Sai Urja Indo Ventures Limited (SUIVL), a diversified Operations & Maintenance services provider, announced that it has received in-principle approval for its IPO from BSE SME Exchange. 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 ₹10, through the book-building route. The offer for sale is by promoters selling shareholders Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal.
Shannon Advisors Private Limited is the Book Running Lead Manager, and Maashitla Securities Private Limited is the Registrar to the offer.
Sai Urja Indo Ventures Limited is an ISO 9001:2015 and ISO 45001:2018 certified company offering Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation, iron & 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.
According to the DRHP, SUIVL intends to utilise ₹8 crore from the net IPO proceeds for funding the working capital requirements of the company, ₹6 crore towards full or partial prepayment or pre-payment of certain borrowings and prepayment/repayment charges, availed from the 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 & steel, and agrochemical industries, such as Adani Infrastructure Management Services Limited, GMR Warora Energy Limited and Maharashtra State Power Generation Company Limited MAHAGENCO.
Founded by Harsh Ajaykumar Mittal, SUIVL’s journey began in 2012 when the company received its first electrical license in Maharashtra from the Licensing Board of the Industries, Energy and Labour Department. Under his leadership, the company expanded its operational footprint to Rajasthan, Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh. With a team of over 2,469 employees, the company customizes its services to meet each client’s specific needs. Sai Urja Indo Ventures Limited 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 ₹65.52 crore in revenue from operations with a profit (PAT) of ₹3.14 crore in the financial year 2024-25, compared to ₹45.62 crore revenue from operations and a profit (PAT) of ₹1.37 crore in the fiscal year 2024.
