited is the registrar of the IPO.
Shannon Advisors Private Limited is the book-running lead manager of the issue.
