Sai Urja Indo Ventures IPO
Infrastructure Developers & Operators • ₹25cr
High risk because:
- 5 material risk factors disclosed in DRHP
- Heavy dependence on government or PSU customers
- Working capital or debt pressure highlighted in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹25-29
Lot Size
1200 shares
Issue Size
₹25cr
Open
25 Sept 2026
Close
29 Sept 2026
Subscription
0.08×
IPO Schedule
| Issue Open Date | 25 Sept 2026 |
| Issue Close Date | 29 Sept 2026 |
| Allotment Date | 30 Sept 2026 |
| Listing Date | 05 Oct 2026 |
About Sai Urja Indo Ventures
Sai Urja Indo Ventures Limited provides operation and maintenance services primarily to power generation facilities, along with industrial units in the iron, steel, and agrochemical sectors. The company’s core operations involve managing plant routines, electrical systems, control and instrumentation maintenance, housekeeping, and specialized industrial support activities. Revenue is primarily generated through fixed-price biennial and triennial service contracts awarded through competitive bidding processes by public sector undertakings and private companies. Operating mainly out of Maharashtra, the business relies on an in-house engineering and technical workforce to execute projects across multiple Indian states. The company specializes in thermal power plant operations, maintaining equipment performance, and handling fuel logistics such as railway sidings and coal handling plants.  
Company Details
Founders / Promoters
Mr Harsh Ajaykumar Mittal
Founded
2012
Registrar
Maashitla Securities Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Subscription Status
0.08×
Total Subscription
Investment Analysis
Sai Urja Indo Ventures — IPOFins Verdict
QuantitativeDriven by overall subscription of 0.1x and elevated disclosed risk (9/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Long-standing track record in providing thermal power plant operation and maintenance services.
- Strong and growing order book value providing clear visibility on future revenues.
- Established long-term client relationships primarily with Public Sector Undertakings.
- Experienced promoter-led management team supported by a skilled technical workforce.
- Proven capability to execute multi-disciplinary industrial contracts across various geographical regions.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.6
Total demand signal → score −1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Sai Urja Indo Ventures IPO?
The price band is ₹25-29 per share with a lot size of 1200 shares. Minimum investment: ₹34,800.
What does Sai Urja Indo Ventures do?
Sai Urja Indo Ventures Limited provides operation and maintenance services primarily to power generation facilities, along with industrial units in the iron, steel, and agrochemical sectors. The company’s core operations involve managing plant routines, electrical systems, control and instrumentation maintenance, housekeeping, and specialized industrial support activities. Revenue is primarily generated through fixed-price biennial and triennial service contracts awarded through competitive bidding processes by public sector undertakings and private companies. Operating mainly out of Maharashtra, the business relies on an in-house engineering and technical workforce to execute projects across multiple Indian states. The company specializes in thermal power plant operations, maintaining equipment performance, and handling fuel logistics such as railway sidings and coal handling plants.  
Should I apply for Sai Urja Indo Ventures IPO?
Sai Urja Indo Ventures is drawing muted interest at 0.1x overall subscription. IPOFins Score 1/10: Driven by overall subscription of 0.1x and elevated disclosed risk (9/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Sai Urja Indo Ventures?
Sai Urja Indo Ventures was founded by Mr Harsh Ajaykumar Mittal in 2012.