- Summary
- The SME offering by Black Opal Consultants for its IPO will run from 29th September to 1st October 2026 at a value of ₹55.08 crore.
- The company offers a range of services related to real estate marketing, sales, advisory, and development in the Delhi-NCR area.
- Before applying, investors should consider its revenue and profit growth, exposure to the real estate sector, debt levels, valuation, dependence on key projects and clients, and how the company plans to use the IPO proceeds.
Black Opal Consultants IPO is a book-built SME issue of up to 27,96,000 equity shares with a face value of ₹10 each. The issue comprises a fresh issue of up to 22,38,000 shares and an offer for sale of up to 5,58,000 shares. At the upper price band, the total issue size is approximately ₹55.08 crore. The IPO opens on 29 September 2026 and closes on 1 October 2026, with a tentative BSE SME listing on 7 October 2026.
The price band is ₹185 to ₹197 per share, with a market lot of 600 shares. Individual investors must apply for a minimum of two lots or 1,200 shares, requiring ₹2,36,400 at the upper price band. Applications exceeding two lots fall under the NII category, subject to the applicable investment limits.
Black Opal Consultants IPO Details
The key details of the Black Opal Consultants IPO are summarised in the table below.
| Particulars | Details |
| IPO Open Date | September 29, 2026 |
| IPO Close Date | October 1, 2026 |
| Face Value | ₹10 per equity share |
| Price Band | ₹185 to ₹197 per share |
| Issue Price | To be finalised after the IPO |
| IPO Lot Size | 600 shares |
| Minimum Application | 1,200 shares |
| Fresh Issue | 22,38,000 shares, aggregating to about ₹44.09 crore |
| Offer for Sale | 5,58,000 shares, aggregating to about ₹10.99 crore |
| Issue Type | Book-built SME IPO |
| Listing At | BSE SME |
| Total Issue Size | Approximately ₹55.08 crore |
| Minimum Investment | ₹2,36,400 at the upper price band |
Black Opal Consultants IPO Timeline
The expected schedule for the Black Opal Consultants IPO is shown in the table below.
| Particulars | Date |
| IPO Open Date | September 29, 2026 |
| IPO Close Date | October 1, 2026 |
| Tentative Allotment | October 5, 2026 |
| Initiation of Refunds | October 6, 2026 |
| Credit of Shares to Demat | October 6, 2026 |
| Tentative Listing Date | October 7, 2026 |
| UPI Mandate Closing Time | October 1, 2026, 5:00 PM |
Black Opal Consultants Key Performance Indicators
The indicators presented here summarise the company’s profitability, capital efficiency, and financial position.
| KPI | FY2026 | FY2025 | FY2024 |
| ROE | 46.03% | 78.24% | 63.86% |
| ROCE | 40.12% | 75.05% | 55.86% |
| Debt Equity | 0.29x | 0.01x | 0.18x |
| RoNW | 37.40% | 56.24% | 48.41% |
| PAT Margin | 29.11% | 34.94% | 21.71% |
| EBITDA Margin | 40.62% | 47.63% | 30.84% |
| Price to Book | – | – | – |
Black Opal Consultants IPO Financials
The following table shows the company’s financial performance over the last three financial years.
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 19.75 | 32.86 | 41.97 |
| Total Assets | 13.14 | 22.44 | 59.62 |
| Profit After Tax | 4.32 | 11.48 | 12.22 |
Black Opal Consultants IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Black Opal Consultants IPO Grey Market Premium (GMP Today)
The Black Opal Consultants IPO does not currently have an active grey-market premium quote. The latest available grey-market updates show no reported premium, so an estimated listing gain cannot yet be calculated reliably
| GMP Date | GMP | Est. Listing Price on upper price-₹197.00 | Est. Profit* | Trend |
|---|---|---|---|---|
| 28-Sep 18:34 | ₹0 (0.00%) ─ | ₹197 | ₹0 | Initial |
Note: GMP or Grey Market Premium is an unofficial market indicator and can change rapidly depending on demand, subscription levels and market sentiment.
Black Opal Consultants IPO Reservation
The reservation for the IPO is divided among various investor categories.
| Investor Category | Shares Offered |
| Market Maker | Up to 1,39,800 shares |
| QIB | Not more than 50% of the Net Offer |
| NII (HNI) | Not less than 15% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
Black Opal Consultants IPO Lot Size
The market lot for the IPO is 600 shares, but the minimum application is for 1,200 shares, which is equivalent to two lots.
| Application | Lots | Shares | Amount at ₹197 |
| Retail (Min) | 2 | 1,200 | ₹2,36,400 |
| Retail (Max) | 2 | 1,200 | ₹2,36,400 |
| S-HNI (Min) | 3 | 1,800 | ₹3,54,600 |
| S-HNI (Max) | 8 | 4,800 | ₹9,45,600 |
| B-HNI (Min) | 9 | 5,400 | ₹10,63,800 |
The figures are determined by using the higher price per share of ₹197.
