Sai Urja IPO
Sai Urja IPO Listing Day Performance
Sai Urja listed on BSE SME on 05 October 2026 at ₹133.80, a 18.41% premium over the issue price of ₹113. A retail investor allotted the minimum application of 2,400 shares (2 lots) gained ₹49,920 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹32 (+28.3%) |
| GMP-implied listing | ₹145 |
| Actual listing | ₹133.80 |
| Difference | −₹11.2 (−7.7%) |
Demand going into listing
| Subscribed overall | 5.11× |
| QIB | 2.8× |
| NII | 10.62× |
| Retail | 4.04× |
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 4 | Final |
|---|---|---|---|
| QIB | 0.00x | 0.00x | 2.80x |
| NII | 0.07x | 0.08x | 10.62x |
| bNII > ₹10L | 0.05x | 0.05x | 11.01x |
| sNII 2-10L | 0.11x | 0.14x | 9.85x |
| Retail | 0.05x | 0.43x | 4.04x |
| Total | 0.04x | 0.23x | 5.11x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 45.88 | 65.82 | 85.64 |
| Expense | 43.63 | 61.54 | 80.08 |
| Profit (PAT) | 1.39 | 3.13 | 4.19 |
| Total Assets | 13.95 | 21.11 | 24.25 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Sai Urja This IPO | 7.29 | - | 42.44 | 20.99 | - |
| Lakshya Powertech Limited | 9.94 | 11.27 | 9.82 | 101.17 | 179.93 Cr |
Strengths & Risks
- Strong institutional (QIB) demand — 2.8x.
- Revenue grew 30% in the latest reported year.
- Strong return on equity — 42%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Sai Urja
Sai Urja Indo Ventures Limited is one of the leading companies in terms of offering Operation and Maintenance (O&M) and other support services in industrial plants, primarily in the power generation industry and other industries like iron & steel and agrochemicals. Further, they provide a wide range of operation & maintenance services, including breakdown, predictive and preventive maintenance, condition monitoring, all field instruments calibration and testing, and other related activities for power plants and other industries. Moreover, as of mid-June 2026, the company holds 17 active projects with ₹7,165.10 lakh in pending execution, along with another four upcoming projects valued at ₹2,536.74 lakh that have yet to begin.
Company Contact Information
Sai Urja Indo Ventures Ltd., UG-2 Office Floor,, J. K. Complex,, Nanaji Nagar Nagpur Road,, Chandrapur, Maharashtra, 442401
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding the working capital requirements of the Company | 8.00 |
| Repayment/prepayment, in full or part, of certain loans availed by the Company | 6.60 |
| General Corporate Purposes | - |
Resources & Documents
Anchor Investors
Sai Urja IPO - Quick Take
Sai Urja has set a price band of Rs 107–Rs 113 per share for an issue size of Rs 25 crore. The stock listed with a 18.41% gain versus its issue price on October 05, 2026.
The issue is promoted by Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal with Shannon Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding the working capital requirements of the Company (Rs 8 crore) and repayment/prepayment, in full or part, of certain loans availed by the Company (Rs 7 crore).
On fundamentals, the company is posting revenue growth of 30.1%, a profit margin of 4.9%, return on equity of 42.4% in its most recent reported period. Listed peers in this segment include Lakshya Powertech Limited (P/E 11.27x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
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.
Frequently Asked Questions
Sai Urja IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 28.3%. Of the 32 SME IPOs we have tracked with a final GMP of 25% or more, 32 listed above, 0 flat and 0 below the issue price; Sai Urja listed 18.4% above its issue price.
See the full Sai Urja GMP history and trend, or learn how grey market premium works and how reliable it is.
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