Oval Projects Engineering IPO opens for subscription: Check price band, lot size, key dates and all you need to know

Oval Projects Engineering IPO opened for subscription on Thursday, August 28. The issue will conclude on Monday, September 1. The infrastructure development company has set a price band of ₹80 to ₹85 per share.

The initial public offering is exclusively a fresh issuance of 54,99,200 shares totalling ₹46.74 crore.

The money raised will be utilised to meet long-term working capital requirements and general corporate purposes.

Oval Projects Engineering IPO lot size

A lot consists of 1,000 shares. Individual investors can apply for at least two lots or 2,000 shares.

Oval Projects Engineering IPO timeline: Allotment and listing dates

SMC Capitals is the IPO's book-running lead manager, while MAS Services Ltd serves as the registrar.

About Oval Projects Engineering

Oval Projects Engineering is an infrastructure services company offering engineering, procurement and construction (EPC) industrial infrastructure services and operations and maintenance (O&M) services to its PAN India customers, primarily in the oil & gas sector.

The firm focuses on upstream, midstream and downstream facility development operations in the oil and gas sector, such as processing plants, pipeline laying, terminal stations, horizontal directional drilling, City Gas Distribution (CGD) work, O&M of PNG/PNG services and other related projects. It also provides O&M services for captive power plants.

For the financial years 2022-2023 (FY23), FY24 and FY25, its revenue from operations were ₹59.02 crore, ₹77.96 crore and ₹102.28 crore, respectively. For FY23, FY24 and FY25, its net profits were ₹3.18 crore, ₹4.40 crore and ₹9.33 crore, respectively.

Oval Projects Engineering IPO latest GMP

According to media reports and investorgain.com, Oval Projects Engineering's unlisted shares are trading at ₹93 per share, reflecting a grey market premium of 9.41% over the upper price band of ₹85.