Black Opal Consultants came to market through an SME IPO that opened on 29 September 2026 and closed on 1 October 2026, and the shares listed on 7 October 2026 on the BSE. The price band was ₹185 to ₹197 per share and one lot was 600 shares, so the minimum application was ₹1,18,200. The issue size was ₹55.08 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
It listed at ₹200, a gain of 1.5% against the issue price of ₹197. Skyline Financial Services Pvt.Ltd was the registrar to the issue, and Khambatta Securities Ltd was the lead manager.
The issue was subscribed 73.90 times overall.
Incorporated in the year 2020, Black Opal Consultants Limited collaborates with renowned real estate developers like Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M in selling and marketing their residential and commercial projects. Black Opal Consultants Limited takes exclusive or semi-exclusive sales rights for selling and marketing certain units in the project for which they earn the commission/brokerage.
Black Opal consultants limited also collaborate with its Group Entities like Aurika Homes Private Limited for selling and marketing the project of Aurika Homes in return for brokerage/commission. This strengthens the group synergies and helps in boosting up the business growth. Service Offerings: Consulting & Advisory Services Exclusive Sale Arrangements: Commission or margin on the sale of underwritten/exclusively mandated inventorie Loan Syndication Services: Commissions or success fees for arranging developer and buyer financing.
Real Estate Development through group entities operating in Tier -II cities in India The company operates in both residential and commercial sectors, primarily focusing on the under-construction/ready projects. Black Opal has taken part in the development business through Aurika Developers LLP. The company’s first project “Veda” is a commercial and hospitality project located in Darshan Nagar, Ayodhya.
As described in the offer document.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
₹185 to ₹197 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,18,200. After listing, SME shares also trade in lots rather than one share at a time.
₹1,18,200, for one lot of 600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 29 September 2026 and closed on 1 October 2026.
The basis of allotment was published on 5 October 2026 by Skyline Financial Services Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 7 October 2026 on the BSE, opening at ₹200.
The issue size was ₹55.08 crore. The fresh issue was 22,38,000 shares (aggregating up to ₹44.09 crore). The offer for sale was 5,58,000 shares (aggregating up to ₹11 crore).
It listed at ₹200 against an issue price of ₹197, a gain of 1.5 percent on listing day.