Sai Urja Indo Ventures IPO

Incorporated in 2012, Sai Urja Indo Ventures Limited provides operation and maintenance (O&M) and allied support services for industrial plants, primarily in the power generation sector. The company also serves iron and steel and agrochemical industries. Its services include electrical, mechanical and control and instrumentation maintenance, coal handling, Boiler-Turbine-Generator operations, Merry-Go-Round systems, industrial housekeeping, equipment overhauls and manpower supply. The company delivers services through annual maintenance, performance-based, manpower supply and short-term contracts. As of June 2026, Sai Urja Indo Ventures had 1,969 employees and several ongoing projects across industrial locations. Its competitive strengths include diversified O&M services, repeat orders, a sizeable order book and experienced leadership. 

Sai Urja Indo Ventures IPO Overview 

Sai Urja Indo Ventures IPO is a bookbuilding issue of ₹24.95 crore comprising a fresh issue and an offer for sale. The IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The price band is fixed at ₹107 to ₹113 per share, with a lot size of 1,200 shares. Retail investors must apply for a minimum of two lots, or 2,400 shares, requiring ₹2,71,200 at the upper price band. HNI investors must apply for at least three lots, or 3,600 shares. The issue comprises 22,08,000 shares, including 18,28,800 fresh shares and 3,79,200 shares offered for sale. Shannon Advisors Pvt. Ltd. is the book running lead manager, while Maashitla Securities Pvt. Ltd. serves as the registrar. Prabhat Financial Services Ltd. acts as the market maker. Allotment is expected on 28 September, refunds and demat credit on 29 September, and listing on BSE SME on 30 September 2026. 

Sai Urja Indo Ventures Limited IPO Details 

Particulars	Details
IPO Date	23 September 2026 to 25 September 2026
Listing Date	30 September 2026
Face Value	₹10 per share
Issue Price Band	₹107 to ₹113 per share
Lot Size	1,200 Shares
Total Issue Size	22,08,000 shares (aggregating up to ₹24.95 Cr)
Fresh Issue	18,28,800 shares (aggregating up to ₹20.67 Cr)
Offer for Sale	3,79,200 shares (aggregating up to ₹4.28 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	58,10,000 shares
Share Holding Post Issue	76,38,800 shares
Market Maker Portion	2,16,000 shares

Sai Urja Indo Ventures IPO Reservation 

Investor Category	Shares Offered
QIB	49.16% of the Net Issue
Retail	35.66% of the Net Issue
NII (HNI)	15.18% of the Net Issue

Sai Urja Indo Ventures IPO Lot Size 

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,71,200
Retail (Max)	2	2,400	₹2,71,200
S-HNI (Min)	3	3,600	₹4,06,800
S-HNI (Max)	7	8,400	₹9,49,200
B-HNI (Min)	8	9,600	₹10,84,800

Sai Urja Indo Ventures IPO Promoter Holding 

Shareholding Status	Percentage
Pre-Issue	92.87%
Post-Issue	65.67%

Sai Urja Indo Ventures IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	₹4.10
Price/Earnings (P/E) Ratio	27.56x
Return on Net Worth (RoNW)	42.44%
Net Asset Value (NAV)	₹20.99
Return on Equity	42.44%
Return on Capital Employed (ROCE)	50.66%
EBITDA Margin	7.65%
PAT Margin	4.98%
Debt to Equity Ratio	0.59

Objectives of the Proceeds 

1. Funding working capital requirements to support day-to-day operations, project execution and the company’s growing business requirements – ₹8.00 crore. 

2. Repayment or prepayment of certain loans to reduce outstanding debt obligations and strengthen the company’s financial position – ₹6.60 crore. 

3. General corporate purposes to support broader business requirements and other permissible corporate activities from the remaining issue proceeds. 

Key Financials (in ₹ crore) 

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	24.25	21.11	13.95
Revenue	85.64	65.82	45.88
Profit After Tax	4.19	3.13	1.39
Reserves and Surplus	6.39	1.95	4.71
Total Borrowings	7.18	5.35	2.15

Peer Group Comparison 

1. Diversified O&M service solutions for power and other industries 

2. Increase in repeat orders from existing clients with larger project values 

3. Large orderbook facilitating sustainable growth in financial performance 

4. Leadership with a track record, powered by a sizable team 

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Sai Urja Indo Ventures Ltd.	7.29	7.29	20.99	—	42.44	—
Peer Group
Lakshya Powertech Limited	9.94	9.94	101.17	11.27	9.82	1.11