Black Opal Consultants Limited Set to Launch IPO on September 29
New Delhi, September 24, 2026: Delhi-NCR based integrated real estate platform Black Opal Consultants Limited has announced that its Initial Public Offering (IPO) will open on September 29, 2026, and close on October 1, 2026. The anchor portion is scheduled to open on September 28. The company has fixed a price band of Rs 185 to Rs 197 per share, with a minimum lot size of 600 shares, and plans to list on the BSE SME Platform.
The issue consists of 27,96,000 equity shares of face value Rs 10 each, comprising a fresh issue of 22,38,000 shares and an offer for sale of 5,58,000 shares. Up to 13,27,800 shares are reserved for Qualified Institutional Buyers, at least 3,98,400 for Non-Institutional Investors, and at least 9,30,000 for retail investors. Khambatta Securities Limited serves as the Book Running Lead Manager, while Share India Capital Services Pvt. Ltd. is the underwriter.
Black Opal operates through two business divisions: a fee-based Real Estate Consulting & Advisory arm and a project-based Real Estate Development arm under the Ourika Estates brand. The advisory business secures developer mandates and has facilitated over Rs 4,000 crore in real estate sales since inception. The development arm engages in joint developments, including a partnership with the Gulshan Group focused on mid-income residential projects in Northern India.
The company’s revenue from operations increased from Rs 19.75 crore in FY24 to Rs 41.97 crore in FY26. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached Rs 16.67 crore in FY26, while Profit After Tax (PAT) stood at Rs 12.22 crore, yielding a Return on Equity of 45.99%.
Net proceeds from the fresh issue will be allocated toward security deposits of Rs 7.00 crore for exclusive developer mandates in Delhi-NCR, an investment of Rs 26.00 crore in group entity Aurika Developers LLP for commercial project construction, and general corporate purposes.
Prasoon Chauhan, Promoter & Managing Director of Black Opal Consultants Limited, said, “Real estate is India’s most widely held asset, yet its advisory ecosystem remains fragmented. To become a genuine asset class alongside equities and fixed income, real estate needs institutional discipline: transparent processes, rigorous project selection and long-term investor relationships. Black Opal has been built to deliver exactly that, and this IPO strengthens our ability to do so across both our engines.”
