IPO alert! Sai Urja Indo Ventures gets green signal from BSE SME; details

Sai Urja Indo IPO will consist of a fresh issuance of 3,066,000 equity shares, and an offer for sale by promoters Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal, divesting up to 312,000 shares

Diversified operations and maintenance services provider Sai Urja Indo Ventures has received in-principle approval for its initial public offering (IPO) from the BSE SME Exchange.

 

The Nagpur-based company had filed its Draft Red Herring Prospectus (DRHP) with the exchange in September 2025 and is now in the process of submitting the Red Herring Prospectus (RHP) to the Registrar of Companies and BSE SME, incorporating updated details.

 

Sai Urja Indo IPO will consist of a fresh issuance of 3,066,000 equity shares, along with an offer for sale (OFS) by promoters Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal, who will divest up to 312,000 equity shares each, with a face value of ₹10, through the book-building route.

 

 

According to the DRHP, the company will not receive any proceeds from the OFS, as these will go to the promoters selling their shares. However, from the fresh issuance, Sai Urja Indo intends to allocate ₹8 crore of the net IPO proceeds towards funding the company's working capital requirements. Additionally, ₹6 crore will be used for the full or partial prepayment of certain borrowings, including associated prepayment and repayment charges. The remaining funds will be deployed for general corporate purposes and offer-related expenses.  ALSO READ | Yajur Fibres IPO opens with 34% GMP; here's everything you need to know   

Shannon Advisors is serving as the sole book running lead manager, while Maashitla Securities is the registrar to the offer.

 

Sai Urja Indo Ventures specialises in providing operations and maintenance (O&M) and other support services to industrial plants, primarily in the power generation, iron & steel, and agrochemical sectors. The company’s services include managing electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.

 

For the financial year 2024-25, Sai Urja Indo Ventures reported a revenue of ₹65.52 crore from operations, with a profit after tax (PAT) of ₹3.14 crore. This compares to a revenue of ₹45.62 crore and a PAT of ₹1.37 crore in the previous fiscal year (2023-24).