Oval Projects Engineering Limited has established itself as a leader in infrastructure development across the onshore Oil & Gas, City Gas Distribution, Urban Development, and Energy sectors since its inception in 2013. The company’s services span upstream, midstream, and downstream segments, and while its roots are in Agartala, its operational footprint now extends across India.

The Oval Projects Engineering IPO is a Book Built Issue amounting to ₹46.74 Crores, comprising a fresh issue of 54.99 lakh shares. The IPO subscription window opened on 28 August 2025 and closed on 1 September 2025, with allotment expected on 2 September 2025, and a tentative listing on BSE SME on 4 September 2025. The IPO carried a price band of ₹80 to ₹85 per share with a lot size of 1,600 shares. Individual investors were required to apply for a minimum of 2 lots, amounting to ₹2,72,000.

The IPO was managed by SMC Capitals Limited as Book Running Lead Manager, with MAS Services Limited as registrar, and SMC Global Securities Limited as the sole Market Maker. The Grey Market Premium (GMP) for the IPO was ₹7, reflecting moderate investor expectations prior to listing. The IPO raised ₹7.96 Crores from Anchor Investors, who were allotted 9,36,000 shares at the upper price band of ₹85 per share.

Oval Projects Engineering’s financial performance shows steady growth over the years. Revenues for the fiscals ending 31 March 2025, 2024, and 2023 were ₹10,343.68 lakh, ₹7,898.61 lakh, and ₹6,408.89 lakh, respectively. EBITDA for the same periods stood at ₹1,938.93 lakh, ₹1,094.70 lakh, and ₹856.98 lakh, while Profit After Tax (PAT) was ₹933.25 lakh, ₹440.11 lakh, and ₹318.50 lakh. The pre-issue EPS for FY24 is ₹6.65 and post-issue EPS is ₹4.49, with a pre-issue P/E ratio of 12.78x and post-issue P/E ratio of 18.92x against the industry P/E of 17x. The company’s ROCE for FY24 is 21.32%, and ROE is 20.85%, indicating a fully priced IPO.

Objectives of the IPO focus primarily on meeting long-term working capital requirements (₹3,702.60 lakh) and funding general corporate purposes, supporting operational expansion and strategic initiatives.

Company Overview:
Oval Projects Engineering is guided by its visionary promoter, Goutam Debnath, who brings over a decade of technical experience in oil and gas pipeline infrastructure services. His industry knowledge, track record, and strategic vision have enabled the company to expand geographically and strengthen its client base. The company specializes in precision-driven infrastructure solutions, contributing to projects in energy, urban development, and city gas distribution across India.

The company’s operational growth is reflected in consistent financial performance, strategic leadership, and strong industry relationships. Despite being relatively young, Oval Projects Engineering has gained credibility and a competitive advantage, making it a recognized player in the infrastructure domain.

IPO Listing and Market Outlook:
The Grey Market Premium of ₹7 suggests moderate market optimism, while the live subscription rate on the final day was 1.57 times, indicating steady investor demand. However, given the valuation and financial performance, market analysts advise that listing gains may be limited, recommending investors to approach the IPO with caution if seeking short-term listing profits.

Oval Projects Engineering Limited’s IPO provides an opportunity for investors to participate in the growth of a highly specialized infrastructure services provider operating across multiple critical sectors. With a focus on long-term working capital management and strategic corporate initiatives, the IPO supports the company’s continued growth and nationwide expansion.

The Upcoming IPOs in this week and coming weeks are Taurian MPS, Jay Ambe Supermarkets, Krupalu Metals, Urban Company, Shringar House of Mangalsutra, Vashishtha Luxury Fashion, Karbonsteel Engineering, Sharvaya Metals, Vigor Plast India.

The Current active IPO are Austere Systems, Optivalue Tek Consulting, Goel Construction Company, Amanta Healthcare, Rachit Prints.

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