The initial public offer (IPO) of Oval Projects Engineering received bids for 71,79,200 shares as against 45,63,200 shares on offer. The issue was subscribed 1.57 times.
Qualified Institutional Buyers (QIBs) bid for 38,76,800 shares, Non-Institutional Investors (NIIs) for 14,91,200 shares, while Retail Individual Investors (RIIs) placed bids for 18,11,200 shares.
The issue opened for bidding on 28 August 2025 and it closed on 01 September 2025. The price band of the IPO was fixed between Rs 80 to Rs 85 per share. The equity shares will list on BSE’s SME platform.
The IPO comprised fresh issue of 54,99,200 equity shares. The company intends to utilize the net proceeds for utilization towards long-term working capital requirements of the company and general corporate purposes.
Ahead of the IPO, Oval Projects Engineering on Tuesday, 26 August 2025, raised Rs 7.95 crore from anchor investors. The board allotted 9.36 lakh shares at Rs 85 each to 6 anchor investors.
Oval Projects Engineering is primarily an infrastructure services company engaged in providing engineering, procurement, and construction (EPC) industrial infrastructure services, as well as operations and maintenance (O&M) services to its PAN India customers, especially in the Oil & Gas sector. The company focuses on upstream, midstream, and downstream facility development activities in the Oil and Gas sector, such as processing plants, pipeline laying, horizontal directional drilling, terminal stations, City Gas Distribution (CGD) work, and O&M of PNG/PNG services, along with other related EPC projects. It also provides O&M services for captive power plants. As on 31 March 2025, the company had 123 employees.
The company recorded revenue from operations of Rs 102.29 crore and net profit of Rs 9.33 crore for the period ended 31 March 2025.