Black Opal Consultants IPO is a SME issue open from 29 September – 1 October. The company is raising ₹55 Cr at a price band of ₹185 to ₹197 per share. One lot is 600 shares.
Black Opal Consultants IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,18,200
600 shares at the upper band of ₹197
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
74.5%
₹41 Cr of the ₹55 Cr issue
Revenue growth
+28.1%
31 Mar 2025 → 31 Mar 2026
Profit growth
+6.3%
PAT ₹11.48 Cr → ₹12.2 Cr
Net profit margin
28.8%
was 34.7% in 31 Mar 2025
Debt to equity
0.01
lower is safer
Return on equity
56.25%
ROE
Peer listing record
2 of 3 listed above issue price
median listing move +4.5%
Promoter holding
98.6% → 72.46%
diluted by 26.1 percentage points
Black Opal Consultants is an SME issue raising ₹55 Cr, offered in a band of ₹185–₹197 per share. At the upper end that is 19.7 times the ₹10 face value, so ₹187 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Black Opal Consultants needs one lot of 600 shares, which works out to ₹1,18,200 at the upper band of ₹197. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 9 lots.
For Black Opal Consultants, bidding runs 29-1 October, allotment is finalised on 5 Oct 2026, the shares list on 7 Oct 2026. Applications that do not receive an allotment have their UPI mandate released around 4 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 47.49% to qualified institutional buyers, 14.25% to non-institutional investors, 33.26% to retail. At 33.26%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹41 Cr of fresh capital (74.5%) and ₹11 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹33.04 Cr in 31 Mar 2025 to ₹42.34 Cr in 31 Mar 2026 (+28.1%), while profit after tax went from ₹11.48 Cr to ₹12.2 Cr (+6.3%). Growth in profit broadly tracks growth in revenue.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 16.5. Comparing that with the multiple implied by this issue's ₹185–₹197 band is a more useful test of pricing than looking at the grey market premium alone.
Skyline Financial Services Pvt.Ltd. is the registrar for this issue, which means the allotment status for Black Opal Consultants is published on their portal from 5 Oct 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What looks good
- A debt-to-equity ratio of 0.01 points to a conservatively funded balance sheet.
- Return on equity of 56.25% is strong for the sector.
What to watch
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
What is Black Opal Consultants IPO?
Black Opal Consultants IPO is a SME issue open from 29 September – 1 October. The company is raising ₹55 Cr at a price band of ₹185 to ₹197 per share. One lot is 600 shares.
When does Black Opal Consultants IPO open and close?
The issue is open 29 September – 1 October. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Black Opal Consultants IPO price band?
The price band is ₹185 to ₹197 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Black Opal Consultants IPO lot size?
The minimum application is 600 shares, and bids must be in multiples of that lot.
What is the Black Opal Consultants IPO issue size?
The total issue size is ₹55 Cr.
How is Black Opal Consultants IPO reserved between investor categories?
The issue is reserved as retail 33.26%, QIB 47.49%, HNI 14.25%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Black Opal Consultants IPO allotment date?
Basis of allotment is expected to be finalised on 5 Oct 2026. You can check your status on the registrar's website (Skyline Financial Services Pvt.Ltd.) using your PAN.
When does Black Opal Consultants IPO list?
Listing is expected on 7 Oct 2026, following the T+3 timeline that applies to Indian IPOs.
