Sai Urja Indo Ventures IPO
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Sai Urja Indo Ventures IPO details
Schedule of Sai Urja Indo Ventures
| Issue open date | 25 Sep 2026 |
| Issue close date | 29 Sep 2026 |
| UPI mandate deadline | 29 Sep 2026 (5 PM) |
| Allotment finalization | 30 Sep 2026 |
| Refund initiation | 01 Oct 2026 |
| Share credit | 01 Oct 2026 |
| Listing date | 05 Oct 2026 |
| Mandate end date | 14 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 29 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 28 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited provides operation and maintenance services primarily to power generation facilities, along with industrial units in the iron, steel, and agrochemical sectors. The company’s core operations involve managing plant routines, electrical systems, control and instrumentation maintenance, housekeeping, and specialized industrial support activities. Revenue is primarily generated through fixed-price biennial and triennial service contracts awarded through competitive bidding processes by public sector undertakings and private companies. Operating mainly out of Maharashtra, the business relies on an in-house engineering and technical workforce to execute projects across multiple Indian states. The company specializes in thermal power plant operations, maintaining equipment performance, and handling fuel logistics such as railway sidings and coal handling plants.
Financials of Sai Urja Indo Ventures
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 24.95 |
| Fresh Issue – Proceeds go to the company | 20.67 |
| Offer for sale – Proceeds go to the existing investors | 4.28 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Funding the working capital requirements of the Company | 8 (38.70%) |
| Repayment / Prepayment of Borrowings | 6.6 (31.93%) |
| General Corporate Purposes | 6.07 (29.37%) |
Strengths
- Long-standing track record in providing thermal power plant operation and maintenance services.
- Strong and growing order book value providing clear visibility on future revenues.
- Established long-term client relationships primarily with Public Sector Undertakings.
- Experienced promoter-led management team supported by a skilled technical workforce.
- Proven capability to execute multi-disciplinary industrial contracts across various geographical regions.
Risks
- High revenue concentration with top 10 clients accounting for over 99% of total revenues.
- Significant business reliance on contracts awarded by Public Sector Undertakings.
- High workforce attrition rates can impact operational stability and project completion.
- Substantial working capital requirements lead to high cash flow vulnerability.
- Heavy revenue dependence on companies operating within the thermal power generation sector.
Subscription Figures for Sai Urja Indo Ventures
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on September 28, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 3.92 | 0 | 0x |
| NII | 5.18 | 0.24 | 0.05x |
| Retail | 7.10 | 3.02 | 0.43x |
| Total | 16.21 | 3.26 | 0.20x |