Sai Urja Indo Ventures Limited (SUIVL), a -based industrial operations and maintenance services provider, has received in-principle approval from SME exchange for its .
The company filed its Draft Red Herring Prospectus in September 2025 and is now preparing to submit the Red Herring Prospectus with updated information to the Registrar of Companies and BSE SME.
The IPO consists of a fresh issue of 30.66 lakh equity shares and an offer for sale of up to 3.12 lakh equity shares, each with a face value of ₹10.
The offer for sale will be made by promoters Santosh Ajay Kumar Mittal and Harsh Ajaykumar Mittal. Shannon Advisors Private Limited serves as the Book Running Lead Manager, while Maashitla Securities Private Limited is the Registrar to the offer.
SUIVL plans to deploy ₹8 crore from the net proceeds for working capital requirements and ₹6 crore toward prepayment of borrowings and related charges. The remaining funds will be used for general corporate purposes and offer-related expenses.
The ISO-certified company provides operation and maintenance services to industrial plants in power generation, iron and steel, and agrochemicals sectors. It has served 21 locations across 10 states in the past three years, with clients including Adani Infrastructure Management Services, GMR Warora Energy, and MAHAGENCO.
For FY 2024-25, SUIVL reported revenue from operations of ₹65.52 crore with a profit of ₹3.14 crore, up from ₹45.62 crore revenue and ₹1.37 crore profit in the previous fiscal year.