IPO Overview
Incorporated on September 06, 2020, Black Opal Consultants Limited is a Delhi-NCR based integrated real estate platform providing brokerage, property advisory, loan syndication, and project management solutions across the residential and commercial property segments. The company’s core revenue-generating activity is real estate brokerage through exclusive or semi-exclusive sales mandates and inventory underwriting arrangements with prominent developers. It has worked with well-known real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial projects. Since inception, the company has enabled real estate sales of over ₹4,000 crore across the NCR region. Beyond brokerage, Black Opal has expanded into real estate development through its group entities — it holds a 76% stake in Aurika Developers LLP (developing the RERA-approved “Veda” commercial project in Ayodhya) and a 41% stake in Black Opal Ventures LLP (developing the “Hummingbird” residential project in Ghaziabad).
The company is now launching its SME IPO on the BSE SME platform. The issue comprises a fresh issue of 22,38,000 shares (₹44.09 crore) and an offer for sale of 5,58,000 shares (₹11 crore), totalling ₹55.08 crore. The price band is set at ₹185–₹197 per share. The IPO opens on 29 September 2026 and closes on 1 October 2026, with listing expected on 7 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 28 September 2026 |
| IPO Open Date | 29 September 2026 |
| IPO Close Date | 01 October 2026 |
| Allotment Date | 05 October 2026 (Expected) |
| Refund Initiation | 06 October 2026 |
| Credit to Demat | 06 October 2026 |
| Listing Date | 07 October 2026 (Tentative) |
| Price Band | ₹185 – ₹197 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,22,000 – ₹2,36,400 (1 lot = 600 shares) |
| Issue Size | ₹55.08 crore |
| Fresh Issue | 22,38,000 shares (₹44.09 crore) |
| Offer For Sale (OFS) | 5,58,000 shares (₹11 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO includes an Offer for Sale component of 5,58,000 shares aggregating to approximately ₹11 crore. The OFS proceeds will go to the existing selling shareholders and not to the company. The fresh issue proceeds of ₹44.09 crore will flow directly into the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to use the net fresh issue proceeds as follows:
- Funding for securing Sales/Marketing mandates — ₹7 crore
- Investment in Aurika Developers LLP (group entity) for financing the development of its Ayodhya Project (“Veda”) — ₹25 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Khambatta Securities Limited
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd.
- Address: D-153A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi – 110020
Promoters & Management
The company is promoted by Mr. Prasoon Chauhan and Mr. Sheikh Arfeen Ahmed. Mr. Prasoon Chauhan serves as the Managing Director and is the primary driver of the company’s real estate brokerage and development strategy. The promoters bring expertise in real estate sales, developer relationship management, and project advisory across the Delhi-NCR region.
Company Details
Black Opal Consultants Limited operates as an integrated real estate services and development platform. Its primary business is facilitating the sale of residential and commercial properties developed by third-party real estate developers, in exchange for brokerage income earned through exclusive or semi-exclusive sales mandates. The company has also entered real estate development through its group entities.
Sectors Served:
- Residential Real Estate (97.62% of revenue in FY26)
- Commercial Real Estate (2.38% of revenue in FY26)
- Loan Syndication & Advisory Services
Key Business Activities:
- Exclusive/semi-exclusive sales mandates for developer projects
- Inventory underwriting arrangements
- Property advisory and project management
- Loan syndication services
- Real estate development through group entities (Aurika Developers LLP & Black Opal Ventures LLP)
Key Developer Relationships:
- Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, M3M, Gulshan Group
Geographic Presence (as of August 31, 2026):
- Ghaziabad, Noida, Greater Noida, Gurgaon, Yamuna Expressway, Sonipat, and Ayodhya
Group Projects:
- “Veda” — RERA-approved commercial project in Ayodhya (76% held via Aurika Developers LLP; Four Star GRIHA certified)
- “Hummingbird” — Residential project in Ghaziabad (41% held via Black Opal Ventures LLP; Four Star GRIHA certified)
- Aurika Facility Management LLP — Partnered with Best Western under a revenue-sharing model for hotel operations
Distribution Network:
- Network of more than 200 broker associates supporting sales and distribution reach across NCR
Financial Snapshot
| Period | Revenue from Operations (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹19.75 | ₹4.32 |
| FY25 | ₹32.79 (est.) | ₹11.52 (est.) |
| FY26 | ₹41.97 | ₹12.22 |
Key Financial Metrics
- Revenue from operations grew from ₹19.75 crore in FY24 to ₹41.97 crore in FY26 — a CAGR of approximately 46% over 2 years
- PAT grew from ₹4.32 crore in FY24 to ₹12.22 crore in FY26
- EBITDA Margin (FY26): ~39.73%
- PAT Margin (FY26): ~29.08%
- Return on Equity (FY26): 45.99%
- Asset-light brokerage-led model with strong margin profile
Company Strengths
- Established relationships with prominent NCR real estate developers — operates with exclusive and semi-exclusive sales mandates, ensuring recurring and priority business flow
- Strong revenue CAGR of ~46% over FY24–FY26 with consistently improving profitability
- High-margin, asset-light brokerage business with EBITDA margin of ~40% and PAT margin of ~29%
- Diversifying into real estate development through group entities — adds long-term value creation potential beyond pure brokerage
- Network of 200+ broker associates providing wide geographic reach across the Delhi-NCR region
- Enabled total real estate sales of over ₹4,000 crore since inception, demonstrating strong execution capability
Key Risks & Challenges
- Revenue concentration risk: Revenue is highly concentrated among a limited number of customers and developers — heavy dependence on key developer relationships creates business vulnerability if any major mandate is lost
- Residential sector dependence: Residential projects account for 97.62% of revenue in FY26 — any slowdown in NCR residential demand could significantly impact earnings
- Very young company: Incorporated only in September 2020 — limited track record of about 6 years
- Group entity investment risk: Deploying ₹25 crore of IPO proceeds into the Ayodhya project via Aurika Developers LLP introduces project execution and real estate development risks
- OFS component: ₹11 crore of the ₹55.08 crore raised goes to existing shareholders rather than the company
- Geographic concentration: Operations are currently focused on Delhi-NCR and Ayodhya — limited diversification across other real estate markets in India
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
