Here’s a comprehensive breakdown of the Oval Projects Engineering Limited IPO:
Oval Projects Engineering Limited is an EPC and O&M infrastructure services firm, especially active in Oil & Gas, City Gas Distribution, smart urban infrastructure, and energy sectors.
Headquartered in Agartala, Tripura, it began as a project management consultancy and has scaled to provide turnkey solutions across upstream, midstream, and downstream segments—such as pipeline laying, processing plants, terminal stations, CGD networks, and maintenance of power plants and pipelines.
Oval Projects Engineering Limited IPO Dates
| Event | Date |
|---|---|
| Subscription Opens | August 28, 2025 |
| Subscription Closes | September 1, 2025 |
| Basis of Allotment | September 2, 2025 |
| Refund Initiated / Shares Credited | September 3, 2025 |
| Listing on BSE SME | September 4, 2025 |
IPO Details
| Attribute | Details |
|---|---|
| IPO Type | SME IPO (BSE Emerge) – Book Building |
| Open Date | August 28, 2025 |
| Close Date | September 1, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹80 – ₹85 per share |
| Total Issue Size | ₹46.74 crore (~54.99 lakh shares) |
| Fresh Issue | Entire offer (~₹46.74 crore) |
| Lot Size | 1,600 shares |
| Minimum Investment | ₹2,72,000 (for 3,200 shares) |
| Retail Portion | Up to 35% |
| QIB Portion | Up to 50% |
| NII Portion | Up to 15% |
| Lead Manager | SMC Capitals Limited |
| Registrar | MAS Services Limited |
| Expected Allotment Date | September 2, 2025 |
| Refund Initiation | September 3, 2025 |
| Shares Credited | September 3, 2025 |
| Listing Date | September 4, 2025 (BSE SME) |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,52,70,068 shares |
| Share Holding Post Issue | 2,07,69,268 shares |
GMP of Oval Projects Engineering Limited IPO
As of now, the Grey Market Premium (GMP) for the Oval Projects Engineering Limited IPO is not yet active—there’s currently no GMP available. Both IPOWatch and IPO Central confirm that the GMP hasn’t started yet.
Summary Table: GMP Status
| Date | GMP (₹) | Status |
|---|---|---|
| August 23, 2025 | — | GMP not started yet |
Promoters of Oval Projects Engineering Limited
Here’s a detailed overview of the promoters and leadership of Oval Projects Engineering Limited, based on the latest IPO disclosures:
1. Mr. Goutam Debnath
- Role: Chairman & Managing Director
- Background: Holds a diploma and bachelor’s degree in Mechanical Engineering. He has approximately 15 years of experience in the oil and gas EPC sector, having worked previously with KSS Petron Pvt. Ltd. and Shiv-Vani Oil & Gas Exploration Services Ltd.
- Board Tenure: A board member since 2014
- Other Directorships: Also serves as a director in Oval Digital Pvt. Ltd. and Bluekingdom Projects Pvt. Ltd.
- Promoter Holding: Holds a pre-issue promoter stake of 72.19 % in the company.
2. Mr. Himangshu Mahawar
- Background: Holds a B.Tech in Mechanical & Automation Engineering and a PGDM in Marketing. He brings around 9 years of experience in project and business development, including a stint at the National Payments Corporation of India.
- Association with the Company: Joined as a consultant in 2019, and subsequently appointed to the board as a director.
3. Mr. Khitish Kumar Nayak
- Role: Non-Executive Independent Director
- Background: Mechanical Engineering graduate with extensive experience, having served as Head of HSE at Cairn Oil & Gas (Vedanta Ltd.) and as CEO at Kiri Group. Notably, he was nominated for the Padmashri Award in 2023 for his social contributions.
- Board Tenure: Joined as an Independent Director in 2024.
Summary Table – Promoter & Leadership Overview
| Name | Designation | Experience / Highlights |
|---|---|---|
| Goutam Debnath | Chairman & Managing Director | ~15 years in oil & gas EPC; leads as founder/promoter; also directs associated firms; holds 72.19% pre-IPO stake |
| Himangshu Mahawar | Non-Executive Non-Independent Director | ~9 years in project/business development; joined board in 2019 |
| Khitish Kumar Nayak | Non-Executive Independent Director | Veteran engineer; ex-head of HSE; award nominee; board since 2024 |
Key Insight
- Mr. Goutam Debnath is the primary driving force and promoter of the company, bringing deep technical experience and long-term leadership.
