BSE SME Sai Urja Indo Ventures powers ahead after strong debut

Sai Urja Indo Ventures traded at Rs 136.20 on the BSE, representing a 20.53% premium over its issue price of Rs 113.

The scrip was listed at Rs 133.80, a premium of 18.41% to the IPO price. The stock is currently up 1.79% over its listing price.

The counter hit a high of Rs 136.50 and a low of Rs 127.15. About 9.13 lakh shares changed hands on the BSE.

Sai Urja Indo Ventures' IPO was subscribed 4.43 times. The price band was fixed at Rs 107-113 per share, with the issue price set at Rs 113. The IPO opened for subscription on 25 September 2026 and closed on 29 September 2026.

The IPO comprised a fresh issue of 18.29 lakh shares aggregating to Rs 20.67 crore and an offer for sale (OFS) of 3.79 lakh shares worth Rs 4.28 crore. The promoters' combined holding stood at 92.87% before the IPO and declined to about 65.67% after the issue.

The company plans to use Rs 8 crore of the IPO proceeds towards working capital requirements. Another Rs 6.60 crore will be used for repayment or prepayment, in full or part, of certain loans. Rs 3.54 crore has been earmarked for general corporate purposes, while Rs 3.05 crore will be used towards issue expenses.

The company allotted 5.86 lakh equity shares to anchor investors at Rs 113 per share, aggregating Rs 6.63 crore on 24 September 2026.

Incorporated in 2012, Sai Urja Indo Ventures provides operation and maintenance (O&M) and other support services for industrial plants, primarily in the power generation industry and also in sectors such as iron and steel and agrochemicals. Its services cover electrical, mechanical and instrumentation systems, coal handling and merry-go-round systems at power plants, industrial housekeeping, equipment overhauls and manpower supply.

The company undertakes work through annual maintenance contracts, performance-based contracts, manpower supply contracts and short-term bill-of-quantity contracts. As of 15 June 2026, it had 17 ongoing projects with Rs 71.65 crore worth of project execution pending and four projects worth Rs 25.37 crore whose execution had yet to commence.

As of 30 June 2026, Sai Urja Indo Ventures had 1,969 employees.

The company's total income increased 30% to Rs 85.64 crore in FY2026 from Rs 65.82 crore in FY2025, while profit after tax rose 34% to Rs 4.19 crore from Rs 3.13 crore.

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