Sai Urja Indo Ventures Limited (SUIVL), a provider of operations and maintenance services, has received in-principle approval for its proposed initial public offering from the BSE SME Exchange. The company had submitted its Draft Red Herring Prospectus (DRHP) to the exchange in September 2025 and is now preparing to file the Red Herring Prospectus (RHP) with the Registrar of Companies and BSE SME, incorporating the latest disclosures.
Headquartered in Nagpur, the IPO will consist of a fresh issue of 30,66,000 equity shares along with an offer for sale of up to 3,12,000 equity shares, each with a face value of ₹10. The issue will be conducted through the book-building process.
The offer for sale includes shares being sold by promoters Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal. Shannon Advisors Private Limited has been appointed as the Book Running Lead Manager for the issue, while Maashitla Securities Private Limited will act as the registrar.
Sai Urja Indo Ventures Limited is certified under ISO 9001:2015 and ISO 45001:2018 standards. The company provides operations and maintenance services along with related support functions for industrial facilities, mainly serving the power generation, iron and steel, and agrochemical sectors. Its scope of work covers electrical, mechanical, and instrumentation systems, coal handling and merry-go-round operations in power plants, as well as industrial housekeeping, equipment maintenance, and manpower supply.
As per the DRHP, the company plans to use ₹8 crore from the net IPO proceeds to meet its working capital needs. Another ₹6 crore will be used for full or partial repayment of existing borrowings, including related charges. The balance amount will be allocated towards general corporate purposes and issue-related expenses.
Over the past three years, SUIVL has executed projects across 21 locations in 10 states, serving coal-based power plants, steel plants, and fertilizer units. Its client base includes both public and private sector companies such as Adani Infrastructure Management Services Limited, GMR Warora Energy Limited, and Maharashtra State Power Generation Company Limited (MAHAGENCO).
Founded by Harsh Ajaykumar Mittal, the company began operations in 2012 after securing its first electrical license in Maharashtra from the Industries, Energy and Labour Department. Since then, SUIVL has expanded its presence to states including Rajasthan, Uttar Pradesh, Bihar, Jharkhand, and Madhya Pradesh. The company employs over 2,469 people and offers services tailored to the specific requirements of its clients. In January 2024, Industry Outlook Magazine listed SUIVL among the “Top 10 Power Plant O&M Services Companies 2024.”
For the financial year 2024–25, Sai Urja Indo Ventures reported revenue from operations of ₹65.52 crore and a profit after tax of ₹3.14 crore. This compares with revenue of ₹45.62 crore and a profit after tax of ₹1.37 crore in the previous financial year.
