Oval Projects Engineering IPO to Open on August 28; Price Band Fixed at ₹80-85

Oval Projects Engineering, an infrastructure services company with a robust presence in the oil and gas industry, is to make its Initial Public issue on August 28. The issue will close on September 1. The share allotment will be on September 2, and the shares will list on the BSE SME platform on September 4.

IPO Structure and Breakdown

The IPO comprises a fresh issue of 54.99 lakh shares, seeking to raise approximately ₹46.74 crore. The firm has set the price band between ₹80 and ₹85 per share, providing investors with an opportunity to enter its maiden market listing. Of the proceeds, ₹37.03 crore will be used for meeting long-term working capital requirements, and the rest will be used for general corporate purposes.

Business Brief of Oval Projects

Oval Projects, headquartered in Tripura, provides engineering, procurement, and construction services (EPC), as well as operations and maintenance services (O&M), for both upstream, midstream, and downstream oil and gas projects.

Work includes laying pipes for processing plants, pipelines, horizontal directional drilling, terminal stations, city gas distribution projects, and managing networks of PNG. The firm is also active in O&M services in captive power plants, furthering its functions in strategic energy infrastructure.

Peer Presence and Financial Base of Oval Projects

Competition-wise, Oval Projects is in an arena where Likhitha Infrastructure and Konstelec Engineers are established rivals. Financially, the firm saw a profit of ₹9.3 crore in FY25, more than double that of ₹4.4 crore last year, indicating a 112% spike in earnings. Revenue recorded strong growth, growing 31.2% to ₹102.3 crore in FY25, versus ₹78 crore in the year-ago period. SMC Capitals will be the lead book-running manager for the IPO.

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