Sai Urja Indo Ventures IPO Day 2: Subscribed 0.23x; Retail demand jumps 207%
- Sai Urja Indo Ventures IPO subscribed 0.23x on Day 2
- Retail demand surged 207% to reach 0.43x
- QIB category remained unsubscribed at 0.00x
- Overall subscription rose from 0.04x on Day 1
*this image is generated using AI for illustrative purposes only.
Sai Urja Indo Ventures IPO closed its three-day subscription window on 29 September 2026 with a final overall subscription of 4.95x. NII (sHNI) led all categories at 11.01x, while NII (bHNI) raced to 9.49x — a jump of +4,419% from the day's opening level of 0.21x.
Subscription Status
The issue's final day delivered the most explosive momentum of the entire subscription period. Opening at just 0.31x total subscription at 11:15 IST, the IPO crossed the fully-subscribed mark by 13:15 IST and then accelerated sharply in the final two hours. Between 14:15 and 16:15 IST, total subscription more than tripled — from 1.57x to 4.95x. NII (bHNI) was the standout mover, surging from 1.43x to 9.49x in that window, while Retail picked up pace after 2 pm, climbing from 1.44x to 3.80x. QIBs, who had locked in 1.00x by noon, ultimately closed at 2.77x following a decisive late push.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.00x | 0.11x | 0.05x | 0.05x | 0.04x |
| Day 2 | 28-09-2026 | 0.00x | 0.14x | 0.05x | 0.43x | 0.23x |
| Day 3 | 29-09-2026 | 2.77x | 9.49x | 11.01x | 3.80x | 4.95x |
Category-wise Breakdown
NII (sHNI) emerged as the top-subscribed category at 11.01x, reflecting strong conviction among small high-net-worth individuals. NII (bHNI) followed closely at 9.49x, having surged +4,419% from the day's opening of 0.21x. Retail investors subscribed 3.80x of their quota, up +566.7% from 0.57x at the start of Day 3. QIBs closed at 2.77x, having arrived decisively around noon before adding further in the final hour. The Employee quota remained unsubscribed throughout the period.
| Category | Subscription Multiple |
|---|---|
| Qualified Institutional Buyers (QIB) | 2.77x |
| Non-Institutional Buyers (bHNI) | 9.49x |
| Non-Institutional Buyers (sHNI) | 11.01x |
| Retail | 3.80x |
| Employees | 0.00x |
| Total | 4.95x |
Intra-day Timeline on 28-09-2026
Retail demand picked up pace significantly after 1:15 PM, climbing from 0.20x to 0.43x by the final snapshot. The total subscription mirrored this trend, ticking up from 0.12x to 0.23x during the same period.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.11x | 0.14x | 0.09x |
| 12:15 | 0.00x | 0.11x | 0.17x | 0.10x |
| 13:15 | 0.00x | 0.14x | 0.20x | 0.12x |
| 14:15 | 0.00x | 0.14x | 0.25x | 0.14x |
| 15:15 | 0.00x | 0.14x | 0.25x | 0.14x |
| 16:15 | 0.00x | 0.14x | 0.28x | 0.16x |
| 17:15 | 0.00x | 0.14x | 0.43x | 0.23x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹107.00000 – ₹113.00000 |
| Issue Size | ₹256800 – ₹500000 crore |
| Min Bid Qty | 2,400 shares |
| Opening Date | 25-09-2026 |
| Closing Date | 29-09-2026 |
| Allotment Date | 28-09-2026 |
| Listing Date | 30-09-2026 |
About the Company
Sai Urja Indo Ventures Limited is an ISO 9001:2015 and ISO 45001:2018 certified company providing Operation & Maintenance (O&M) and support services primarily to the power generation industry, as well as iron & steel and agrochemical sectors. The company's service portfolio spans electrical, mechanical, and control & instrumentation maintenance, BTG/CHP/MGR operations, industrial housekeeping, equipment overhauls, and manpower supply across 9 states in India. With a workforce of approximately 1,969 employees and an order book of ₹15,967 lakhs as of June 15, 2026, the company has delivered revenue CAGR of 36.59% over FY2024–FY2026. Key clients include Adani Infrastructure Management Services, GMR Warora Energy, and MAHAGENCO, with approximately 99.65% of FY2026 revenue derived from repeat orders. The company was founded in 2012 and is led by MD Harsh Ajaykumar Mittal.
Financial Highlights
| Metric (₹ crores) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 45.62 | 65.52 | 85.11 |
| Total Revenue | 45.88 | 65.82 | 85.64 |
| Total Expenses | 43.63 | 61.54 | 80.08 |
| Profit Before Tax | 2.25 | 4.28 | 5.55 |
| Total Profit | 1.37 | 3.14 | 4.24 |
| Total Assets | 13.95 | 21.11 | 24.25 |
| Net Worth | 4.72 | 7.76 | 12.20 |
Objects of the Issue
- Working Capital Requirements: ₹8.00 crores to fund incremental working capital needs arising from trade receivables and operational funding.
- Debt Repayment: ₹6.60 crores towards repayment or prepayment of borrowings including term loans and overdraft facilities.
- General Corporate Purpose: Balance proceeds for operating expenses, business development, and unforeseen exigencies.
Risk Factors
- High Customer Concentration: 99.97% of FY2026 revenue came from the top 10 clients, with the single largest client contributing up to 74.77%.
- PSU Dependence: Approximately 92.27% of FY2026 revenue was derived from Public Sector Undertaking contracts.
- Negative Cash Flows: The company experienced negative net cash flows from operating activities in FY2025–26 and FY2024–25, with net working capital requirements growing from ₹179.19 lakhs in FY2024 to ₹1,165.97 lakhs in FY2026.
- High Employee Costs and Attrition: Employee benefit expenses constitute approximately 87.31% of revenue from operations in FY2026, and the attrition rate surged to 45.01% in FY2025–26.
- Sector Concentration: Approximately 95.06% of FY2026 revenue is derived from the power generation sector.
How might the complete absence of QIB subscriptions influence the post-listing price stability and liquidity for Sai Urja Indo Ventures?
Given the 74.77% revenue concentration in a single client, what specific mitigation strategies will management implement to reduce dependency risks after the IPO?
Will the surge in retail interest be sufficient to prevent a potential undersubscription penalty or impact the allotment ratio if institutional demand remains zero on Day 3?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
