BSE SME Black Opal Consultants makes a promising start

Black Opal Consultants traded at Rs 207 on the BSE, representing a 5.08% premium over its issue price of Rs 197.

The scrip was listed at Rs 200, a premium of 1.52% to the IPO price. The stock is currently up 3.50% over its listing price.

The counter hit a high of Rs 210 and a low of Rs 190. About 15.40 lakh shares changed hands on the BSE.

Black Opal Consultants' IPO was subscribed 68.71 times. The IPO opened for subscription on 29 September 2026 and closed on 1 October 2026. The price band was Rs 185 to Rs 197 per share.

The book-built issue comprised a fresh issue of 22.38 lakh equity shares aggregating Rs 44.09 crore and an offer for sale (OFS) of 5.58 lakh shares worth Rs 10.99 crore. The total issue size amounted to Rs 55.08 crore.

The company raised Rs 15.69 crore from seven anchor investors on 28 September 2026 through the allocation of 7,96,200 shares at Rs 197 per share.

The company will use Rs 7 crore of the net proceeds to secure sales and marketing mandates and Rs 26 crore for investment in Aurika Developers LLP to finance its Ayodhya project. The balance will be used for general corporate purposes.

Following the IPO, promoter and promoter group shareholding declined to 72.46% from 98.6% before the issue.

Incorporated in 2020, Black Opal Consultants provides marketing and sales services for residential and commercial real estate projects. The company works with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. It secures exclusive or semi-exclusive sales rights for specific project inventory and earns brokerage income.

Its services include consulting and advisory, exclusive sale arrangements and loan syndication. The company has a network of more than 200 brokers and operates across residential and commercial segments, mainly focusing on new and under-construction properties.

Black Opal has also entered real estate development through group entity Aurika Developers LLP. Its first project, Veda, is a commercial and hospitality project in Darshan Nagar, Ayodhya.

As on 31 August 2026, the company employed a total of 13 employees.

Financially, Black Opal Consultants reported total income of Rs 42.34 crore in FY26, up 28.12% from Rs 33.04 crore in FY25. Profit after tax rose 6.27% to Rs 12.20 crore from Rs 11.48 crore, while EBITDA increased 8.95% to Rs 17.05 crore from Rs 15.65 crore. Total borrowings stood at Rs 9.52 crore as of 31 March 2026.

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