- Mr. Himangshu Mahawar supports business development and operational expansion with marketing and engineering insights.
- Mr. Khitish Kumar Nayak adds independent oversight, governance, and operational safety expertise to the board.
Oval Projects Engineering Limited IPO Lot Size
Here’s the lot size information for the Oval Projects Engineering Limited IPO, presented clearly with verified sources:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,72,000 |
| Retail (Max) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,08,000 |
| S-HNI (Max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,88,000 |
Key Notes:
- Lot size is fixed at 1,600 shares per lot.
- Minimum application for retail investors: 2 lots (3,200 shares).
- Maximum lot cap for retail investors is also 2 lots, per A2ZIPO’s disclosures.
- Lot sizes scale up with investor category: S-HNI can apply for up to 7 lots, B-HNI potentially more.
Oval Projects Engineering Limited IPO Promoter Holding
Here’s the verified information on the promoter holding of Oval Projects Engineering Limited based on the latest IPO data:
| Metric | Percentage (%) |
|---|---|
| Pre-IPO Promoter Holding | 72.19% |
| Post-IPO Promoter Holding | Not available yet |
- Pre-IPO Holding: The promoters (led by Mr. Goutam Debnath) held 72.19% of the company’s equity before the IPO.
- Post-IPO Holding: The data is currently undisclosed and will depend on the final allotment and allocation details.
About Oval Projects Engineering Limited
Oval Projects Engineering Limited (incorporated in 2013) is a leading player in the infrastructure development sector of India, offering turnkey solutions across the Oil & Gas, City Gas Distribution (CGD), Urban Development, and Power segments.
Headquartered in Agartala, Tripura, the company originally began as a project management consultancy and has since evolved into a full-scale EPC (Engineering, Procurement & Construction) and O&M service provider.
Core Services & Capabilities
- EPC Solutions: Covers upstream, midstream, and downstream operations—such as pipeline laying, gas processing plants, drilling site development, and CGD infrastructure.
- O&M Services: Includes operations and maintenance of PNG/CNG networks and captive power plants.
- Urban & Special Infrastructure: Executes civil structures and smart city projects, including some funded by national and international development agencies like the World Bank and ADB.
Credentials & Reach
- Certifications: Recognized as an MSME and certified under ISO 9001, ISO 14001, and OHSAS 18001, underlining commitment to quality, environmental friendliness, and safety.
- Infrastructure Footprint: Over 900 km of pipelines successfully laid, and a robust order book of projects worth INR ₹403–453 crore as of April 2025.
- Client Base: Encompasses public sector entities, government agencies, and projects backed by international financiers.
- Workforce: Employs approximately 123 professionals as of March 2025.
Strategic Presence & Operations
- Pan-India Operations: While rooted in Agartala, the company has successfully expanded across 10+ Indian states, establishing a reliable network of execution and supply partners.
- Execution Efficiency: Known for timely deliverables, cost efficiency, and in-house project management practices with scalable manpower resources.
Highlights at a Glance
| Attribute | Details |
|---|---|
| Founded | 2013, Agartala, Tripura |
| Core Focus Areas | Oil & Gas, CGD, Urban Infrastructure, Power |
| Certifications | MSME, ISO 9001, ISO 14001, OHSAS 18001 |
| Pipeline Laid | Over 900 km |
| Order Book | ₹403–453 crore (ongoing as of Apr 2025) |
| Employees | ~123 (as of March 2025) |
| Geographical Reach | Nationwide execution across 10+ states |
| Clients | PSU, Government, International Financed Projects |
Oval Projects Engineering Limited Financial Information
Here’s a clear and detailed breakdown of the financial information for Oval Projects Engineering Limited, particularly as relevant to its IPO performance and restated financials:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹156.23 Crore | ₹103.80 Crore | ₹82.25 Crore |
| Total Income | ₹103.44 Crore | ₹78.99 Crore | ₹64.09 Crore |
| Profit After Tax | ₹9.33 Crore | ₹4.40 Crore | ₹3.19 Crore |
| EBITDA | ₹18.08 Crore | ₹9.89 Crore | ₹3.46 Crore |
| Net Worth | ₹55.88 Crore | ₹33.67 Crore | ₹17.75 Crore |
| Reserves and Surplus | ₹40.61 Crore | ₹20.00 Crore | ₹17.68 Crore |
| Total Borrowing | ₹53.70 Crore | ₹32.41 Crore | ₹32.21 Crore |
Key Performance Indicator (KPI)
Here’s a Key Performance Indicator (KPI) summary for Oval Projects Engineering Limited based on its restated financials from the IPO documents:
| KPI | Values |
|---|---|
| ROE | 20.85% |
| ROCE | 21.32% |
| RoNW | 20.85% |
| PAT Margin | 9.12% |
| EBITDA Margin | 17.68% |
| Price to Book Value | 2.67 |
Strengths of Oval Projects Engineering Limited IPO
Robust Project Execution & Order Book
The company has successfully completed over ₹203 crore worth of infrastructure and oil & gas projects. Notably, as of April 2025, it maintained a healthy order book of ₹453 crore from more than 30 ongoing projects.
