A unique, integrated real estate platform with two complementary engines, built for a larger, long-term opportunity
New Delhi, September 24, 2026: Black Opal Consultants Limited, a Delhi-NCR based integrated real estate platform, will open its IPO on Tuesday, 29th September 2026, and close it on Thursday, 1st October 2026. The anchor portion opens on Monday, 28th September. The issue of 27,96,000 equity shares (face value ₹10) comprises a fresh issue of 22,38,000 shares and an offer for sale of 5,58,000 shares. The price band is ₹185–₹197 per share, with a minimum lot of 600 shares. The shares are proposed to be listed on the BSE SME Platform. Khambatta Securities Limited is the Book Running Lead Manager and Share India Capital Services Pvt. Ltd. is the Underwriter. The issue reserves up to 13,27,800 shares for QIBs (including up to 7,96,800 for anchor investors), at least 3,98,400 for NIIs and at least 9,30,000 for retail investors.
Two Complementary Engines of Growth
Black Opal is not just another IPO. It operates through two complementary businesses that draw on a single origination network of 25+ developers, 300+ broker partners and 2,200+ customers, together positioning real estate as a structured, investable asset class for HNIs, wealth managers and homebuyers.
Real Estate Consulting & Advisory is the Company’s asset-light, fee-based engine. Black Opal secures exclusive sales mandates and underwrites inventory for leading developers in the NCR region, and has enabled real estate sales of over ₹4,000 Cr since inception. Working alongside wealth managers, it gives investors access to curated, pre-screened inventory as an investment asset class. Unlike conventional brokerage, it follows a 360° wealth management approach and stays with the investor well beyond the point of sale.
Real Estate Development is the Company’s asset-backed, project-based engine, operated under the Ourika Estates brand. Through its partnership led, capital efficient model, including its joint development partnership with the Gulshan Group, Black Opal takes selective equity participation in residential and commercial projects across emerging markets in Northern India and focus on Mid Income residential development projects. The broker network and investor base built by the advisory business also distribute the Company’s own development inventory. This delivers faster sales velocity and higher margins without any significant customer acquisition cost.
Financial Performance
Revenue from operations grew from ₹19.75 Cr in FY24 to ₹41.97 Cr in FY26, a CAGR of about 46%. FY26 EBITDA stood at ₹16.67 Cr (39.73% margin) and PAT at ₹12.22 Cr (29.08% margin), with a return on equity of 45.99%.
Objects of the Issue
The net proceeds of the fresh issue will be used for security deposits of ₹7.00 Cr to secure exclusive sales mandates in Delhi-NCR, an investment of ₹26.00 Cr in group entity Aurika Developers LLP towards construction of its RERA-approved commercial project, and general corporate purposes.
Mr. Prasoon Chauhan, Promoter & Managing Director, said: “Real estate is India’s most widely held asset, yet its advisory ecosystem remains fragmented. To become a genuine asset class alongside equities and fixed income, real estate needs institutional discipline: transparent processes, rigorous project selection and long-term investor relationships. Black Opal has been built to deliver exactly that, and this IPO strengthens our ability to do so across both our engines.”
About Black Opal Consultants Limited: Black Opal Consultants Limited is a Delhi-NCR based integrated real estate platform working to institutionalise real estate consulting and advisory in India. It combines exclusive developer mandates, inventory underwriting and end-to-end investor advisory with selective, partnership-led real estate development. Led by Promoter & Managing Director Mr. Prasoon Chauhan and a management team with deep experience across real estate, banking and wealth management, the Company aims to make real estate a transparent, well-advised and accessible asset class for India’s investors.
