PNN

Mumbai (Maharashtra) [India], October 8: Black Opal Consultants Limited's shares gained momentum after making their debut on the BSE SME platform on Wednesday, rising to 210 and hitting the upper circuit. At 210, the stock was trading 6.60% above its IPO issue price of 197.

The shares opened at 200, representing a 1.52% premium over the issue price, before moving higher during the session.

The company's 55.08 crore IPO comprised a fresh issue of 22.38 lakh shares amounting to 44.09 crore and an offer for sale of 5.58 lakh shares amounting to 10.99 crore.

The IPO, which opened on September 29 and closed on October 1, was priced in the range of 185 to 197 per share. The final issue price was fixed at 197 per share, with a lot size of 600 shares.

The issue received strong investor interest, with the IPO being subscribed 68.71 times at the close of the bidding process. The issue received 59,512 applications. The Non-Institutional Investor (NII) portion was subscribed 92.30 times, while the Retail Individual Investor (RII) portion was subscribed 60.15 times and the Qualified Institutional Buyer (QIB) portion was subscribed 59.77 times.

Prasoon Chauhan, Promoter and Managing Director, Black Opal Consultants Limited, said, "The successful listing marks an important milestone for Black Opal and reflects the confidence placed in the company by investors. We are grateful for the strong participation in our IPO and remain focused on disciplined execution, strengthening our platform and creating sustainable long-term value."

Established in 2020, Black Opal operates as a real estate solutions platform connecting leading developers with buyers and investors. The company has worked with more than 25 developers and 300 broker partners and has served over 2,200 customers, with aggregate real estate sales exceeding 4,000 crore since inception.

Khambatta Securities Limited acted as the Book Running Lead Manager and Underwriter to the issue, while Share India also acted as an Underwriter.

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