Sai Urja Indo Ventures Ltd. IPO: price band, dates, issue size, and fresh issue/OFS breakdown

Sai Urja Indo Ventures Ltd. is launching an SME IPO of ₹24.95 crore with a price band of ₹107 to ₹113 per share. The issue opens on 23 Sep 2026 and closes on 25 Sep 2026, with allotment scheduled for 28 Sep 2026 and listing scheduled for 30 Sep 2026. The offer includes a ₹20.67 crore fresh issue and a ₹4.28 crore offer for sale (OFS). The lot size is 1,200 shares, which implies a minimum application amount of ₹1,35,600 at the upper end of the price band.

Company profile: what is disclosed in the available IPO extract

The issuer is identified as Sai Urja Indo Ventures Ltd. (symbol: SAI-URJA) and the IPO is classified as an SME issue. Beyond these identifiers and the offer terms, the available extract does not provide a business description, sector details, product/service overview, customer or supplier concentration, geographic mix, or operational footprint.

For investors, this matters because business fundamentals typically drive how financial metrics and valuation multiples are interpreted. In an IPO context, the Red Herring Prospectus (RHP) normally carries this information, along with promoter and management background, industry overview, and key risk factors. In the information available here, those narrative sections are not provided, so this write-up focuses on the offer structure, schedule, and the reported headline metrics.

IPO structure, lot size, and what fresh issue vs OFS means

Sai Urja Indo Ventures Ltd. is coming to market with a combination of fresh issue and OFS. The fresh issue portion is ₹20.67 crore, while the OFS portion is ₹4.28 crore. This split is relevant because fresh issue proceeds go to the company, whereas OFS proceeds go to the selling shareholders.

The IPO price band is ₹107 to ₹113 per share. The lot size is 1,200 shares, which sets the entry ticket size for a single application at ₹1,35,600 at the upper band. Investors evaluating SME IPOs typically factor in this higher minimum application size relative to many mainboard IPOs, along with differences in trading liquidity and market-making arrangements that often apply to SME listings (specific market-making terms are not included in the available details).

The timeline provided shows the subscription window running from 23 Sep 2026 to 25 Sep 2026. The schedule indicates allotment on 28 Sep 2026, refunds on 29 Sep 2026, and listing on 30 Sep 2026.

The snapshot also carries anchor allocation fields: an anchor portion size of ₹6.63 crore and an “anchor shared offer” value shown as 26.58 (as stated in the available information). The extract does not include anchor investor names, the timing of the anchor book, or the detailed mechanics of how the anchor portion is carved out from the overall issue.

Financial trajectory in the available data

The year-wise financial table structure is present, but the extract does not include the numerical values for revenue, profit after tax (PAT), PAT margin, and total assets for the financial years. As a result, a trend-based discussion—such as multi-year revenue movement, PAT movement, and changes in the asset base—cannot be set out from the information available here.

Even without the year-wise figures, the extract provides certain headline profitability and return metrics that are commonly referenced at the time of an IPO. The reported EBITDA margin is 7.65% (EBITDA presented as a margin percentage), and the reported PAT margin is 4.98%. These margins can be used as context points, but they are not a substitute for reviewing the full financial statements, notes, and cash flow information typically included in the RHP.

Because the extract does not include business segment disclosures, working-capital details, or cash flow indicators, the margins and returns should be read strictly as reported metrics rather than as a basis for attributing operating drivers.

Valuation and key performance indicators reported for the IPO

The extract reports an earnings per share (EPS) of ₹5.39 and a pre-IPO price-to-earnings (P/E) multiple of 20.96 times. It also reports a price-to-book (P/B) multiple of 8.46 times.

On return ratios, the reported return on equity (ROE) is 42.44%, return on capital employed (ROCE) is 50.66%, and return on net worth (RoNW) is 42.44%. These ratios are often used to understand reported profitability relative to the equity base and capital employed. However, interpretation typically depends on the underlying business model, accounting policies, and the balance between equity and borrowing.

Leverage in the extract is represented by a debt-to-equity ratio of 0.59 times. In IPO analysis, this is usually evaluated alongside the nature of borrowings, maturity profile, and interest cost sensitivity; those details are not included in the available information.

Subscription status and grey market premium (GMP): what the snapshot shows

As of 19 Sep 2026, the IPO is marked “Upcoming” and has not opened for subscription. The category-wise bidding data shows zero bids across Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), Retail Individual Investors (RII), and others, which is consistent with a pre-opening snapshot and should not be read as a demand signal.

The grey market premium (GMP) observations available for this IPO show a GMP of ₹0 on 17 Sep 2026, 18 Sep 2026, and 19 Sep 2026, referenced to an issue price of ₹113. GMP is an unofficial market indicator and can change; these observations are dated snapshots and are not a forecast of listing price.

Key risks from limited issuer disclosures, and monitoring points

The central limitation for analysis here is the lack of issuer narrative in the available IPO extract: the company’s business description, issue objectives, and proposed use of funds are not provided. That gap makes it difficult to connect the reported margins, return ratios, and valuation multiples to business fundamentals.

Key monitoring points to track as the offer period approaches and begins:

Monitor the final RHP disclosures for the objects of the issue and proposed use of fresh issue proceeds, since the fresh issue component is ₹20.67 crore and the current extract does not specify intended deployment.

Monitor subscription build-up once the issue opens on 23 Sep 2026, including how participation evolves across QIB, NII, and retail categories.

Monitor how the reported valuation metrics (EPS basis, P/E, and P/B) are presented in the offer documents, including the earnings period used for EPS and the book value reference used for P/B.

Monitor post-listing liquidity and price discovery after the scheduled listing date of 30 Sep 2026, noting that listing price and listing gain data are not available in the provided information.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.