Black Opal Consultants IPO: Allotment Status, GMP, Listing Date and Review
Delhi NCR real estate marketing and sales firm working for developers like M3M, Max Estates and Shapoorji Pallonji, now investing in its own project in Ayodhya.
Hot demand for a high-margin property marketing firm, but nearly half the IPO money goes into a single real estate project, which changes the risk profile.
Our own view, not investment advice.
Subscription by category
Final subscription, 1 Oct 2026
Key numbers
FY26, restated consolidated
| Revenue | ₹42.34 cr |
| Net profit | ₹12.22 cr |
| Net margin | 28.9% |
| ROE | 46.0% |
| Debt to equity | 0.29 |
| Anchor money | ₹15.69 cr |
IPO timeline
2 Oct was a holiday, so allotment is due on Monday 5 Oct, refunds and demat credits on 6 Oct, and listing on Wednesday 7 Oct.
Black Opal Consultants helps big developers in Delhi NCR sell homes and offices. It was one of the most popular SME issues of the week: the ₹55.08 crore IPO was subscribed 73.80 times, and the grey market premium is about ₹78, roughly 40% over the issue price.
Because 2 October was a holiday, allotment is due on Monday 5 October and shares list on BSE SME on 7 October. One thing stands out in the fine print: nearly half the IPO money will go into a single real estate project in Ayodhya.
Black Opal Consultants IPO at a glance
| Detail | Black Opal Consultants IPO |
|---|---|
| Issue size | ₹55.08 crore (₹44.09 crore fresh + ₹10.99 crore OFS) |
| Issue price | ₹197 per share (face value ₹10) |
| Lot size | 600 shares |
| Individual investor minimum | 2 lots, 1,200 shares (₹2,36,400) |
| Quota | QIB 49.97%, Retail 35.01%, NII 15.02% |
| Anchor round | ₹15.69 crore on 28 Sep 2026 |
| Bidding dates | 29 Sep to 1 Oct 2026 |
| Allotment | 5 Oct 2026 (expected) |
| Refund and demat credit | 6 Oct 2026 |
| Listing | 7 Oct 2026 on BSE SME |
| Market cap | About ₹208.37 crore post-issue |
| Promoter holding | 98.6% before, 72.46% after |
| Lead manager | Khambatta Securities |
| Registrar | Skyline Financial Services |
| Market maker | Share India Securities |
With retail subscribed 60.15 times, only about one in 60 retail applicants is likely to receive the minimum two lots.
What Black Opal Consultants actually does
Black Opal Consultants Ltd was incorporated in 2020 and is promoted by Prasoon Chauhan and Sheikh Arfeen Ahmed. It offers real estate marketing and sales, consulting, loan syndication and, increasingly, development. It works on new and under-construction residential and commercial projects, and its clients include Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M.
Real estate channel partners like Black Opal earn commissions for selling inventory on behalf of developers. It is an asset-light model with high margins when the property market is strong.
Of the fresh issue, ₹26 crore will be invested in Aurika Developers LLP for a project in Ayodhya, and ₹7 crore will be used to secure new sales and marketing mandates. The ₹10.99 crore OFS goes to promoters.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 19.91 | 33.04 | 42.34 |
| EBITDA | 6.09 | 15.65 | 17.05 |
| Net profit | 4.32 | 11.48 | 12.22 |
| Net worth | 8.93 | 20.41 | 32.67 |
| Borrowings | 1.6 | 0.2 | 9.52 |
| Total assets | 13.14 | 22.44 | 59.62 |
What these numbers tell us, in plain language:
- Growth slowed in FY26. Revenue rose from ₹19.9 crore to ₹33 crore to ₹42.3 crore. Profit jumped from ₹4.3 crore to ₹11.5 crore in FY25, but grew only 6% to ₹12.2 crore in FY26.
- Margins are very high. EBITDA margin was 40.6% and net margin 28.9% in FY26, typical of a commission-based business with few fixed costs.
- The balance sheet changed in FY26. Total assets nearly tripled to ₹59.6 crore and borrowings rose to ₹9.5 crore, suggesting the company has started committing capital to projects.
- Valuation is moderate. Post-issue P/E is about 17.1x, with price to book of about 5x.
How the subscription ended
| Category | Final (1 Oct) |
|---|---|
| QIB | 59.77x |
| NII | 124.29x |
| Retail | 60.15x |
| Total | 73.80x |
Anchors put in ₹15.69 crore on 28 September. By the close on 1 October, QIBs had bid 59.77 times, NIIs 124.29 times and retail 60.15 times, for 73.80 times overall across 59,685 applications.
The GMP story so far
The grey market premium was about ₹78 on 4 October, roughly 40% over the ₹197 issue price, pointing to a listing near ₹275.
How to check Black Opal Consultants IPO allotment status
- Go to the Skyline Financial Services IPO allotment page, or the BSE allotment status page.
- Select Black Opal Consultants from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on Monday 5 October 2026, once the registrar finalises the basis of allotment with the exchange. Refunds and demat credits follow on 6 October, and shares list on BSE SME on 7 October.
The listing outlook
A strong listing looks likely given the demand and GMP. Anchor lock-ins limit early institutional selling. After listing, the stock will move with the NCR property market and progress on the Ayodhya project.
What to weigh before you apply
From broker to developer
Investing ₹26 crore in Aurika Developers LLP for an Ayodhya project turns part of Black Opal into a real estate developer. Development carries approval, construction and sales risks that a commission business does not.
Tied to the property cycle
Channel partner commissions depend on how fast developers sell. A slowdown in NCR housing sales would hit revenue directly.
Strengths and risks
Strengths
- Subscribed 73.80 times with ₹15.69 crore from anchors
- Works with leading developers including M3M, Max Estates and Shapoorji Pallonji
- Net margin of about 29% and ROE of 46%
- Post-issue P/E of about 17x
- Asset-light core business
Risks
- ₹26 crore of IPO money goes into a single real estate project
- FY26 profit growth slowed to 6%
- Revenue depends on the NCR property cycle
- Promoters selling ₹10.99 crore through the OFS
- A 40% GMP can fade quickly after listing
Scouter verdict: A profitable property marketing firm with very strong IPO demand, but the shift into project investment adds risk. A strong listing looks likely; long-term investors should watch how the Ayodhya project goes. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 60.15 times their quota. Each successful applicant gets the minimum two lots, so roughly one in 60 retail applicants will receive shares when allotment is finalised on 5 October.
What to watch from here
- Allotment on 5 October through Skyline Financial Services
- Listing price on 7 October against ₹197
- Progress on the Ayodhya project with Aurika Developers
- New sales mandates from NCR developers
Black Opal Consultants IPO: frequently asked questions
Allotment is expected on Monday, 5 October 2026. You can check it on the Skyline Financial Services website or the BSE allotment page using your PAN or application number.
Shares are due to list on BSE SME on Wednesday, 7 October 2026.
The grey market premium was about ₹78 on 4 October 2026, roughly 40% over the issue price. GMP is unofficial and can change quickly.
It was subscribed 73.80 times overall, with QIB at 59.77x, NII at 124.29x and retail at 60.15x.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 13.5x |
| P/E (post-issue) | 17.1x |
| P/B | 5.0x |
| ROE | 46.0% |
| Net margin | 28.9% |
| Debt to equity | 0.29 |
| Anchor money | ₹15.69 cr |
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