Black Opal Consultants
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 30.61×
- Big non-institutionalbNII · above ₹10 lakh
- 119.49×
- Small non-institutionalsNII · ₹2–10 lakh
- 66.05×
- Retail individualRII · up to ₹2 lakh
- 45.46×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Oct 2026 | ₹0 | — | ₹0 | ₹197 | ₹0 |
| 06 Oct 2026 | ₹9 | — | ₹4,100 | ₹206 | ₹5,400 |
| 05 Oct 2026 | ₹88 | — | ₹40,100 | ₹285 | ₹52,800 |
| 04 Oct 2026 | ₹100 | — | ₹45,600 | ₹297 | ₹60,000 |
| 03 Oct 2026 | ₹95 | — | ₹43,300 | ₹292 | ₹57,000 |
| 02 Oct 2026 | ₹78 | — | ₹35,600 | ₹275 | ₹46,800 |
| 01 Oct 2026 | ₹66 | — | ₹30,100 | ₹263 | ₹39,600 |
| 30 Sep 2026 | ₹48 | — | ₹21,900 | ₹245 | ₹28,800 |
| 29 Sep 2026 | ₹38 | — | ₹17,300 | ₹235 | ₹22,800 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹197 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 5,31,000 | 3,17,38,200 | ₹625 Cr | 59.77× |
| Non-institutional | 3,99,000 | 4,95,90,000 | ₹977 Cr | 124.29× |
| Big non-institutionalwithin NII | 2,65,800 | 3,85,92,600 | ₹760 Cr | 145.19× |
| Small non-institutionalwithin NII | 1,33,200 | 1,09,97,400 | ₹217 Cr | 82.56× |
| Retail individual | 9,30,000 | 5,59,42,800 | ₹1,102 Cr | 60.15× |
| Total | 18,60,000 | 13,72,71,000 | ₹2,704 Cr | 73.80× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 01 Oct, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 29 Sep 2026 – 01 Oct 2026
- Listing date
- 07 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹185 – ₹197
- Lot size
- 600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹55.08 Cr
- Fresh issue
- ₹41.33 Cr 20,98,200 shares
- Offer for sale
- ₹10.99 Cr 5,58,000 shares
- Market cap at offer price
- ₹208 Cr
- Promoter holding
- 98.60% → 72.46% pre-issue → post-issue
- ISIN
- INE0M3101012
- CIN
- U68100DL2020PLC369011
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- Shop No. 8, Ground Floor, C.S.C. AGCR Enclave, East Delhi, Delhi - 110092, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,31,000 | 28.55% | 26.55% |
| Anchor investor · within QIB | 7,96,200 | — | 39.81% |
| NII (HNI) | 3,99,000 | 21.45% | 19.95% |
| bNII > ₹10L · within NII | 2,65,800 | — | 13.29% |
| sNII < ₹10L · within NII | 1,33,200 | — | 6.66% |
| Retail (RII) | 9,30,000 | 50.00% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,39,800 | — | 6.99% |
| Total issue | 19,99,800 | — | 100.00% |
Net offer to the public of 18,60,000 shares, out of a total issue of 19,99,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹197
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,18,200 |
| S-HNI (min) | 2 | 1,200 | ₹2,36,400 |
| S-HNI (max) | 8 | 4,800 | ₹9,45,600 |
| B-HNI (min) | 9 | 5,400 | ₹10,63,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹197 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.63 | 11.54 |
| P/E (×) | 13.47 | 17.07 |
| Price to book (×) | 5.03 | — |
| Market cap | — | ₹208 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 37.40%
- ROCE
- 75.05%
- Debt / equity
- 0.29
- PAT margin
- 29.11%
- EBITDA margin
- 40.62%
- NAV per share
- ₹39.17
- Price to book
- 5.03
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 42.34 | 33.04 | 19.91 |
| Revenue from operations | 41.97 | 32.86 | 19.75 |
| Other income | 0.38 | 0.18 | 0.15 |
| Total expenses | 25.85 | 17.67 | 14.1 |
| Operating profit | 16.49 | 15.37 | 5.81 |
| Operating margin | 38.95% | 46.52% | 29.18% |
| Profit before tax | 16.49 | 15.37 | 5.81 |
| Profit after tax | 12.22 | 11.48 | 4.32 |
| PAT margin | 28.86% | 34.75% | 21.70% |
| Balance sheet | |||
| Total assets | 59.62 | 22.44 | 13.14 |
