Black Opal Consultants IPO
Black Opal Consultants IPO Listing Day Performance
Black Opal Consultants listed on BSE SME on 07 October 2026 at ₹200.00, a 1.52% premium over the issue price of ₹197. A retail investor allotted the minimum application of 1,200 shares (2 lots) gained ₹3,600 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹9 (+4.6%) |
| GMP-implied listing | ₹206 |
| Actual listing | ₹200.00 |
| Difference | −₹6 (−2.9%) |
Demand going into listing
| Subscribed overall | 73.9× |
| QIB | 59.77× |
| NII | 124.82× |
| Retail | 60.15× |
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Final |
|---|---|---|---|
| QIB | 0.48x | 0.76x | 59.77x |
| NII | 0.17x | 1.38x | 124.82x |
| bNII > ₹10L | 0.21x | 1.49x | 145.83x |
| sNII 2-10L | 0.10x | 1.17x | 82.81x |
| Retail | 0.39x | 1.61x | 60.15x |
| Total | 0.37x | 1.32x | 73.90x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 19.91 | 33.04 | 42.34 |
| Expense | 14.10 | 17.67 | 25.85 |
| Profit (PAT) | 4.32 | 11.48 | 12.20 |
| Total Assets | 13.14 | 22.44 | 59.62 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Black Opal Consultants This IPO | 14.65 | - | 37.40 | 39.17 | - |
| Homesfy Realty Limited | -63.50 | - | -68.98 | 92.06 | 41.97 Cr |
Strengths & Risks
- Strongly subscribed — 73.9x overall (final).
- Strong institutional (QIB) demand — 59.8x.
- Revenue grew 28% in the latest reported year.
- Solid profit margin — 28.8%.
- Strong return on equity — 46%.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
From this issue's live data. Not investment advice — read the RHP.
Company Information
Black Opal Consultants at a glance
From the company's description: “Black Opal Consultants, founded in 2020, is one of the leading real estate companies that partners with real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial…”
Black Opal Consultants is raising ₹55.08 crore through an IPO on the BSE SME. Of that, ₹44.09 crore is a fresh issue — new shares, with the money going to the company — and ₹10.99 crore is an offer for sale by existing shareholders, who keep those proceeds; 80% of the issue therefore reaches the business. Main stated uses of the fresh money: Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project (₹25 crore) and Funding for securing Sales/Marketing mandates (₹7 crore).
Revenue went from ₹19.91 crore in 2024 to ₹42.34 crore in 2026, up 113% over 2 years. Profit after tax went from ₹4.32 crore to ₹12.2 crore, a net margin of 29% in the latest year.
Debt stands at 0.29 times equity.
Written from the issue's offer-document figures shown on this page. Not investment advice.
Company Contact Information
Black Opal Consultants Ltd., Shop No. 8, Ground Floor, C.S.C. AGCR Enclave,, Delhi, Delhi, New Delhi, 110092
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding for securing Sales/Marketing mandates | 7.00 |
| Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project | 25.00 |
| General corporate purposes | - |
Resources & Documents
Anchor Investors
Black Opal Consultants IPO - Quick Take
Black Opal Consultants has set a price band of Rs 185–Rs 197 per share for an issue size of Rs 55 crore. The stock listed with a 1.52% gain versus its issue price on October 07, 2026.
The issue is promoted by Prasoon Chauhan and Sheikh Arfeen Ahmed with Khambatta Securities Ltd. acting as lead manager. Net proceeds will primarily be used towards funding for securing Sales/Marketing mandates (Rs 7 crore) and investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project (Rs 25 crore).
On fundamentals, the company is posting revenue growth of 28.2%, a profit margin of 28.8%, return on equity of 46.0% in its most recent reported period.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Black Opal Consultants IPO: Lead Manager & Registrar Track Record
How the firm running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out Black Opal Consultants itself, so they describe what came before it.
- Black Opal Consultants listed at +1.5% on day one; the median of 193 listings was +1.7% (better than 50% of them).
- Subscribed 73.9x against a median of 3.98x across 192 issues (higher than 74%).
- Average listing-day move across all 194 SME listings we track: +11.6%.
| Firm | Other IPOs | Listed at / above issue | Avg move | Median |
|---|---|---|---|---|
| Khambatta Securities Ltd. Lead manager | 1 1 MB · 0 SME | 100% 1 of 1 | +34% | +34% |
| Skyline Financial Services Pvt.Ltd. Registrar | 16 0 MB · 16 SME | 69% 11 of 16 | Check allotment → | |
Recent listings managed by Khambatta Securities Ltd. (1)
| IPO | Listed | Listing-day move |
|---|---|---|
| Technocraft Ventures | 14 Aug 2026 | +34% |
A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.
Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.
Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.
Frequently Asked Questions
Black Opal Consultants IPO GMP — What It Means
Its last GMP before listing was 4.6%. Of the 54 SME IPOs we have tracked with a final GMP under 10%, 21 listed above, 14 flat and 19 below the issue price; Black Opal Consultants listed 1.5% above its issue price.
See the full Black Opal Consultants GMP history and trend, or learn how grey market premium works and how reliable it is.
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