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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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Oval Projects Engineering IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Oval Projects Engineering IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 28, 2025 to September 1, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹80 to ₹85 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 54,99,200 shares (aggregating up to ₹46.74 Cr) |
| Reserved for Market Maker | 3,04,000 shares (aggregating up to ₹2.58 Cr) SMC Global Securities Ltd. |
| Net Offered to Public | 51,95,200 shares (aggregating up to ₹44.16 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,52,70,068 shares |
| Share Holding Post Issue | 2,07,69,268 shares |
Oval Projects Engineering IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Aug 28, 2025 |
| IPO Close Date | Mon, Sep 1, 2025 |
| Tentative Allotment | Tue, Sep 2, 2025 |
| Initiation of Refunds | Wed, Sep 3, 2025 |
| Credit of Shares to Demat | Wed, Sep 3, 2025 |
| Tentative Listing Date | Thu, Sep 4, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 1, 2025 |
Oval Projects Engineering IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,08,000 |
| S-HNI (Max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,88,000 |
Oval Projects Engineering IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 72.19% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● Engineering–EPC focus with a regional footprint that can access public-market capital to scale project development execution.
- ● SME offering on BSE through well-established intermediaries (SMC Capitals as BRLM; MAS Services as registrar; SMC Global Securities as market maker) disciplines the company from the wrong perception of investors.
- ● Strengthening of financial profile – basis restated numbers in public analytics, there was revenue growth, EBITDA margins and PAT margins over the years from FY22E to FY25E.
- ● Integrated Primary and Secondary Structure can align with both growth capital and shareholder liquidity while promoting diversified ownership post listing within SME standards.
Oval Projects Engineering IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 156.23 | 103.44 | 9.33 | 55.88 | 53.7 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 104 | 79 | 4 | 34 | 32.41 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 82.25 | 64.09 | 3.19 | 17.75 | 32.21 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 20.85% |
| ROCE | 21.32% |
| RoNW | 20.85% |
| PAT Margin | 9.12% |
| EBITDA Margin | 17.68% |
| Price to Book Value | 2.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
Objectives of Oval Projects Engineering IPO
- Long-term working capital to support project execution and growth plans.
- General corporate purposes associated with scaling, compliance and strengthening operational systems as a listed entity.
Conclusion
Oval Projects Engineering IPO is a fresh issue and a small OFS, aiming to fund working capital and corporate needs while broadening ownership and market visibility. With an EPC-led model and a base in Agartala, the company is aligning capital raising with recent growth trends shown in restated financials summarised by public analytics, while the SME framework and intermediary lineup provide the market infrastructure for listing and trading.
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Frequently asked Questions (FAQs )
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1. What are the Oval Projects IPO dates and listing timeline?
The planned window is 28 August–1 September 2025, with allotment on 2 September, credit/refunds on 3 September and a tentative listing around 4 September 2025 on BSE SME.
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2. What is the issue structure?
Up to 56,98,000 shares, comprising a fresh issue of up to 53,08,000 shares and an OFS of up to 3,90,000 shares by named selling shareholders.
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Up to 56,98,000 shares, comprising a fresh issue of up to 53,08,000 shares and an OFS of up to 3,90,000 shares by named selling shareholders.
Up to 56,98,000 shares, comprising a fresh issue of up to 53,08,000 shares and an OFS of up to 3,90,000 shares by named selling shareholders.
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Up to 56,98,000 shares, comprising a fresh issue of up to 53,08,000 shares and an OFS of up to 3,90,000 shares by named selling shareholders.
Up to 56,98,000 shares, comprising a fresh issue of up to 53,08,000 shares and an OFS of up to 3,90,000 shares by named selling shareholders.