| Current assets | 45.28 | 19.65 | 10.53 |
| Current liabilities | 11.9 | 1.85 | 3.89 |
| Total liabilities | 26.97 | 2.03 | 4.21 |
| Net worth | 32.65 | 20.41 | 8.93 |
| Current ratio | 3.81× | 10.62× | 2.71× |
| Return on equity | 37.43% | 56.25% | 48.38% |
| Cash flow | |||
| Operating cash flow | 15.81 | -0.65 | 5.6 |
| Investing cash flow | -22 | 2.19 | -5.21 |
| Financing cash flow | 8.91 | -1.48 | 1.05 |
| Net cash flow | 2.72 | 0.06 | 1.44 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding for Securing Sales/Marketing Mandates ₹7 Cr
The company intends to utilize a portion of the net proceeds to provide interest-free refundable security deposits to real estate developers in the Delhi-NCR region, securing exclusive sales/marketing mandates for their upcoming projects, thereby enhancing revenue generation through brokerage income.
2 Investment in Aurika Developers LLP for Financing the Development of its Ayodhya Project (Project Veda) ₹26 Cr
The company proposes to invest a portion of the net proceeds as current capital in Aurika Developers LLP (a Group Entity in which the company holds a 76% partnership interest) to fund the construction and development of 'Veda', a RERA-approved commercial hospitality project located in Ayodhya, Uttar Pradesh.
3 General Corporate Purposes —
The remaining balance of the net proceeds, after allocation to the other stated objects, is intended to be deployed towards general corporate purposes as determined by the company's management and Board, subject to applicable regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Black Opal Consultants
Black Opal Consultants Limited was incorporated on September 1, 2020, and converted to a public limited company in February 2025. The company operates through real estate brokerage and advisory services, generating revenue primarily from brokerage commissions in the residential real estate segment, with a limited presence in commercial real estate and loan syndication. The company maintains offices in Noida and Gurugram, with operations concentrated in Uttar Pradesh and Haryana. It also operates through group entities engaged in real estate development, including a presence through associations with developers undertaking projects in Greater Noida and Ayodhya.
Management
Prasoon Chauhan
MD
Sheikh Arfeen Ahmed
Director
Sandeep Kumar Singh
COO
Sangeeta Bhatia
Director
Pradeep Pasari
Director
Gaurav Bhardwaj
CFO
Anju
Director of Operations
Kanv Bhalla
VP of Sales
Strengths
As stated in the offer document
In-depth Asset & Project Management Expertise and Proven Track Record in Project Sales
The company has demonstrated deep asset and project management expertise, having successfully executed brokerage services across 2,366+ bookings in NCR micro-markets including Ghaziabad (1,021), Noida (622), Greater Noida (547), and Gurgaon (161), reflecting strong sales execution capabilities.
Experienced Professional Team
The company is led by promoters with over 25 years of combined real estate experience, with revenue from operations growing at a CAGR of 45.76% from ₹1,975.24 lakhs in Fiscal 2024 to ₹4,196.56 lakhs in Fiscal 2026, supported by a seasoned CFO with 10+ years in finance and banking.
Strategic Partnerships with Developers for Exclusive Mandates
The company has executed multiple sales mandates with over 25 developer partners, serving 2,000+ customers across NCR, with exclusive inventory rights securing high-demand projects and generating total brokerage revenues exceeding ₹4,000 lakhs across key mandates.
