Sai Urja Indo Ventures IPO Day 2: Subscribed 0.10x; Retail demand rises to 0.17x
- Sai Urja Indo Ventures IPO subscribed 0.10x cumulatively by end of Day 2.
- Retail investors led demand with 0.17x subscription, up from 0.05x on Day 1.
- QIB and Employee categories remained unsubscribed at 0.00x.
- Issue price band is ₹107.00 - ₹113.00; issue closes on 2026-09-29.
*this image is generated using AI for illustrative purposes only.
Sai Urja Indo Ventures IPO closed Day 2 with a cumulative subscription of 0.10x, driven entirely by retail investors who increased their bid to 0.17x.
Subscription Status
The issue continues to witness tepid response from the market. While overall interest remains well below the one-times coverage threshold, retail investors have shown incremental interest compared to Day 1. Institutional investors (QIB) and Employees recorded zero subscriptions as of the latest update.
| 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 | 0.11x | 0.05x | 0.17x | 0.10x |
Category-wise Breakdown
Retail investors have been the primary source of demand, doubling their subscription from 0.05x on Day 1 to 0.17x on Day 2. Non-Institutional Investors (NII) maintained steady but low levels of interest, with bHNI at 0.11x and sHNI at 0.05x. Qualified Institutional Buyers (QIB) and Employees recorded no significant interest, staying at 0.00x throughout the first two days.
Intra-day Timeline on 28-09-2026
Retail demand picked up pace during the trading hours on Day 2, jumping +21.4% from 0.14x to 0.17x by the 12:15 PM snapshot. The total subscription rose by +11.1% to 0.10x 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 |
Offer Details
- Company: Sai Urja Indo Ventures
- Price Band: ₹107.00 - ₹113.00
- Issue Size: ₹2.57 crore - ₹5.00 crore
- Min Bid Qty: 2400 shares
- Open Date: 2026-09-25
- Close Date: 2026-09-29
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 ~1,969 employees and an order book of Rs. 15,967 Lakhs (as of June 15, 2026), the company has delivered revenue CAGR of 36.59% over FY2024–FY2026, reaching Rs. 8,510.97 Lakhs in FY2026. Key clients include Adani Infrastructure Management Services, GMR Warora Energy, and MAHAGENCO, with ~99.65% of FY2026 revenue derived from repeat orders.
Financial Highlights
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 85.11 | 65.52 | 45.62 |
| Total Revenue (₹ Cr) | 85.64 | 65.82 | 45.88 |
| Profit Before Tax (₹ Cr) | 5.55 | 4.28 | 2.25 |
| Net Profit (₹ Cr) | 4.24 | 3.14 | 1.37 |
| Total Assets (₹ Cr) | 24.25 | 21.11 | 13.95 |
Objects of the Issue
- Working Capital Requirements: Utilize a portion of Net Proceeds to fund incremental working capital requirements arising from trade receivables, other current assets, and operational funding needs.
- Debt Repayment: Utilize a portion of Net Proceeds towards full or partial repayment/prepayment of certain borrowings, including term loans, overdraft facilities, business loans, and vehicle loans.
- General Corporate Purpose: Deploy balance Net Proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, and strengthening business development capabilities.
Risk Factors
- High Customer Concentration: 99.97% of revenue in FY2026 came from top 10 clients, with the single largest client accounting for up to 74.77% of revenue.
- Dependence on PSU Contracts: Approximately 92.27% of revenue in FY2026 came from PSU contracts, which are subject to policy changes and payment delays.
- Negative Cash Flows: The company experienced negative net cash flows from operating and investing activities in FY2025–26 and FY2024–25.
- High Employee Expenses: Employee benefit expenses constitute approximately 87.31% of revenue from operations in FY2026, with an attrition rate of 45.01% in FY2025–26.
- Sector Concentration: Approximately 95.06% of revenue in FY2026 is derived from the power generation sector.
How might the complete absence of QIB interest impact Sai Urja Indo Ventures' post-listing liquidity and institutional coverage?
What specific policy changes or payment delays in PSU contracts could further exacerbate the company's cash flow risks given its high dependence on this sector?
Can the company effectively mitigate its 45% attrition rate while maintaining service quality, considering employee costs already constitute nearly 87% of revenue?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
