NewsSai Urja Indo Ventures IPO Day 3: Subscribed 0.69x; QIB jumps to 1x as total surges 122.6% intradaySai Urja Indo Ventures IPO Day 3: Subscribed 0.69x; QIB jumps to 1x as total surges 122.6% intraday
- Sai Urja Indo Ventures IPO closed Day 3 with a total subscription of 0.69x, up sharply from 0.31x at the morning snapshot.
- QIB participation surged from 0.00x to 1.00x between 11:15 and 12:15 IST on 29-09-2026, the single biggest intraday move of the issue.
- Retail investors reached 0.75x and NII (bHNI) climbed to 0.29x; the Employee quota remained unsubscribed throughout all three days.
- The issue was priced in the band of ₹107.00000–₹113.00000 with a minimum bid quantity of 2400 shares; listing is scheduled for 30-09-2026.
- The company reported revenue from operations of ₹85.11 crores in FY2026, up from ₹45.62 crores in FY2024, with profit before tax of ₹5.55 crores.
*this image is generated using AI for illustrative purposes only.
Sai Urja Indo Ventures IPO ended Day 3 — the final day of bidding — with a cumulative subscription of 0.69x, driven by a dramatic QIB entry that took that category from 0.00x to 1.00x within a single hour on 29 September 2026.
Subscription Status
The issue opened sluggishly, with total subscription at just 0.04x on Day 1 and 0.23x on Day 2. Day 3 saw the sharpest acceleration: the overall multiple more than doubled intraday, jumping 122.6% from 0.31x at 11:15 IST to 0.69x by 12:15 IST. QIB demand, absent through the first two days, arrived in full force and reached 1.00x. Retail ticked up 31.6% on the day, from 0.57x to 0.75x, while NII (bHNI) gained 38.1%, moving from 0.21x to 0.29x.
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 | 1.00x | 0.29x | 0.05x | 0.75x | 0.69x |
Category-wise Breakdown
QIB was the standout mover on Day 3, racing from zero to fully subscribed at 1.00x. Retail investors led cumulative demand at 0.75x, having picked up pace steadily across all three days. NII (bHNI) closed at 0.29x while NII (sHNI) remained at 0.05x. The Employee quota stayed unsubscribed throughout.
| Category | Subscription Multiple |
|---|---|
| Qualified Institutional Buyers (QIB) | 1.00x |
| Non-Institutional Buyers (bHNI) | 0.29x |
| Non-Institutional Buyers (sHNI) | 0.05x |
| Retail | 0.75x |
| Employees | 0.00x |
| Total | 0.69x |
Intra-day Timeline — 29-09-2026
The QIB category doubled from 0.00x to 1.00x between 11:15 and 12:15 IST, accounting for the bulk of the day's total subscription jump.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.21x | 0.57x | 0.31x |
| 12:15 | 1.00x | 0.29x | 0.75x | 0.69x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹107.00000 – ₹113.00000 |
| Issue Size | ₹256800 – ₹500000 crore |
| Min Bid Qty | 2400 shares |
| Opening Date | 25-09-2026 |
| Closing Date | 29-09-2026 |
| Listing Date | 30-09-2026 |
| Allotment Date | 28-09-2026 |
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 sudden last-minute QIB interest influence Sai Urja Indo Ventures' stock price volatility and trading liquidity on its listing day?
Given the 0.69x overall subscription, what specific valuation adjustments or investor sentiment shifts are expected for the broader small-cap power services sector in the coming quarter?
With 99.65% of revenue from repeat orders and high PSU dependence, how will the company mitigate the risk of contract renewals or policy changes affecting its primary clients like Adani and MAHAGENCO?
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