Strong Customer Base
The company has established recurring relationships with prominent real estate clients, with top 10 customers contributing ₹3,676.75 lakhs (87.61%) of revenue from operations in FY2026, reflecting strong market credibility and repeat business.
Strategic Foray into High-Margin Real Estate Development with Tier II City Focus
The company holds a 76% stake in Aurika Developers LLP (developing RERA-approved 'Veda' project in Ayodhya) and 41% stake in Black Opal Ventures LLP (developing 'Hummingbird' in Ghaziabad), both receiving 'Four Star' GRIHA certification, with 'Veda' managed by Best Western Hotels.
Risk factors
As stated in the offer document
Revenue Concentration from Limited Key Customers
The company derives a substantial portion of its revenue from a limited number of customers, with the top 5 customers contributing 67.69% of revenue from operations in FY2026. Many of these relationships lack formal long-term contracts, relying instead on verbal understandings or project-specific mandates, exposing the company to risks of revenue loss, enforceability challenges, and inability to recover dues in case of disputes.
Geographic Concentration in Uttar Pradesh and Haryana
The company's operations are heavily concentrated in Uttar Pradesh (77.94%) and Haryana (22.06%) as of FY2026, making it highly vulnerable to regional economic downturns, regulatory changes, and adverse real estate market conditions in these states. Any adverse social, political, or economic developments in these regions could materially impact revenue generation and project execution.
Heavy Dependence on Brokerage and Residential Real Estate Segment
Brokerage and leasing activities account for 99.11% of total income in FY2026, and 97.62% of revenue is derived from the residential real estate segment. This concentration exposes the company to significant risks from property market fluctuations, reduced leasing activity, interest rate changes, and limited ability to offset losses through commercial segment diversification.
Expired UP RERA Registration and Regulatory Compliance Risks
The company's registration with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) as a real estate agent has expired, potentially restricting its ability to undertake regulated activities in its primary operating state and exposing it to penalties and regulatory scrutiny. Although a renewal application has been filed, there is no assurance it will be approved in a timely manner or at all.
Negative Cash Flows and Financial Instability
The company reported negative cash flows from investing activities of ₹2,199.91 lakhs in FY2026 and negative operating cash flows of ₹65.47 lakhs in FY2025. Continued negative cash flows could limit the company's ability to raise capital, meet working capital requirements, and implement business strategies without reliance on external funding.
Promoter Personal Guarantee Exposure on Group Entity Loans
The company's promoter, Mr. Prasoon Chauhan, has provided personal guarantees totaling ₹12,800 lakhs in sanctioned facilities across group entities, with ₹6,495.43 lakhs outstanding as of August 31, 2026. Any invocation of these guarantees could impair the promoter's financial capacity to support the company and adversely affect business continuity, reputation, and ability to raise further financing.
Statutory and Secretarial Non-Compliance Instances
The company has experienced multiple instances of delayed filings with the Registrar of Companies and material discrepancies in statutory forms, including incorrect share capital disclosures, improper related party transaction reporting, and an unregistered vehicle loan charge of ₹42.50 lakhs. These non-compliances expose the company to potential penalties under the Companies Act, 2013, regulatory scrutiny, and reputational damage.
Limited Operating History and Expansion into Real Estate Development
Incorporated in September 2020, the company has a short operating track record and is expanding into real estate development through Aurika Developers LLP, a segment in which it has no prior experience. This exposes the company to execution risks including regulatory approval delays, construction cost overruns, land acquisition challenges, and dependence on third-party contractors.
Inadequate Insurance Coverage
The company does not maintain adequate insurance coverage for its business operations, assets, or liabilities, including office premises, equipment, and third-party liabilities. In the event of an unforeseen loss or liability, the company would be required to bear the full financial burden from its own resources, potentially straining cash flows and financial stability.
