Black Opal Consultants IPO
smelistedAbout the company
Black Opal Consultants was incorporated in September 2020, facilitates the sale of residential and commercial properties developed by third parties and earns brokerage income. Its broader service set includes property advisory, loan syndication and project management. The company serves developers, retail buyers and sellers, and investors, with a primary focus on newly constructed and under-construction properties. The core model comprises exclusive or semi-exclusive sales mandates and inventory-underwriting arrangements. Black Opal Consultants pays a refundable advance to a developer to secure rights over specified inventory; the advance is refunded after the allotted inventory is sold or the mandate expires. Brokerage is generally linked to predefined volume slabs. Strategic advisory on positioning, pricing, research and inventory structuring supports developer relationships but does not generate direct revenue. The company had sold more than 2,300 units, worked with over 25 developers and operated through a network of more than 200 broker associates as of the RHP date. FY26 revenue from operations was ₹41.97 crore and comprised brokerage and leasing income. Residential projects contributed ₹40.97 crore, or 97.6%, while commercial projects contributed ₹1.00 crore, or 2.3%. The company reported no real estate-development revenue in FY24-FY26. Operations are concentrated in Uttar Pradesh and Haryana. In FY26, Uttar Pradesh contributed ₹32.71 crore, or 77.94% of revenue from operations, and Haryana contributed ₹9.26 crore, or 22.06%. Uttar Pradesh's share was 73.32% in FY25 and 90.27% in FY24. The company operates in Noida, Greater Noida, the Yamuna Expressway corridor, Ghaziabad and Gurgaon through an asset-light model supported by partner agents and affiliated service providers. The company has entered real estate development through investments in Group Entities, including Aurika Developers LLP and Black Opal Ventures LLP. Aurika Developers LLP is developing Veda, a 153-unit commercial and hospitality project in Ayodhya. This development activity had not generated revenue during the last three financial years.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 26 Sep | ₹0 | ₹197 | 0 |
Strengths
- Established relationships with prominent real estate developers and exclusive sales mandates.
- Network of more than 200 broker associates supports its sales and distribution reach.
- Revenue from operations increased from ₹19.75 crore in FY24 to ₹41.97 crore in FY26, while PAT rose from ₹4.32 crore to ₹12.22 crore.
- Asset-light brokerage-led model with additional opportunities in loan syndication and advisory services.
- Expansion into real estate development through its investment in Aurika Developers LLP provides potential business diversification.
Risks
- Revenue is highly concentrated among a limited number of customers, increasing dependence on key developer relationships.
- Operations are heavily concentrated in Uttar Pradesh and Haryana, exposing the company to regional real estate conditions.
- Heavy dependence on brokerage and residential real estate makes revenue sensitive to property-market cycles and transaction volumes.
- Expansion into real estate development introduces additional project execution, funding, regulatory and construction-related risks.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed29 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed01 Oct 2026Last day to place your bid
Basis of Allotment
Completed05 Oct 2026Share allotment finalised
Refund Initiation
Completed06 Oct 2026Refunds credited for non-allottees
Credit to Demat
Completed06 Oct 2026Allotted shares credited to demat account
Listing on Exchange
Completed07 Oct 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 600 | ₹118,200 | 1 | ₹118,200 | 1 lot only |
| HNI | 2 | 1200 | ₹236,400 | 2 | ₹236,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,439,791 | 27.5 | 691,100 | 0.48x | 100% |
| NII | 15% | 431,937 | 8.25 | 224,607 | 0.52x | 100% |
| Retail | 35% | 1,007,853 | 19.25 | 393,063 | 0.39x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