Strong Industry Presence & Nationwide Reach
With operations across 10+ states and particularly deep penetration in Northeast India, Oval Projects demonstrates scalability and solid execution capabilities across varied geographies.
Efficient Resource Utilization & Cost Management
The firm is praised for in-house engineering teams, cost-efficient procurement, and lean resource utilization—factors that contribute to timely and economical project delivery.
Experienced Leadership Team
Led by Mr. Goutam Debnath, who brings over 15 years of EPC experience, the management boasts significant industry expertise and strategic depth.
Order Visibility Fueling Growth Prospects
The substantial order backlog provides clarity and predictability in future revenue streams, reinforcing investor confidence in sustained business momentum.
Risks of Oval Projects Engineering Limited IPO
Concentration in Single Sector (Oil & Gas)
A heavy focus on oil, gas, and related infrastructure projects can make the firm vulnerable to sector-specific regulatory changes, government policies, or market slowdowns.
Dependence on Ongoing Projects and Timely Execution
While a strong order book is an asset, delays or execution challenges in ongoing projects could adversely impact delivery timelines, costs, and profitability.
Geographical and Client Dependency
Even with a pan-India presence, deeper exposure to specific states or select large clients (common in infrastructure firms) could heighten business risk in case of regional policy shifts or payment delays.
Execution-Intensive Business Poses Operational Risks
Turnkey EPC and O&M contracts demand consistent project performance, operational discipline, and strict compliance. Any missteps could affect margins, safety standards, or client trust.
IPO and Market Sentiment Uncertainty
As a BSE–SME IPO, market response, subscription levels, and listing-day volatility remain hard to predict and can impact post-listing performance.
Summary Table – Quick Snapshot
| Strengths | Risks |
|---|---|
| Strong project execution and deep order book | Sector-specific concentration (Oil & Gas) |
| Pan-India spread with Northeast presence | Execution delays or contractual challenges |
| Efficient resource use and cost controls | Geographic/client concentration vulnerabilities |
| Experienced promoter and leadership | Intense operational demands and compliance risks |
| Clear future visibility via order backlog | Uncertain listing sentiment and SME IPO dynamics |
Oval Projects Engineering Limited Contact Details
Here are the contact details for Oval Projects Engineering Limited, including both corporate and IPO-related information, clearly structured for easy reference:
Oval Projects Engineering Limited – Contact Information
Corporate / Registered Office
- Address: House No. 451568, Milan Chakra (Near Prajapita Brahmakumari Center), Badharghat, P.O. A.D. Nagar, Agartala, Tripura – 799003, India
- Phone: +91-70850 49473
- Email: cs@ovalprojects.com
- Website: https://www.ovalprojects.com
IPO-Related Contact: Registrar & Lead Manager
Registrar — MAS Services Limited
- Address: T-34, 2nd Floor, Okhla Industrial Area Phase II, New Delhi – 110020, India
- Phone: +91-11-2638 7281 / 82 / 83
- Email: ipo@masserv.com
- Website: https://www.masserv.com/opt.asp
Quick Contact Summary
| Contact Type | Details |
|---|---|
| Corporate Office Address | House No. 451568, Milan Chakra, Badharghat, Agartala, Tripura – 799003 |
| Corporate Phone | +91-70850 49473 |
| Corporate Email | cs@ovalprojects.com |
| Website | https://www.ovalprojects.com/ |
| Registrar Address | MAS Services Ltd., Okhla Industrial Area Phase II, New Delhi – 110020 |
| Registrar Phone | +91-11-2638 7281 / 82 / 83 |
| Registrar Email | ipo@masserv.com |
| Registrar Website | https://www.masserv.com/opt.asp |
| Lead Manager Address | SMC Capitals Ltd., Goregaon (East), Mumbai – 400063 |
| Lead Manager Phone | +91-22-6648 1818 |
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