Black Opal Consultants IPO
Black Opal Consultants IPO is an SME IPO raising ₹55 Cr at ₹185 – ₹197 a share. It listed on 7 Oct 2026 at ₹200, +1.5% against its issue price of ₹197, and trades at ₹132 today (−32.8% since issue). It was subscribed 69× in total.
68.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs197. Checked: exchange issue size Rs55 Cr vs derived Rs55.1 Cr (0.2% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Homesfy Realty Limited | — | -68.98% | ₹-63.41 |
| This issue | 13.4× | 37.4% | ₹14.65 |
derived: cut-off price Rs197 / stated EPS Rs14.65 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated; weighted-average EPS is Rs 12.78). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.