Black Opal Consultants IPO Shares List at ₹200 on BSE SME

Black Opal Consultants shares made their stock market debut on October 7, 2026, listing at ₹200 per share on BSE SME compared with the IPO issue price of ₹197 per share. This represented a listing premium of 1.52%.
Following the listing, the stock traded at ₹157.60, placing it 20.00% below the ₹197 issue price.

The listing followed the company's IPO, which was open from September 29 to October 1, 2026. The ₹55.08 crore issue comprised a fresh issue of approximately ₹44.09 crore and an offer for sale of approximately ₹10.99 crore, with a price band of ₹185 to ₹197 per share.

Black Opal Consultants provides marketing and sales services for residential and commercial real estate projects. Its services include consulting and advisory, exclusive sales arrangements and loan syndication, with the company earning brokerage income from property transactions.

Black Opal Consultants IPO Listing Details

The IPO was a ₹55.08 crore book-built issue comprising a fresh issue of approximately ₹44.09 crore and an offer for sale of approximately ₹10.99 crore.

The issue received an overall subscription of 68.71 times. NIIs subscribed 92.30 times, Individual Investors 60.15 times and QIBs 59.77 times.

- Issue Price: ₹197 per share
- BSE SME Listing Price: ₹200 per share
- Listing Premium: 1.52%
- Trading Price: ₹157.60 per share
- Change From Issue Price: -20.00%
- Overall Subscription: 68.71 times
- Fresh Issue: ₹44.09 crore
- Offer for Sale: ₹10.99 crore
- Price Band: ₹185 to ₹197 per share
- IPO Open Date: September 29, 2026
- IPO Close Date: October 1, 2026
- Listing Date: October 7, 2026
- Exchange: BSE SME

First-Day Trading Performance

Listing Price: Black Opal Consultants share price listed at ₹200 compared with the ₹197 issue price, translating into a premium of 1.52%.

Post-listing Price: The stock subsequently traded at ₹157.60, 20.00% below the issue price and 21.20% below the listing price.

Subscription Context: The IPO received 68.71 times overall subscription, with NIIs leading at 92.30 times, followed by Individual Investors at 60.15 times and QIBs at 59.77 times.

Growth Drivers and Challenges

Growth Drivers

Real Estate Sales Platform: The company provides marketing and sales services for residential and commercial real estate projects.

Developer Network: Black Opal Consultants has worked with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M.

Broker Network: The company operates with a network of more than 200 brokers, supporting the distribution and sale of project inventory.

Financial Performance: FY26 total income increased to ₹42.34 crore from ₹33.04 crore in FY25, while profit after tax increased to ₹12.20 crore from ₹11.48 crore.

Challenges

Real Estate Sector Exposure: The company's revenue depends on activity and sales volumes in residential and commercial real estate markets.

Developer Dependence: Business performance can be affected by the availability, launch schedules and sales performance of projects from developer clients.

Revenue Concentration: Sales and marketing mandates can result in dependence on a limited number of projects or developers during particular periods.

Group Entity Investment: A significant portion of the IPO proceeds is proposed to be invested in Aurika Developers LLP for its Ayodhya project, creating exposure to project execution and real estate development risks.

Utilisation of IPO Proceeds

The ₹55.08 crore IPO comprised a fresh issue of approximately ₹44.09 crore and an offer for sale of approximately ₹10.99 crore.

The fresh issue proceeds are intended for:
- ₹7.00 crore towards securing sales and marketing mandates
- ₹26.00 crore towards investment in Aurika Developers LLP for financing the development of its Ayodhya project
- General corporate purposes

Business and IPO Overview

Black Opal Consultants provides marketing and sales services for residential and commercial real estate projects. Its services include consulting and advisory, exclusive sales arrangements and loan syndication.

The company works with real estate developers and a network of more than 200 brokers, primarily focusing on new and under-construction residential and commercial properties.

The company reported FY26 total income of ₹42.34 crore and profit after tax of ₹12.20 crore. Its ₹55.08 crore IPO comprised a fresh issue of approximately ₹44.09 crore and an OFS of approximately ₹10.99 crore and received 68.71 times subscription.

Shares listed at ₹200 on BSE SME against the ₹197 issue price and subsequently traded at ₹157.60.