Sai Urja Indo Ventures Secures In-Principle Approval for its BSE SME IPO
Sai Urja Indo Ventures (SUIVL), an O&M service provider in power generation, iron and steel and agrochemicals industries, has received in-principle approval from the BSE SME Exchange for its IPO, which comprises a fresh issue of 30,66,000 equity shares and an offer for sale of up to 3,12,000 equity shares.
January 07, 2026. By Mrinmoy Dey
The company filed a Draft Red Herring Prospectus (DRHP) with the exchange in September 2025 and is currently in the process of filing the Red Herring Prospectus (RHP) with the Registrar of Companies and BSE SME, incorporating updated information.
The Nagpur-headquartered company’s IPO comprises a fresh issuance of 30,66,000 equity shares and an offer for sale of up to 3,12,000 Equity Shares, each with a face value of INR 10, through the book-building route. The offer for sale is by promoters, Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal.
Shannon Advisors is the Book Running Lead Manager, and Maashitla Securities is the Registrar to the offer.
Sai Urja Indo Ventures offers operation and maintenance (O&M) and other support services in industrial plants, primarily in power generation, iron and steel and agrochemicals industries. 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, it said.
According to the DRHP, SUIVL intends to utilise INR 8 crore from the net IPO proceeds for funding the company's working capital requirements, INR 6 crore towards full or partial prepayment or prepayment of certain borrowings and prepayment/repayment charges availed from lenders by the company. The remaining funds will be deployed for general corporate purposes and offer related expenses.
In the last 3 years, SUIVL has served 21 locations in 10 states in coal-based power plants, steel plants, and fertilizer plants. The company’s clientele includes major public and private sector companies in power, iron and steel, and agrochemical industries, such as Adani Infrastructure Management Services, GMR Warora Energy and MAHAGENCO.
SUIVL recorded INR 65.52 crore in revenue from operations with a profit (PAT) of INR 3.14 crore in the financial year 2024-25, compared to INR 45.62 crore revenue from operations and a profit (PAT) of INR 1.37 crore in the fiscal year 2024.
please contact: contact@energetica-india.net.
Rajat Singh
Co-founder and CEO
Why Unified Intelligence is Key for C&I Renewables? Rajat Singh of EarthSync Answers
Nidhi Sharma
Director
R&D is an Integral Part of Zuvay Technologies' Growth Strategy, Says Director Nidhi Sharma
Anilkumar Mukundan
President – Sales
How Can India–Sweden Partnership Drive Decarbonisation?
Rajiv Kumar
CEO
What’s Behind Vedanta Aluminium’s Clean Energy Push? Rajiv Kumar Answers
Nirmal Reddy
President
Electric Mobility Success Depends on Execution, Not Intent, says ETO Motors’ Nirmal Reddy