Summary
The Sai Urja Indo Ventures IPO is an SME book-built IPO, scheduled to open on 23 September 2026 and close on 25 September 2026.
The tentative listing of the IPO shares is fixed on 30 September 2026 on the BSE SME platform.
The shares are fixed in a price band of ₹107-₹113 per share, with a minimum application of 2 lots (2,400 shares).
Sai Urja Indo Ventures IPO is an SME book-built issue scheduled to open on 23 September 2026 and close on 25 September 2026. The company is offering 22,08,000 equity shares, including 18,28,800 fresh shares and 3,79,200 shares through an offer for sale. The IPO has a price band of ₹107 to ₹113 per share, while the minimum application is 2 lots, or 2,400 shares, requiring an investment of ₹2,71,200 at the upper price band. The shares are proposed to be listed on the BSE SME platform, with a tentative listing date of 30 September 2026.
Sai Urja Indo Ventures IPO Key Details
The table below presents the essential details investors should know before applying for the Sai Urja Indo Ventures IPO.
| IPO Open Date | 23 September 2026 |
| Close Date | 25 September 2026 |
| Face value | ₹10 per share |
| Issue Price | ₹107-₹113 per share |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 18,28,800 shares |
| Offer for Sale | 3,79,200 shares |
| Type of issue | Book-building IPO |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | ₹25 crores approx |
| Minimum Investment | 2 lots (2,400 shares) |
Sai Urja Indo Ventures IPO Timeline
Below is the complete schedule of events for the Sai Urja Indo Ventures IPO.
| Bid Opening | 23 September 2026 |
| Bid Closing | 25 September 2026 |
| Tentative Allotment | 28 September 2026 |
| Initiation of Refunds | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
| UPI mandate closing date | 25 September 2026 |
Key Performance Indicators of Sai Urja Indo Ventures IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 42.44 | 50.27 | 34.37 |
| ROCE (%) | 50.66 | 65.43 | 52.51 |
| Debt Equity (in times) | 0.59 | 0.69 | 0.45 |
| RoNW (%) | 42.44 | 50.27 | 34.37 |
| PAT Margin (%) | 4.98 | 4.79 | 3.01 |
| EBITDA margin (%) | 7.65 | 7.84 | 6.41 |
| Price to book |
Sai Urja Indo Ventures IPO Financial Details
The Financial information of the Sai Urja Indo Ventures IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 85.11 | 65.52 | 45.62 |
| Total Asset | 24.25 | 21.10 | 13.95 |
| Profit | 4.19 | 3.13 | 1.38 |
(Amount in ₹ Crores)
Sai Urja Indo Ventures IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Sai Urja Indo Ventures IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Sai Urja Indo Ventures IPO shows a GMP of ₹0.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 18-09-2026 | ₹113 | ₹0 | ₹113 | 0.00% | 18-09-2026, 13:54 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
Sai Urja Indo Ventures IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares | % of Net Issue | % of Total Issue |
| Market Maker | 2,16,000 | 9.78 | |
| QIB | 9,79,200 | 49.16 | 44.35 |
| NIIs | 3,02,400 | 15.18 | 13.70 |
| Retails | 7,10,400 | 35.66 | 32.17 |
| Total | 22,08,000 | 100% | 100% |
Sai Urja Indo Ventures IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| Individual Investor IND (Min) | 2 | 2,400 | 2,71,200 |
| Individual Investor IND (Max) | 2 | 2,400 | 2,71,200 |
| S-HNI (Min) | 3 | 3,600 | 4,06,800 |
| S-HNI (Max) | 7 | 8,400 | 9,49,200 |
| B-HNI (Min) | 8 | 9,600 | 10,84,800 |
Sai Urja Indo Ventures IPO Prospectus
Investors can access the offered prospectus for the Sai Urja Indo Ventures IPO mentioned below.
About Sai Urja Indo Ventures Ltd.
Sai Urja Indo Ventures Limited was incorporated in 2012 and is headquartered in Maharashtra. The company provides operation and maintenance (O&M) services mainly to power generation plants. Its services cover electrical maintenance, control and instrumentation, mechanical maintenance, Boiler-Turbine-Generator (BTG) operations, Coal Handling Plant (CHP), Ash Handling Plant (AHP), and other plant-support activities. It also provides equipment overhaul, manpower supply and housekeeping services. The company serves clients in the power generation, iron and steel, and agrochemical sectors.
