Black Opal Consultants’ IPO closes with exceptional demand, with subscriptions exceeding 68 times, reflecting robust investor confidence ahead of its BSE SME listing.
Black Opal Consultants’ initial public offering closed with strong demand, according to the company and several market trackers, although the final overall subscription figures varied slightly across sources. Realtynmore said the issue drew 68.71 times subscription, while Buyunlistedshares put the total at 73.80 times. Either way, the response pointed to robust appetite for the small-cap offering as investors rushed to secure shares in the company’s BSE SME listing.
The strongest interest came from non-institutional investors, the category that typically includes wealthy individuals and corporate buyers. Black Opal said that portion was subscribed 92.30 times. Retail individual investors followed with 60.15 times subscription, while qualified institutional buyers, or QIBs, were subscribed 59.77 times. The issue closed on October 1, 2026, after receiving 59,512 applications, according to the company.
The shares were offered in a price band of Rs 185 to Rs 197 apiece, with a minimum application size of 600 shares. At the top of the range, the issue size worked out to Rs 55.08 crore, according to the various IPO trackers. The stock is proposed to list on the BSE SME platform, which is designed for smaller companies seeking access to public capital.
Prasoon Chauhan, the company’s promoter and managing director, said in the company’s release that Black Opal was grateful for the response and intended to continue executing its business plan with discipline over the long term. Founded in 2020, Black Opal works in real estate advisory, sales and distribution, and also takes selective project-level stakes. The company says it has built relationships with more than 25 developers, 300 broker partners and 2,200 customers, and has helped facilitate real estate sales of more than Rs 4,000 crore. Khambatta Securities was the book-running lead manager and underwriter, with Share India also acting as an underwriter, while ORIN Connect handled investor relations and public relations.
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