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  • Black Opal Consultants Ltd IPO
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Black Opal Consultants IPO

  • Status: Live
  • DRHP:
  • BSE SME
  • ₹ 111,000 / 600 shares

    Minimum Investment

Black Opal Consultants IPO Details

  • Open Date

    29 Sep 2026

  • Close Date

    01 Oct 2026

  • IPO Price Range

    ₹ 185 to ₹197

  • IPO Size

    ₹ 55.08 Cr

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Timeline Subscription Status Financials SWOT FAQ Contacts

Black Opal Consultants IPO Timeline

Black Opal Consultants IPO Subscription Status

Last Updated: 29 September 2026 5:24 PM by 5paisa

Black Opal Consultants Limited operates in the real estate advisory and brokerage segment, facilitating the sale of residential and commercial properties developed by real estate companies. The Company primarily earns brokerage income through sales mandates and specialises in luxury properties. 

It has worked with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. As disclosed in the offer document, Black Opal has sold more than 2,000 units, worked with over 25 developers and built a network of more than 200 broker associates across Delhi-NCR. 

Its business model includes exclusive and semi-exclusive sales mandates, under which advances may be placed with developers to secure rights to market specified inventories. The Company also operates across real estate advisory and brokerage, loan syndication and investments in group entities involved in real estate development. 

Established in: 2020 

Managing Director: Prasoon Chauhan 

Peers: 

Homesfy Realty Limited

Black Opal Consultants Objectives

1. Funding for securing Sales/Marketing mandates 

2. Investment in Aurika Developers LLP, a Group Entity, for financing the development of its Ayodhya Project 

3. General Corporate Purposes 

Black Opal Consultants IPO Size 

Types Size
Total IPO Size ₹55.08 Cr 
Offer For Sale Up to 5,58,000 Shares 
Fresh Issue Up to 22,38,000 Shares 

Black Opal Consultants IPO Lot Size 

Application Lots Shares Amount (₹)
Individual investors (IND) (Min)   2 1,200  2,36,400 
Individual investors (IND) (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

Investors Category Subscription (times) Shares Offered* Shares bid for Total Amount (Cr.)*
QIB (Ex Anchor) 0.48 5,31,000 2,53,800 5.000
Non-Institutional Buyers 0.17 3,99,000 69,600 1.371
  bNII (> ₹10L) 0.21 2,65,800 56,400 1.111
 sNII (< ₹10L) 0.10 1,33,200 13,200 0.260
Retail 0.39 9,30,000 3,67,200 7.234
Total** 0.37 18,60,000 6,90,600 13.605

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (In ₹ Crores) FY23 FY24 FY25
Revenue 7.88  19.75  32.86 
EBITDA 2.39  5.94  15.47 
PAT 1.72  4.32  11.48 
Particulars (In ₹ Crores) FY23 FY24 FY25
Total Assets 6.52  13.14  22.44 
Share Capital 0.83  0.83  0.83 
Total Liabilities 6.52  13.14  22.44 
Particulars (In ₹ Crores) FY23 FY24 FY25
Net Cash Generated From / (used in) operating activities -0.18  5.60  -0.65 
Net Cash Generated From / (used in) Investing Activities -2.47  -4.40  2.48 
Net Cash Generated From / (used in) financing activities 1.96  0.23  -1.77 
Net Increase (Decrease) In Cash And Cash Equivalents -0.69  1.44  0.06 


Strengths

1. Experienced promoters with more than 25 years of combined industry experience. 

2. Established client base of over 2,000 customers. 

3. Partnerships with more than 25 developers, including exclusive project mandates. 

4. Network of more than 200 broker associates supporting its real estate sales operations. 

5. Track record in real estate consulting and broking, including premium property transactions. 

Weaknesses

1. Business operations have a significant concentration in the NCR region. 

2. Expansion into real estate development brings additional execution and project-related risks. 

3. The Company's technology platform is at a relatively early stage and requires further development and investment. 

4. Cash flows from operations have fluctuated across the reported financial periods. 

Opportunities

1. Growth in residential and premium real estate transactions can expand the addressable market for advisory and brokerage services. 

2. Expansion into Tier-II markets can provide access to new residential real estate opportunities. 

3. Increasing digital adoption can support technology-led real estate sales and advisory processes. 

4. Expansion of the Company's real estate development activities could diversify its existing business model. 

Threats

1. Changes in real estate regulations may increase compliance requirements or affect operations. 

2. Competition from established property consultants and technology-led property platforms may affect market share. 

3. Cyclicality in the real estate sector can influence transaction volumes, demand and pricing. 

4. Scaling brokerage, technology and real estate development operations simultaneously may create execution challenges. 

1. The Company has worked with more than 25 developer partners and served over 2,000 customers. 

2. Revenue from operations increased from ₹7.88 crore in FY23 to ₹32.86 crore in FY25. 

3. PAT increased from ₹1.72 crore in FY23 to ₹11.48 crore in FY25. 

4. Its brokerage operations are supported by a network of more than 200 broker associates and a mix of exclusive and semi-exclusive developer mandates. 

5. The Company is expanding beyond brokerage through real estate development and loan syndication activities. 

India's real estate brokerage, advisory, underwriting and loan syndication market was estimated at approximately ₹26,973 crore in FY25 in the industry report included in the offer document. The report projects the market to reach around ₹65,734 crore by FY30. 

The sector is supported by factors such as urbanisation, infrastructure development, increasing institutional participation, growth in real estate transactions and expansion across Tier-II and Tier-III markets. Digitalisation and greater formalisation are also influencing how developers, brokers and customers interact. 

For Black Opal Consultants, these developments are relevant to its brokerage and advisory operations as well as its plans to expand beyond NCR. The Company has also entered real estate development through its 76% interest in Aurika Developers LLP, which is developing the Veda project in Ayodhya.

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FAQs

Black Opal Consultants IPO opens on September 29, 2026 and closes on October 1, 2026. 

The size of Black Opal Consultants IPO is approximately ₹55.08 crore. The offer comprises up to 27,96,000 equity shares, including a fresh issue of up to 22,38,000 shares and an offer for sale of up to 5,58,000 shares. 

The price band of Black Opal Consultants IPO is fixed at ₹185 to ₹197 per share. 

To apply for Black Opal Consultants IPO, follow the steps given below: 

1. Login to your 5paisa demat account and select the issue in the current IPO section. 

2. Enter the number of lots and the price at which you wish to apply for the Black Opal Consultants IPO. 

3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange. 

4. You will receive a mandate notification to block funds in your UPI app. 

The market lot size of Black Opal Consultants IPO is 600 shares. Individual investors must apply for a minimum of 2 lots, or 1,200 shares, requiring an investment of ₹2,36,400 at the upper price band of ₹197 per share. 

The basis of allotment for Black Opal Consultants IPO is expected to be finalised on October 5, 2026. 

Black Opal Consultants IPO is tentatively scheduled to list on BSE SME on October 7, 2026. 

Khambatta Securities Limited is the book-running lead manager for the Black Opal Consultants IPO. Skyline Financial Services Private Limited is the registrar to the offer. 

The Company proposes to use the net proceeds from the fresh issue for: 

1. Funding for securing Sales/Marketing mandates 

2. Investment in Aurika Developers LLP for financing development of its Ayodhya Project 

3. General Corporate Purposes