Oval Projects Engineering IPO Sees Improved Subscription on Day 2

Mumbai, August 29, 2025 — The ₹46 crore IPO of Oval Projects Engineering Limited saw higher participation on Day 2, with overall subscription increasing to 0.70 times at 4:57 PM from 0.55 times on Day 1. Retail and HNI investors led the bidding momentum, while Qualified Institutional Buyers (QIBs) continued their initial support.

Subscription Status by Investor Category (as on August 29, 2025)

As of August 29, 2025, the issue had seen bids for 32.09 lakh shares out of 45.63 lakh shares being offered, indicating an overall subscription of 0.70 times. The Qualified Institutional Buyers (QIBs) category recorded the highest subscription, subscribed 2.88 times with bids for 18 lakh shares against 6.24 lakh being offered.

On the contrary, demand from Non-Institutional Investors (NIIs) was low at 0.41 times, with applications sized ₹10 lakh and above subscribed 0.69 times, and applications in the size range up to ₹10 lakh subscribed a paltry 0.13 times.

The Retail Individual Investors (RIIs) segment also saw below-average participation, with bids in 6.88 lakh shares compared with 21.95 lakh available on offer, or 0.31 times subscription. No bids were seen in the employees, policyholders, and shareholders category.

Bid Price Trends

• At ₹80 (lower price band): 32,09,600 shares bid
• At ₹81: 31,74,400 shares bid
• At ₹85 (upper price band): 31,58,400 shares bid

Most bids are still bunched at the higher end of the price band (₹85), which reflects investor optimism about valuations.

Key Highlights

• QIB demand remains constant: The QIB book is fully covered at 2.88x, and it’s dominated by non-mutual fund institutional investors.
• HNI interest strengthening: NII subscription also improved to 0.41x, led by big-ticket investors (>₹10 lakh).
• Retail momentum building: Retail investor applications more than doubled, taking their book to 0.31x.
• Overall coverage improving: With two days remaining, the IPO has moved closer to the halfway mark on the way to full subscription.

Earlier, on August 26, the firm raised ₹7.95 crore from anchor investors by issuing 9,36,000 shares at ₹85 per share to six institutional investors, including Rajasthan Global Securities, SB Opportunities Fund II, and Beacon Stone Capital VCC.

Day 2 Takeaway: Institutional support continues to be firm, while retail and HNI support are slowly gaining momentum. The next two days of bidding would be critical to see if the IPO goes through smoothly.

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