Sai Urja has worked with clients including Adani Infrastructure Management Services, GMR Warora Energy and Maharashtra State Power Generation Company (MAHAGENCO).
Promoters:
- Harsh Ajaykumar Mittal
- Santosh Ajay Kumar Mittal
| Book Runner | Shannon Advisors Pvt. Ltd. |
| Issue Registrar | Maashitla Securities Pvt. Ltd. |
Purpose of Sai Urja Indo Ventures IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For funding working capital requirements | 8.00 |
| For repayment of prepayment of outstanding borrowings | 6.60 |
| General Corporate Purposes | – |
Sai Urja Indo Ventures Ltd.- Strengths and benefits
- Diversified Offerings: Sai Urja provides a range of O&M services covering electrical, mechanical, and control and instrumentation activities. Its services extend across BTG, CHP, MGR and other supporting plant systems. This allows the company to offer multiple services to industrial and power-sector clients.
- Repeat Customers: The company has received repeat business from its existing customers. According to the prospectus-related disclosures, repeat orders accounted for 100% of revenue in FY2024 and FY2025, while the average realisation per project increased from ₹97.91 lakh in FY2023 to ₹181.92 lakh in FY2025.
- Multiple Business Experience: Although power generation remains its main business, Sai Urja also provides services to the iron and steel and agrochemical sectors. This gives the company exposure to more than one industrial segment.
Sai Urja Indo Ventures Ltd- Risks and limitations
- Customer Concentration: Its top 10 customers contributed 99.97% of revenue from operations in FY2026, compared with 100% in FY2025 and 99.98% in FY2024. The loss of a major customer or a reduction in business from key customers could therefore affect revenue and profitability.
- Competitive Market: Sai Urja operates in a competitive O&M services market. Its ability to qualify for, compete for and win new projects can affect its future revenue and growth. The company also faces risks related to project execution, geographical spread, labour costs and supplier arrangements.
- PSU Contracts: A significant portion of the company’s revenue comes from contracts with public sector undertakings. The company cannot assure that these contracts will continue to be awarded or renewed in the future. Losing such contracts could affect its business and financial performance.
Sai Urja Indo Ventures IPO Review
Sai Urja Indo Ventures IPO is an SME book-built issue scheduled to open on 23 September 2026 and close on 25 September 2026. The company has fixed the IPO price band at ₹107 to ₹113 per share, with a lot size of 1,200 shares. The IPO comprises 22,08,000 shares and is proposed to be listed on the BSE SME platform. The tentative listing date is 30 September 2026. At the upper price band of ₹113, investors applying for the minimum 2 lots or 2,400 shares would need ₹2,71,200. The IPO allotment is expected on 28 September 2026, followed by refunds and credit of shares to demat accounts on 29 September.
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Sai Urja Indo Ventures IPO FAQs
Sai Urja Indo Ventures IPO is an SME book-built IPO of 22,08,000 shares. The IPO is scheduled to open on 23 September 2026 and close on 25 September 2026. The price band is ₹107–₹113 per share, and the shares are proposed to be listed on the BSE SME platform.
Investors can apply for the IPO through the permitted IPO application channels using their demat and bank account details. The minimum application is 2 lots, or 2,400 shares. At the upper price band of ₹113, the minimum investment is ₹2,71,200.
The company has reported growth in revenue and profit, repeat orders from customers and a sizeable order book. However, its revenue is highly concentrated among its top customers, and it also depends significantly on PSU contracts. Investors should review these factors along with the IPO valuation and their own risk tolerance before applying.
The Sai Urja Indo Ventures IPO will open for subscription on 23 September 2026 and close on 25 September 2026.
The lot size is 1,200 shares. Retail investors need to apply for a minimum of 2 lots, or 2,400 shares. At ₹113 per share, the minimum investment is ₹2,71,200.
The tentative IPO allotment date is 28 September 2026. Refunds and credit of shares to demat accounts are scheduled for 29 September 2026, subject to the final IPO schedule.
The tentative listing date for Sai Urja Indo Ventures IPO shares is 30 September 2026 on the BSE SME platform.