Promoter and Promoter Group Control Post-Listing
Following the completion of the Offer, the promoters and promoter group will collectively hold approximately 72.46% of the post-offer paid-up equity share capital, enabling them to significantly influence key corporate decisions including board appointments, strategic transactions, and dividend policies. This concentration of control may not always align with the interests of minority shareholders and could adversely affect corporate governance and independent decision-making.
Company Analysis
from RHPBlack Opal Consultants Limited is a real estate consultancy, brokerage, and development company operating primarily in residential property advisory and leasing services in North India.
Black Opal Consultants Limited was incorporated on September 1, 2020, and converted to a public limited company in February 2025. The company operates through real estate brokerage and advisory services, generating revenue primarily from brokerage commissions in the residential real estate segment, with a limited presence in commercial real estate and loan syndication. The company maintains offices in Noida and Gurugram, with operations concentrated in Uttar Pradesh and Haryana. It also operates through group entities engaged in real estate development, including a presence through associations with developers undertaking projects in Greater Noida and Ayodhya.
Objects of the Issue
- Funding for securing sales/marketing mandates - inventory underwriting p.39
- Investment in Aurika Developers LLP for financing the development of its commercial project located in Ayodhya, Uttar Pradesh p.46
- General corporate purposes p.119
- Funding for securing Sales/Marketing mandates from developers for upcoming projects in the Delhi-NCR region ₹700.00 lakhs p.120
- Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its commercial project located in Ayodhya, Uttar Pradesh, India (Veda Project) ₹2,600.00 lakhs p.121
- General corporate purposes Not to exceed 15% of gross proceeds from fresh issue or ₹10 Crores, whichever is less p.120
- Funding for securing Sales/Marketing mandates ₹ 700.00 lakhs p.129
- Investment in Aurika Developers LLP, one of our Group Entity, for financing the development of its Ayodhya Project ₹ 2,600.00 lakhs p.129
- General Corporate Purpose p.127
- Offer Expenses p.127
- Expand Developer Mandates and Strengthen Inventory Partnerships - securing exclusive rights to sell developers' inventories ₹700 lakhs p.209
Issue Structure
- Total Issue
- Up to 27,96,000 Equity Shares aggregating to Rs. [●] Lakhs
- Fresh Issue
- Up to 22,38,000 Equity Shares aggregating to Rs. [●] Lakhs
- Offer for Sale
- Up to 5,58,000 Equity Shares aggregating to Rs. [●] Lakhs by Prasoon Chauhan
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be finalized)
- Face Value
- Rs. 10 per Equity Share
Business Model
The company earns revenue primarily through real estate brokerage commissions (99.11% of total income in FY 2026), generating fees from property transactions, leasing arrangements, and advisory services. It also undertakes loan syndication activities and provides other related services. The business model is project-specific with relationships based on informal arrangements and word-of-mouth rather than long-term contracts.
Business Segments
SWOT Analysis
- • Strong revenue growth and profitability trajectory(p.84)
- • Experienced promoters with 25+ years combined real estate and banking expertise(p.210)
- • Proven track record of rapid revenue growth at 45.76% CAGR over 3 years(p.211)
- • Strong developer partnerships with exclusive mandates across 25+ developers(p.211)
- • Established customer base of 2,300+ units sold with high concentration among top 10 customers (87.61% of FY26 revenue)(p.211)
- • High operating profitability with 40.62% EBITDA margin in FY26(p.208)
- • Asset-light operational model enabling scalability with 200+ broker network(p.200)
- • Extensive broker network enabling market expansion(p.323)
- • Revenue growth and profitability improvement(p.327)
- • Exclusive mandates with developers for revenue visibility(p.323)
- • Experienced promoter with 18+ years in real estate and banking(p.324)
- • Asset-light business model reducing capital requirements(p.328)
