Sai Urja Indo Ventures Limited (“SUIVL”), a diversified Operations & Maintenance services provider, announced that its initial public offering (IPO) will open for subscription on Friday, September 25, 2026. The anchor investor bidding date is Thursday, September 24, 2026, and the bid/offer will conclude on Tuesday, September 29, 2026. The Company intends to raise ₹2,495 lakhs at the higher end of the price band from the offering and aims to be listed on the BSE SME platform.
The price band for the offer has been fixed at ₹107-₹113 per share, and the lot size is 1,200 equity shares. Shannon Advisors Private Limited is the Book Running Lead Manager, and Maashitla Securities Private Limited is the Registrar to the offer.
The IPO comprises a Fresh Issue of 18,28,800 equity shares with a face value of ₹10 each and an Offer for Sale of up to 3,79,200 equity shares by the promoters of the Company, Mr. Harsh Ajaykumar Mittal and Mrs. Santosh Ajay Kumar Mittal through book-building route. As many as 9,79,200 equity shares have been reserved for the QIBs (including Anchor portion), 2,16,000 equity shares earmarked for market maker, 3,02,400 equity shares allocated for the NII portion, and the Retail (RII) portion accounts for 7,10,400 equity shares.
According to Red Herring Prospectus, SUIVL intends to utilize ₹800.00 lakhs from the proceeds of fresh issue of equity shares for funding the working capital requirements of the Company, ₹660.00 lakhs for the repayment or prepayment, in full or in part, of certain loans availed by the Company, and deploy remaining funds for general corporate purposes and offer expenses.
Sai Urja Indo Ventures Limited is engaged in Operations and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries, including iron & steel and agrochemicals. The Company’s work includes 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.
In the last 3 years, the Company has served 21 locations in 9 states, in coal-based power plants, steel plants and fertilizer plants. Among the top 10 states in India based on installed capacity of coal power plants, the Company has worked in 6 states, including Maharashtra, Uttar Pradesh and Madhya Pradesh (for electrical) and Chhattisgarh, Tamil Nadu and Karnataka (for other works). The Company has also worked in Jharkhand, Odisha and Bihar apart from the above-mentioned states. The Company has been handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India.
With a team of over 1,969 employees, Sai Urja Indo Ventures Limited customizes its services to meet each client’s specific needs. Its clients include major public and private sector companies in power, iron & steel, and agrochemical industries, such as Adani Infrastructure Management Services Limited, GMR Warora Energy Limited, and Maharashtra State Power Generation Company Limited (MAHAGENCO). As on June 15, 2026, the Company has 17 on-going projects for which ₹7,165.10 Lakhs worth project execution is pending and 4 projects worth ₹2,536.74 Lakhs whose execution is yet to commence.
Founded by Harsh Ajaykumar Mittal, Sai Urja Indo Ventures Limited began its operations in 2012, when it received its first electrical license in Maharashtra from the Licensing Board of the Industries, Energy and Labour Department. In 2013, the Company expanded to Rajasthan and gradually obtained licenses in Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh. The Company operates from its registered office in Chandrapur and its corporate office is located in Nagpur, which help the Company in manage projects and client relationships efficiently. The Company was featured in the January 2024 issue of Industry Outlook Magazine as “one of the top 10 Power Plant O&M Services 2024”, in recognition of its contributions to the industry.
SUIVL recorded ₹8,510.97 lakhs revenue from operations with a profit after tax (PAT) of ₹423.57 lakhs in the financial year 2025-26, compared to ₹6,552.42 lakhs revenue from operations and a profit after tax (PAT) of ₹313.74 lakhs in the fiscal year 2024-25.