val Projects Engineering Limited has emerged as a key infrastructure solutions provider in India since its establishment in 2013, with its base in Agartala and a growing footprint across the nation. The company operates across oil & gas pipeline infrastructure, city gas distribution, urban development, and energy industries. Its services cover upstream, midstream, and downstream segments, positioning it as a comprehensive EPC solutions partner for India’s fast-expanding infrastructure needs.

Oval Projects Engineering Limited IPO – Complete Details

The company is entering the capital market with a Book Built Issue of ₹46.74 Crores, comprising a fresh issue of 54.99 lakh equity shares. The IPO subscription window opens on August 28, 2025 and closes on September 01, 2025. The basis of allotment will be finalized on September 02, 2025, while the tentative listing date on the BSE SME platform is September 04, 2025.

• IPO Price Band: ₹80 to ₹85 per equity share

• Market Capitalisation at upper band: ₹176.54 Crores

• Lot Size: 1,600 shares

• Minimum Investment by Retail Investors: 2 lots (3,200 shares) = ₹2,72,000

• Book Running Lead Manager: SMC Capitals Limited

• Registrar to the Issue: MAS Services Limited

• Market Maker: SMC Global Securities Limited

This IPO is fully a fresh issue. Hence, all proceeds will go to the company and will be used for long-term working capital needs (₹3,702.60 lakh) and general corporate purposes.

Anchor Investors in Oval Projects Engineering IPO

Ahead of the IPO opening, the company has successfully raised ₹7.96 crore from anchor investors at the price of ₹85 per share. A total of 9,36,000 equity shares were allocated to institutional anchors, showing some level of early trust in the offering.

Grey Market Premium (GMP)

As of 23 August 2025, the Grey Market Premium (GMP) for Oval Projects Engineering IPO is reported at ₹7 per share, indicating a listing gain expectation of around 8.23%. This implies an expected listing price of ₹92 against the issue price of ₹85. However, GMP is unofficial and unregulated, fluctuating based on demand-supply in the grey market. Hence, it should only be treated as an indicative sentiment, not a guaranteed outcome.

Company Background and Business Strength

Oval Projects Engineering Limited is promoted by Goutam Debnath, who has more than a decade of technical expertise in the oil & gas pipeline infrastructure industry. His strong relationships in the industry, execution track record, and knowledge of the sector have been key drivers of the company’s growth.

The company has executed projects in onshore oil & gas infrastructure, city gas distribution, and urban development, positioning itself as a trusted contractor in EPC services. Over time, it has built a pan-India presence from its original operations in Agartala, expanding to multiple states and regions.

Financial Performance

The company has demonstrated consistent revenue growth and improving profitability over the past three fiscal years:

• FY2025: Revenue ₹10,343.68 lakh, EBITDA ₹1,938.93 lakh, PAT ₹933.25 lakh

• FY2024: Revenue ₹7,898.61 lakh, EBITDA ₹1,094.70 lakh, PAT ₹440.11 lakh

• FY2023: Revenue ₹6,408.89 lakh, EBITDA ₹856.98 lakh, PAT ₹318.50 lakh

This shows strong top-line growth (from ₹64 crore to over ₹103 crore in two years) and rising profitability, with PAT almost tripling between FY2023 and FY2025.

Valuation Metrics

• Pre-Issue EPS (FY2024): ₹6.65

• Post-Issue EPS (FY2024): ₹4.49

• Pre-Issue P/E: 12.78x

• Post-Issue P/E: 18.92x

• Industry P/E Average: ~17x

• ROCE (FY2024): 21.32%

• ROE (FY2024): 20.85%

• RoNW: 20.85%

These figures indicate that while the company is financially sound, the IPO is fully priced and investors are not being offered a significant discount compared to industry peers.

Subscription and Allotment

• Opening Date: August 28, 2025

• Closing Date: September 01, 2025

• Basis of Allotment: September 02, 2025

• Listing Date: September 04, 2025 (BSE SME)

Investors can check their allotment status by visiting the registrar’s website (MAS Services Limited) on the allotment date. The process involves selecting the IPO name, entering PAN, application number, or DP Client ID, and submitting details to know the allotment.

Investment Recommendation

While Oval Projects Engineering Limited has strong fundamentals, steady growth, and an expanding presence across multiple industries, the IPO valuation is on the higher side. With a post-issue P/E of 18.92x, slightly above the industry average, and GMP trends showing limited listing gain potential (~8%), this IPO appears fairly priced without much room for upside.

Recommendation: Investors looking for listing gains may Avoid, but those interested in long-term growth in India’s oil & gas and infrastructure sectors can consider applying with caution.

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Would you like me to also prepare a day-wise live subscription tracking update format (like I did for SECL IPO) so you can post it daily during the IPO subscription window?