Samay Projects Services Limited (SPSL), incorporated in 2001, has built a reputation over two decades as an established EPC (Engineering, Procurement, and Construction) contractor in India. It specializes in mechanical system installations, including LP piping, hydrocarbon pipelines, fuel oil handling systems, tanks, vessels, and fire protection systems.

The company operates predominantly in sectors such as power, petrochemical, and industrial infrastructure, offering end-to-end solutions from design and fabrication to erection and commissioning. With 23 years of domain experience, SPSL is attempting to tap the capital markets through a fresh IPO to strengthen its working capital and corporate reserves.

IPO Details at a Glance

• IPO Open Date: June 16, 2025

• IPO Close Date: June 18, 2025

• Issue Size: ₹14.68 Crores (Fresh Issue of 43.20 lakh shares)

• Price Band: ₹32 to ₹34 per share

• Lot Size: 4,000 shares

• Minimum Investment: ₹1,36,000 for retail; ₹2,72,000 for HNIs

• Market Capitalisation at Upper Band: ₹52.18 Crores

• Listing Exchange: NSE SME

• Tentative Listing Date: June 23, 2025

• Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.

• Registrar: Bigshare Services Pvt. Ltd.

• Market Maker: Shreni Shares Limited

Objectives of the IPO

The company aims to utilize the net proceeds from the IPO for the following:

1. ₹12.00 Crores to meet working capital requirements, which is crucial for EPC businesses dealing with large-scale infrastructure contracts.

2. The remaining amount will be used for general corporate purposes, offering financial flexibility to support operational growth.

Promoters and Leadership

Samay Projects Services is promoted by Mr. Anand R and Ms. Santhi Karthikeyan, both with over 16 years of experience in mechanical EPC systems for industrial and power projects. Their experience in executing complex engineering projects offers confidence in the company’s leadership stability and technical capabilities.

Financial Performance

The company has demonstrated moderate yet consistent revenue and profit growth over the past few years:

*FY25 numbers are as of March 31, 2025 (unaudited or provisional)

Despite a minor decline in FY25 revenue from FY24, profit margins have been largely stable due to efficient operations and moderate cost structures.

Valuation and Key Ratios

The IPO is fairly valued considering the post-issue P/E of 12.45x versus the industry average of 20x. High ROCE and ROE suggest efficient capital utilization.

GMP and Market Sentiment

As of June 9, 2025, the Grey Market Premium (GMP) is ₹0, suggesting no expected listing gains. The absence of grey market interest often signals lukewarm sentiment among traders and investors.

Allotment and Listing Timeline

• Allotment Date: June 19, 2025

• Listing Date: June 23, 2025

• Registrar: Bigshare Services Pvt. Ltd.

How to check allotment status:

1. Visit Bigshare Services IPO allotment page.

2. Select "Samay Projects Services Limited IPO".

3. Enter PAN/Application Number/DP ID.

4. Submit and check allotment status.

Risk Factors to Consider

• Limited market size: At ₹52 Cr market cap, scalability challenges may limit rapid expansion.

• Order book visibility: Not clearly disclosed, which is important for EPC firms.

• GMP at zero: Indicates negligible investor enthusiasm for short-term gain.

• Modest IPO size: Less liquidity expected post-listing due to SME platform restrictions.

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  Disclaimer

  This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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