Black Opal Consultants IPO
Black Opal Consultants IPO is a ₹55.08 Cr bookbuilding issue comprising a fresh issue and offer for sale, opening on September 29, 2026, with a price band of ₹185 to ₹197 per share and listing on BSE SME.
Black Opal Consultants IPO Details
Black Opal Consultants Limited is a real estate advisory and property sales facilitation company that works with reputed developers to market and sell residential and commercial properties. The company operates primarily in the Delhi-NCR region and has worked with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. As of the date of its prospectus, the company had facilitated the sale of more than 2,000 units and developed a network of over 200 broker associates. The company’s business model is primarily based on earning brokerage and commissions for facilitating property sales.
Black Opal Consultants IPO Timeline (Tentative)
Black Opal Consultants Limited commenced its real estate advisory business in 2020 with an office in Delhi and subsequently expanded its operations to Noida. The company has continued to develop its broker network, technology capabilities and relationships with real estate developers. In 2025, the company made a strategic investment in Aurika Developers LLP and converted from a private limited company into a public limited company. The following timeline highlights key milestones in Black Opal Consultants’ journey.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 29, 2026 |
| IPO Close Date | Thu, Oct 1, 2026 |
| Basis of Allotment | Mon, Oct 5, 2026 |
| Initiation of Refunds | Tue, Oct 6, 2026 |
| Credit of Shares to Demat | Tue, Oct 6, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| Anchor Investor Bidding | September 28, 2026. |
Black Opal Consultants IPO Lot Size
The Black Opal Consultants IPO lot size is 600 shares. Investors must bid for a minimum of 1,200 shares, or 2 lots, at an application value of ₹2,36,400 at the upper price band. Bids can be made in multiples of 600 shares thereafter.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| 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 |
Black Opal Consultants IPO Reservation
Black Opal Consultants IPO comprises 27,96,000 equity shares, including 22,38,000 fresh issue shares and 5,58,000 shares offered for sale. The issue includes a market maker reservation of 1,39,800 shares. The investor allocation is structured around QIB, NII and retail categories, with anchor shares forming part of the QIB allocation.
Black Opal Consultants IPO Subscription
Subscription data is not yet available because the Black Opal Consultants IPO is scheduled to open on September 29, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Black Opal Consultants
Black Opal Consultants Limited is a real estate services company engaged in facilitating the sale of residential and commercial properties developed by real estate developers. The company primarily earns revenue through brokerage and sales mandates for newly constructed and under-construction properties.
The company has worked with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. Its business model includes exclusive or semi-exclusive sales mandates and inventory underwriting arrangements, under which the company may provide advance deposits to secure marketing rights for specified property inventory.
Black Opal Consultants also provides real estate advisory services covering areas such as product positioning, pricing, market research and inventory structuring. The company has developed a network of more than 200 brokers and uses digital marketing channels to support property sales.
The company has also diversified into loan syndication and real estate development. In 2025, it made a strategic investment in Aurika Developers LLP, a group entity involved in development of a real estate project in Ayodhya.
Strengths
- Experienced and qualified management team.
- Real estate brokerage and advisory experience.
- Relationships with established real estate developers.
- Network of more than 200 brokers.
- Presence across residential and commercial real estate segments.
- Digital marketing capabilities supporting sales activities.
- Diversification into loan syndication and real estate development.
- Investment in Aurika Developers LLP for real estate development.
Risks to Consider
- The company generates a substantial portion of its revenue from a limited number of key customers.
- The company does not maintain long-term contractual arrangements with all key customers.
- Real estate brokerage revenue is dependent on successful property sales and developer mandates.
- Changes in real estate demand, property prices and regulatory conditions may affect business activity.
- The company has exposure to the execution and development risks associated with its investment in Aurika Developers LLP.
- Its business depends on maintaining relationships with developers, brokers and customers.
- The real estate sector is subject to changes in government regulations, taxation and approval requirements.
- Revenue from sales mandates can fluctuate depending on the timing of property transactions.
