Oval Projects Engineering IPO
Open SmeCurrent GMP
₹8 (+9.41%)
Price Band
₹ 80 – 85
Lot Size
1600
Issue Size
₹46.74 Cr
Minimum Investment
₹272000 (3200 Shares)
Listing Date
04 September 2025
Subscription
1.57x
About the Company
Oval Projects Engineering Limited, originally incorporated as Oval Projects Engineering Private Limited on October 7, 2013, is a public limited infrastructure services company headquartered in Agartala, Tripura. The company transitioned from a private to a public entity on August 14, 2024. Led by its promoter Goutam Debnath, who brings over a decade of technical expertise in oil and gas pipeline infrastructure, the company has evolved from a project management consultancy into a comprehensive EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) services provider. Oval Projects primarily serves the oil and gas sector across India, offering a wide range of services including the construction of gas processing plants, oil terminals, pipeline laying (including RTP technology), and City Gas Distribution (CGD) networks. It also undertakes O&M activities for CGD and oil & gas infrastructure, and has extended its capabilities to specialized civil infrastructure projects, including urban development initiatives funded by international financing institutions.
With operations in more than 10 Indian states and a strong presence in the Northeast, the company has a solid network of suppliers and a track record of delivering complex projects. Oval Projects holds ISO certifications in quality, environmental management, and occupational health and safety, underlining its commitment to high standards. Financially, the company has shown consistent growth, with revenues increasing from ₹5,902.14 lakhs in FY 2023 to ₹10,228.99 lakhs in FY 2025, and PAT rising from ₹318.50 lakhs to ₹933.25 lakhs over the same period. As of April 9, 2025, it has over 30 ongoing projects with an order book valued at ₹45,299.61 lakhs. Its key business verticals include Oil & Gas Infrastructure, Oil & Gas O&M Services, and Specialised Infrastructure Projects, positioning the company as a strong player in India’s evolving infrastructure landscape.
Promoters
- Goutam Debnath
Promoters Holding
Holding Pre Issue
72.19%
Holding Post Issue
53.07%
Objects of the Issue
The Company Oval Projects IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Utilization towards long-term working capital requirements of our Company
- General Corporate Purposes
Address / Contact Info
Oval Projects Engineering Limited
House No. 451568,
Milan Chakra, (Near Prajapita Brahmakumari Center)
Badharghat, P.O. A.D. Nagar
Agartala, Tripura, 799003
Phone: +91 7085049473
Email: cs@ovalprojects.com
Website: https://www.ovalprojects.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Thursday, 28 August 2025
IPO Close Date
Monday, 01 September 2025
Basis of Allotment
Tuesday, 02 September 2025
Initiation of Refunds
Wednesday, 03 September 2025
Credit of Shares to Demat
Wednesday, 03 September 2025
Listing Date
Thursday, 04 September 2025 — NSE & BSE
Important Dates
Open Date
28 August 2025
Close Date
01 September 2025
Basis Of Allotment
02 September 2025
Listing Date
04 September 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 156.23 | 103.8 | 82.25 |
| Revenue | 103.44 | 78.99 | 64.09 |
| Profit After Tax | 9.33 | 4.4 | 3.19 |
| Net Worth | 55.88 | 33.67 | 17.75 |
| Reserve & Surplus | 40.61 | 20 | 17.68 |
| Total Borrowings | 53.7 | 32.41 | 32.21 |
EPS Pre
6.11%
EPS Post
4.49%
P/E Pre
13.91
P/E (Post Issue)
18.92x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE % | 20.85 | 17.12 | 19.71 |
| ROCE % | 21.32 | 17.75 | 17.7 |
| Debt / Equity | 0 | 0 | 0 |
| RoNW % | 20.85 | 17.12 | 19.71 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 9.12 | 5.64 | 5.4 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 624000 | 13.67 | 0 |
| Non-Institutional | 1744000 | 38.22 | 0 |
| BNII | 960000 | 21.04 | 0 |
| SNII | 480000 | 10.52 | 0 |
| Retail Investors | 2195200 | 48.11 | 0 |
| Total | 4563200 | 100 | 0 |
Subscription Status ( Mon, 01 Sep 25 01:45 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 624000 | 3876800 | 6.21x |
| Non-Institutional | 1744000 | 1491200 | 0.86x |
| Retail Investors | 2195200 | 1811200 | 0.83x |
| Total | 4563200 | 7179200 | 1.57x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Oval Projects Engineering Ltd | 10 | 0.00 | 6.65 | 6.65 | 20.85 | 31.89 |
| Likhitha Infrastructure Ltd | 5 | 15.34 | 17.57 | 17.57 | 18.52 | 5.40 |
| Konstelec Engineers Ltd | 10 | 19.39 | 3.14 | 3.14 | 4.93 | 20.30 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | 272,000.00 |
| Retail (Max) | 2 | 3,200 | 272,000.00 |
| S-HNI (Min) | 3 | 4,800 | 408,000.00 |
| S-HNI (Max) | 7 | 11,200 | 952,000.00 |
| B-HNI (Min) | 8 | 12,800 | 1,088,000.00 |
Book Running Lead Managers
- Smc Capitals Limited
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Oval Projects Engineering IPO is a Book-building IPO worth ₹46.74 crores. The price band is ₹80 to 85 per share. The IPO opens on Thu, Aug 28, 2025 and closes on Mon, Sep 1, 2025. It will be listed on BSE and NSE. Mas Services Limited is the registrar.
The Oval Projects Engineering IPO opens on Thu, Aug 28, 2025 and closes on Mon, Sep 1, 2025
Oval Projects Engineering IPO Price Band is ₹80 to 85.
Oval Projects Engineering IPO lot size is 1600, and the minimum amount required for application is ₹272000.
The minimum investment for Oval Projects Engineering IPO is approximately ₹272000 based on the upper price band.
To apply for the Oval Projects Engineering IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Mon, Sep 1, 2025. After submission, funds are blocked until the basis of allotment of Oval Projects Engineering IPO is finalised.
Oval Projects Engineering IPO issue size is ₹46.74 crores.
Oval Projects Engineering IPO allotment date is Sat, Jun 27, 2026.
The registrar for Oval Projects Engineering IPO is Mas Services Limited. Investors can go to Mas Services Limited website for IPO allotment status, refund processing, and other queries related to Oval Projects Engineering IPO through their official website or helpline.
The Oval Projects Engineering IPO GMP (Grey Market Premium) is ₹4 as of Thu, Aug 28, 2025. Based on the upper price band of ₹85 per share, the estimated Oval Projects Engineering IPO listing price is ₹89, indicating a potential listing gain of approximately 31% over the issue price.