- • Strong profitability metrics with 29.11% net profit margin(p.332)
- • Compliance with BSE SME eligibility criteria(p.348)
- • Stable promoter ownership with no changes(p.348)
- • Consistent operating profitability over three years(p.349)
- • Strong balance sheet with growing net worth(p.348)
- • Conservative leverage with low debt-to-equity ratio(p.349)
- • Experienced promoter team with 25+ year track record(p.349)
- • Clean regulatory and legal standing(p.349)
- • Solid tangible asset base(p.348)
- • Substantial revenue concentration from limited key customers without long-term contracts(p.32)
- • Geographic concentration of operations in two states (Uttar Pradesh and Haryana)(p.33)
- • High business dependence on brokerage and related real estate activities(p.33)
- • Significant concentration in residential real estate segment with limited commercial presence(p.34)
- • Reliance on rented premises with no ownership of registered or corporate offices(p.35)
- • Expired UP RERA registration restricting real estate agent activities(p.37)
- • Limited operating history since incorporation in September 2020(p.38)
- • Negative cash flows from operating, investing and financing activities in prior years(p.40)
- • Multiple instances of delays in statutory filings and RoC form submissions(p.41)
- • Multiple discrepancies and non-compliance with Companies Act and Secretarial Standards(p.42)
- • Heavy dependence on attracting and retaining qualified personnel(p.59)
- • Risk of forfeiture of advance payments due to non-compliance with contractual obligations(p.59)
- • Risk of underestimating project costs or overestimating revenues(p.60)
- • Exposure to liability claims and contract disputes(p.60)
- • Dependence on timely payment recovery from project owners or developers(p.61)
- • Related party transactions may not reflect arm's length terms(p.61)
- • Heavy reliance on key technology infrastructure(p.60)
- • Project delay penalties and penalties for construction defects(p.62)
- • Heavy geographic concentration in NCR with 100% of revenue from Uttar Pradesh and Haryana(p.209)
- • Extreme customer concentration with top 10 customers representing 87.61% of FY26 revenue(p.212)
- • Early-stage real estate development business with execution and market risks in Tier II towns(p.214)
- • Nascent technology platform requiring investment and stabilization(p.214)
- • Small permanent employee base of only 13 employees creating dependency on external brokers and associates(p.215)
- • Declining EBITDA margin from 47.63% in FY25 to 40.62% in FY26 and PAT margin from 34.93% to 29.11%(p.208)
- • High dependence on key personnel - Promoter-driven company(p.324)
- • Significant increase in debt burden from ₹11.31 to ₹884.28 lakhs(p.287)
- • High finance costs rising 418.68% to ₹41.22 lakhs(p.328)
- • Pending renewal of UP-RERA registration certificate(p.344)
- • Outstanding criminal litigation involving promoter(p.336)
- • Concentration of shareholding with promoter at 94.18%(p.285)
- • Recent conversion from private to public limited company(p.349)
- • Limited track record as public company(p.349)
- • No previous public capital raising experience(p.357)
- • Dependence on single promoter for offer for sale(p.374)
- • Expansion into real estate development sector through Aurika Developers LLP(p.38)
- • Diversification into commercial real estate segment beyond current residential focus(p.34)
- • Inventory underwriting arrangements with established real estate developers(p.39)
- • Expansion of real estate solutions platform and geographic reach(p.63)
- • Securing additional sales and marketing mandates from developers(p.119)
- • Investment in real estate development projects in Tier II cities(p.121)
- • India's luxury real estate brokerage market projected to grow at 23.1% CAGR to ₹18,516 crore by FY30F(p.210)
- • Overall real estate market projected to grow at 9.6% CAGR from FY26 to FY30F, reaching ₹8,500 thousand crore(p.210)
- • Geographic expansion opportunity in NCR growth corridors, especially Yamuna Expressway, Ghaziabad post-Jewar Airport operationalization(p.209)
- • Strategic entry into real estate development with 76% stake in Aurika Developers LLP (Ayodhya project) and 41% in Black Opal Ventures LLP (Ghaziabad)(p.210)