Black Opal Consultants Financials (₹ Cr)
The company's revenue increased significantly from ₹7.88 Cr in FY2023 to ₹32.86 Cr in FY2025. PAT increased from ₹1.72 Cr to ₹11.48 Cr over the same period. Total assets increased from ₹6.52 Cr to ₹22.44 Cr, while net worth increased from ₹4.61 Cr to ₹20.41 Cr.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY 2026 | 41.97 | 12.20 | 59.62 | 32.67 |
| FY 2025 | 32.86 | 11.48 | 22.44 | 20.41 |
| FY 2024 | 19.75 | 4.32 | 13.14 | 8.93 |
KPIs & Valuation
The key performance indicators (KPIs) and valuation metrics of Black Opal Consultants Limited provide an overview of the company’s financial performance, profitability, capital efficiency and valuation in relation to its IPO. The company’s reported metrics include revenue, EBITDA margin, PAT, EPS, return on net worth, return on capital employed, net asset value and debt-to-equity ratio, which provide key financial parameters for evaluating its performance across the relevant periods.
Objects of the Issue
The Black Opal Consultants IPO comprises a Fresh Issue and an Offer for Sale. The company proposes to use the proceeds from the Fresh Issue primarily for securing sales and marketing mandates and for investment in Aurika Developers LLP for financing the development of its Ayodhya project. The remaining proceeds are proposed to be used for general corporate purposes.
- The company proposes to utilise the IPO proceeds for:
- Funding for securing Sales/Marketing mandates — approximately ₹7 crore.
- Investment in Aurika Developers LLP, one of the Group Entities, for financing the development of its Ayodhya Project — approximately ₹26 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
The Promoters, Book Running Lead Manager (BRLM) and Registrar play important roles in the Black Opal Consultants IPO process. The promoters of the company are Prasoon Chauhan and Sheikh Arfeen Ahmed. Khambatta Securities Limited is the Book Running Lead Manager to the issue, while Skyline Financial Services Private Limited is the Registrar to the Offer. The promoters held approximately 98.60% of the company before the issue, with their holding proposed to reduce after the IPO.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Skyline Financial Services Pvt. Ltd. |
|---|---|
| Phone | 011-40450193-97 |
| ipo@skylinerta.com | |
| Website | https://www.skylinerta.com/ |
Black Opal Consultants IPO Review
Black Opal Consultants is an SME IPO operating in the real estate services segment. The company's core business involves facilitating sales of residential and commercial properties through brokerage and sales mandates from developers.
The company's revenue increased from ₹7.88 Cr in FY2023 to ₹19.75 Cr in FY2024 and ₹32.86 Cr in FY2025. PAT increased from ₹1.72 Cr in FY2023 to ₹4.32 Cr in FY2024 and ₹11.48 Cr in FY2025. IPO Platform reports FY2026 revenue of ₹69.80 Cr and annualised PAT of ₹17.52 Cr based on the latest available period.
For FY2025, the company reported ROE of 56.25%, ROCE of 75.05%, EBITDA margin of 47.05%, PAT margin of 34.94% and Debt/Equity of approximately 0.01 according to prospectus-based financial data. The IPO proceeds are primarily directed towards securing sales and marketing mandates and investment in Aurika Developers LLP.
How to Apply
Through UPI
- Log in to your supported IPO application platform through your broker or bank.
- Select the Black Opal Consultants IPO from the IPO section.
- Enter your investor category and application details.
- Select the number of lots you wish to apply for.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Wait for the UPI mandate request from your bank.
- Open your UPI application and approve the mandate.
- Ensure sufficient funds are available in the linked bank account.
- Keep your application and UPI mandate details for future reference.
Prospectus & Documents
The key prospectus and IPO-related documents of Black Opal Consultants Limited provide detailed information about the company, its business operations, financial performance, risk factors, management, objects of the issue and the terms of the proposed public offering. Investors can refer to the Draft Red Herring Prospectus (DRHP), subsequent issue documents and other relevant filings for comprehensive information about the IPO. The DRHP was filed through Khambatta Securities Limited, the Book Running Lead Manager to the issue.
Last updated Oct 1, 2026.