Black Opal Consultants IPO Anchor Investors
The anchor bidding for the Black Opal Consultants IPO will take place on September 28, 2026, a day before the public issue begins.
| Particulars | Details |
| Anchor Bid Date | September 28, 2026 |
| Shares Offered | Up to 7,96,800 shares |
| Anchor Portion Size | To be announced |
| Lock-in for 50% Shares | To be announced |
| Lock-in for Remaining Shares | To be announced |
The specific details regarding the anchor investor will be made available once the allocation process has been completed.
Black Opal Consultants IPO Prospectus
Investors may consult the company’s offer documents for more details on its business, financial statements, risk factors, promoters, and the proposed use of funds.
About Black Opal Consultants
Black Opal Consultants Limited was established in 2020 and operates in the real estate services industry. It provides real estate developers with assistance in promoting and selling residential and commercial properties, mainly by means of exclusive and semi-exclusive sales arrangements. The company obtains brokerage and other fees as a result of these activities.
The company has collaborated with over 25 developers and maintains a network of more than 200 broker associates. Its operations are mainly focused on the Delhi-NCR area and other parts of Uttar Pradesh and Haryana. The company has furthermore entered the field of real estate development via its group companies, such as Aurika Developers LLP.
Managing Director: Prasoon Chauhan
Parent Organisation: Black Opal Group
Services: Real estate consulting and advisory, exclusive sales arrangements, loan syndication services and real estate development
Book Running Lead Manager: Khambatta Securities Limited
Registrar of the Issue: Skyline Financial Services Private Limited
| Sr. No. | Objective | Amount (₹ in Lakhs) |
| 1 | Funding for securing Sales/Marketing mandates | 700.00 |
| 2 | Investment in Aurika Developers LLP, a group entity, for financing the development of its Ayodhya project | 2,600.00 |
| 3 | General corporate purposes | To be finalised |
| Total | Total proceeds from the Fresh Issue | To be finalised based on the Offer Price |
Strengths of Black Opal Consultants
- Established project sales track record: The company has sold over 2,300 units and has executed projects with more than 25 developers, giving it experience across residential and commercial real estate in Delhi-NCR.
- Large broker distribution network: Black Opal Consultants works with over 200 broker associates, which supports wider customer reach and project-level sales execution without requiring a proportionate increase in its internal sales team.
- Strong revenue growth: Revenue from operations increased from ₹19.75 crore in FY2024 to ₹41.97 crore in FY2026, representing a CAGR of 45.76% over the period.
- Developer relationships and exclusive mandates: The company has secured exclusive sales mandates and premium inventory from developers. These arrangements give it access to selected projects and support a continuing pipeline of properties for sale.
Risks of Black Opal Consultants
- High customer concentration: The company’s top 20 customers contributed 98.84% of FY2026 revenue from operations. It also does not have long-term contracts with many customers, making revenue sensitive to the loss or non-renewal of project mandates.
- Heavy geographic dependence: Uttar Pradesh accounted for 77.94% of FY2026 revenue from operations, while the remaining 22.06% came from Haryana. Changes in property demand or regulations in these markets could therefore have a sizeable impact on the business.
- Concentration in brokerage and residential real estate: Brokerage and leasing contributed 99.11% of FY2026 total income, while residential projects generated 97.62% of revenue from operations. A slowdown in residential property transactions could directly affect revenue.
- UP RERA registration renewal is pending: The company’s registration with UP RERA as a real estate agent had expired, and it has applied for renewal. Until it is renewed or restored, activities requiring this registration in Uttar Pradesh may face restrictions.
Black Opal Consultants IPO Review
Black Opal Consultants has combined its expanding real estate advisory business with a move into development. During the period in question, its financial performance has improved, although its profitability ratios remain significant. The company continues, however, to rely on property transactions, developer mandates and a focused geographic market.
The money from the IPO will be used to expand the sales targets and to support the Ayodhya development project. Since the IPO has not yet opened and the current market price is ₹0, investors should consider subscription trends, valuation, project progress, and disclosed risks before making their decision.
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Black Opal Consultants IPO FAQs
The SME offering by Black Opal Consultants for its IPO has a book-building value of ₹55.08 crore and includes a new issue of approximately ₹44.09 crore together with an offer for sale of about ₹10.99 crore.
Investors may submit their applications via their broker’s IPO platform by using the relevant IPO application facility. It is important to verify the required amount of money and the minimum application size before lodging the bid.
The IPO has advantages but also certain risks. Before applying, investors should look at the company’s financial performance, valuation, real estate exposure, developer mandates, and how the proceeds from the IPO will be used.
The latest reported GMP is ₹0, implying no premium over the upper price band; unofficial and can change before listing, so it cannot be treated as guaranteed.
The IPO of Black Opal Consultants is set to begin on 29 September 2026 and end on 1 October 2026.
The market lot is 600 shares, but the minimum application is 2 lots (1,200 shares), which amounts to ₹2,36,400 at the upper price band of ₹197.
In your broker’s IPO section choose the Black Opal Consultants IPO, enter the number of shares or lots that you want and carry out the relevant payment or UPI mandate.
The tentative allotment date is October 5, 2026. Refunds and credit of shares to demat accounts are expected on October 6, subject to the final schedule.
The shares are tentatively scheduled to list on the BSE SME platform on October 7, 2026.