- • Expansion of exclusive developer mandates to secure premium inventory and enhance revenue visibility(p.209)
- • Deepen penetration in existing NCR high-growth markets concentrated in three zones (Gurugram, Greater Noida, Ghaziabad) representing 86% of supply(p.209)
- • Expansion through group entity synergies and partnerships(p.323)
- • Entry into real estate development segment(p.323)
- • Growth in residential and commercial property segments(p.323)
- • Leveraging technology platform through subsidiary(p.324)
- • Digital marketing capabilities via social media and search engines(p.323)
- • Access to capital markets for growth(p.351)
- • Migration pathway to main board for scaled growth(p.370)
- • Structured market making support post-listing(p.372)
- • Expansion of shareholder base through public offering(p.364)
- • Intense competition from Indian companies, local brokers and internet-enabled service providers(p.38)
- • Sensitivity to real estate market slowdowns and cyclical fluctuations(p.34)
- • Dependence on developers' project completion timelines and regulatory compliance(p.51)
- • Exposure to fluctuations in building material supply and prices(p.52)
- • Impact of changes in interest rates and financing availability on customer demand(p.58)
- • Regulatory risks from RERA compliance obligations and changing regulations(p.51)
- • Changes to Floor Space Index and Transferable Development Rights regulations(p.50)
- • Real estate industry downturns and reduced demand(p.65)
- • Compulsory land acquisition by government(p.65)
- • Political instability and changes in government policies(p.66)
- • Changes in tax laws and regulatory requirements(p.66)
- • Natural disasters, epidemics, pandemics, and socio-political events(p.66)
- • Downgrade in India's credit ratings(p.67)
- • Slowdown in economic growth in India(p.67)
- • Adverse application of competition and antitrust laws(p.69)
- • RERA regulations and changing compliance requirements could impact brokerage operations and increase costs(p.218)
- • Intense fragmented competition from online platforms, independent agents, and local operators(p.204)
- • Cyclical nature of real estate market with potential impact on demand, pricing, and profitability(p.214)
- • Execution risks associated with simultaneous scaling of technology platform and real estate development businesses(p.214)
- • Rising land valuations may constrain affordable housing supply and limit market opportunities(p.209)
- • Intense competition in real estate brokerage segment(p.324)
- • Regional regulatory differences and compliance challenges(p.324)
- • Economic volatility affecting real estate demand(p.324)
- • Rising commission expenses eroding margins(p.328)
- • Rapid technological change requiring continuous adaptation(p.324)
- • Vulnerability to natural disasters and external calamities(p.324)
- • SME platform liquidity and trading constraints(p.364)
- • Regulatory dependence on SEBI and stock exchange approvals(p.367)
- • Mandatory listing timeline compliance risk(p.379)
- • Foreign exchange and regulatory risks for non-resident investors(p.395)
- • Post-offer compliance and governance obligations(p.363)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prasoon Chauhan | Promoter and Promoter Selling Shareholder | — | — |
| Sheikh Arfeen Ahmed | Promoter | — | — |
| Prasoon Chauhan | Promoter/Promoter Selling Shareholder | 94.18% | 68.98% |
| Sheikh Arfeen Ahmed | Promoter | 1.00% | 0.79% |
| Rafat Jahan Siddiqui | Promoter Group | 1.92% | 1.51% |
| Narendra Kumar | Promoter Group | 1.50% | 1.18% |
| Prasoon Chauhan | Promoter | — | — |
| Prasoon Chauhan | Promoter & Managing Director | 94.18% | — |
| Sheikh Arfeen Ahmed | Promoter & Non-Executive Director | 1.00% | — |
| Prasoon Chauhan | Promoter/Managing Director | 94.18% | — |
| Sheikh Arfeen Ahmed | Promoter Group | 1.00% | — |
| Prasoon Chauhan | Promoter Selling Shareholder | — | — |
| Prasoon Chauhan | Promoter/Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Black Opal Consultants Ltd. THIS ISSUE | 14.65 | 39.17 | 17.07, computed at the offer price | 5.03, computed at the offer price | 37.40% |
| −63.50 | 92.06 | — | — | -68.98% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.