Oval Projects Engineering IPO

Oval Projects Engineering IPO is a book-built SME IPO whose draft paper was filed on 25 June 2025 with lead manager SMC Capitals, registrar MAS Services and market maker SMC Global Securities. Now the IPO is opening for subscription from 28 August to 1 September 2025, with allotment to be done on 2 September and listing on 4 September 2025 at BSE SME. The initial public offering of Oval Projects Engineering will consist of a fresh issue of 53,08,000 equity shares along with 3,90,000 shares as an OFS to give exit to early promoters.

Company Background

Oval Projects Engineering Ltd. is an EPC and infrastructure services firm, established in 2013 at Agartala, Tripura. It is working in onshore oil and gas, city gas distribution, urban development and energy-linked civil and is capable of full delivery from tendering and design coordination through procurement, site mobilisation, civil and electro-mechanical execution, QA/QC and testing and commissioning. Founded as a small regional contractor, the company’s footprint now spans well beyond the northeast with projects all over India, backed by an ISO 9001 and ISO 14001 certified safety management system. Its activities include pipeline engineering and construction (CS and MDPE networks), CNG station development, methanol and storage tank projects, cross-country pipelines, drill site development civil works, terminal station development, O&M for PNG networks and allied manpower and project management services for large PSUs.

Operations & Product Range

Facility & Production

Oval Projects Engineering IPO runs an EPC-led model, conducting engineering, procurement and construction scopes on infrastructure projects, with frameworks and resources available to accommodate the order execution, working capital cycles and project delivery of a regionally scaled EPC player listed for SME. By locating in Tripura and extending its services beyond the state, Oval Projects terms itself as a turnkey partner for EPC execution in oil & gas and urban infrastructure, using local logistics expertise, vendor ecosystem and scalable site teams, to perform milestone-based contracts with agility.

Brands & Market Presence

Oval Projects Engineering positions itself within the Engineering–EPC segment, with a geographic base in Agartala and planned BSE SME listing to enhance visibility and access to institutional and public investors; public materials emphasise the company’s infrastructure services focus and expansion pathway through equity funding.

Revenue Channels

• Primary revenue is generated from EPC and infrastructure services contracts, where earnings are linked to project awards, milestone execution and billing.
• Ancillary works and site services (electro-mechanical packages, O&M adjuncts and project management support) are attached to core EPC mandates.

Management & Shareholding

Promoters & Shareholding

Oval Projects Engineering IPO’s promoter is Goutam Debnath, who held a majority position before the IPO. As disclosed, his shareholding stands at 72.19% pre-issue. After the IPO, his percentage holding will reduce due to the increase in total shares outstanding from the fresh issue.

Board Members

The Oval Projects Engineering IPO has a promoter-led board supported by executives in projects and finance and independent directors for governance and compliance.