Infrastructure services company Oval Projects Engineering, specialising in upstream, midstream, and downstream activities in the oil and gas sector, is set to open its maiden public issue for subscription later this week on August 28.
The offer will close on September 1. The company will finalise IPO share allotment by September 2, and its equity shares will be available for trading on the BSE SME platform effective September 4.
Tripura-headquartered Oval Projects aims to raise Rs 46.74 crore via initial share sale of 54.99 lakh shares which consists of only fresh issue component. The price band for the offer has been fixed at Rs 80-85 per share.
The company intends to use Rs 37.03 crore of IPO proceeds for its long-term working capital requirements, and the remainder funds for general corporate purposes.
Oval Projects provides EPC (engineering, procurement and construction) industrial infrastructure services, and operations and maintenance (O&M) services in the oil & gas sector, focussing on processing plant, pipeline laying, horizontal directional drilling, terminal station, city gas distribution (CGD) work, and O&M of PNG/PNG services. It also provides O&M services for captive power plants.
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The company that competes with Likhitha Infrastructure, and Konstelec Engineers has recorded profit at Rs 9.3 crore for the year ended March 2025, growing 112 percent over Rs 4.4 crore in the previous year. Revenue in the same period increased by 31.2 percent to Rs 102.3 crore, up from Rs 78 crore.
SMC Capitals is the sole book running lead manager for handling the Oval Projects Engineering IPO.
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