Oval Projects Engineering IPO Fully Subscribed on Final Day with Strong QIB Demand

Mumbai, September 1, 2025 -The ₹46 crore IPO of Oval Projects Engineering Limited closed today with an overall subscription of 1.57 times, dominated by huge demand from Qualified Institutional Buyers (QIBs).

Final Subscription Status (as on September 1, 2025 | 4:59 PM)

By September 1, 2025, Oval Projects Engineering IPO had a total subscription of 1.57 times, varying with investor categories. Demand was dominated by Qualified Institutional Buyers (QIBs), who bid for 38.77 lakh shares out of 6.24 lakh on offer, a healthy 6.21 times subscription. Of this, foreign institutional investors (FIIs) bid for 20.77 lakh shares and domestic institutions for the balance 18 lakh shares.

Conversely, the Non-Institutional Investors (NIIs) response was subdued, with the category subscribed 0.86 times. Applications above ₹10 lakh were oversubscribed at 1.32 times, whereas bids of smaller quantum up to ₹10 lakh fell short with only 0.48 times subscription.

Retail Individual Investors (RIIs) bid for 18.11 lakh shares out of an offered 21.95 lakh, achieving a 0.83 times subscription. No shares were allotted to employees, shareholders, or policyholders in this issue. Overall, institutional investors led the IPO demand, with retail and small-ticket HNI participation sub-full subscription level.

Bid Price Trends

• At ₹80 (floor price): 71,79,200 shares bid
• At ₹85 (cap price): 70,64,000 shares bid

The demand curve indicates that investors overwhelmingly preferred the higher part of the price band (₹85).

Key Highlights

QIBs led the IPO, oversubscribing their quota by 6.21 times, with FIIs and domestic institutions participating strongly. HNIs displayed the selective interest, with higher-ticket bids (>₹10 lakh) subscribed at 1.32x, while smaller NII applications trailed behind.

Retail subscription closed short of full coverage, at 0.83x, reflecting lukewarm interest from retail investors. The IPO, which opened on August 28, had previously raised ₹7.95 crore from anchor investors by the allotment of 9,36,000 shares at ₹85 apiece.

Future Outlook and Next Steps

The robust institutional response is likely to bring stability to post-listing performance, and retail under-subscription is likely to temper oversubscription pressure. The basis of allotment will be determined on or before September 2, 2025, and listing is intended on September 4, 2025, on the BSE SME exchange platform.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations