Oval Projects Engineering's share was listed at ₹85.25 on the BSE SME platform on September 4, 2025, against an issue price of ₹85, registering a listing gain of a mere 0.29%. The IPO received a mixed response, with the retail and non-institutional portions not being fully subscribed. The company will utilize the raised funds for working capital and corporate requirements.
Oval Projects IPO Listing: On Thursday, September 4, 2025, Oval Projects Engineering's IPO was listed on the BSE SME platform, where its shares opened at ₹85.25 against an issue price of ₹85. Immediately after listing, it saw a slight uptick, reaching ₹86. The company's ₹46.74 crore IPO was open from August 28 to September 1 and received a total subscription of 1.61 times. However, the non-institutional and retail investor portions were not fully subscribed. The company will deploy a significant portion of these funds towards working capital needs and the remaining for corporate objectives.
Disappointment over Flat Listing
IPO investors did not gain much initially. The share was listed at ₹85.25 on BSE SME, indicating a listing gain of just 0.29 percent. In early trade, it saw a slight rise and reached ₹86, providing investors with a gain of approximately 1.18 percent. This rise is not considered substantial and is being described as a flat entry by market experts.
Mixed Response to the IPO
Oval Projects' ₹46.74 crore IPO was open from August 28 to September 1. During this period, it received a mixed response from investors. Qualified Institutional Buyers (QIBs) showed the most interest, while Non-Institutional Investors (NIIs) and retail investors showed a lukewarm response.
Overall, the IPO received 1.61 times subscription. The QIB portion was subscribed 6.21 times, while the NII portion was only subscribed 0.82 times, and the retail investor portion was subscribed 0.83 times. This clearly indicates that large institutional investors showed confidence, but the enthusiasm among common investors was subdued.
Utilisation of Raised Funds
Through the IPO, the company issued 54,99,200 new equity shares with a face value of ₹10 each. A total of ₹46.74 crore was raised through this process. The company has clarified that ₹37.03 crore out of the funds raised will be used for working capital, i.e., for day-to-day operational needs. The remaining amount will be utilized for corporate purposes.
Company's Journey and Business
Oval Projects Engineering was established in 2013. The company primarily operates in the infra development sector. Its projects include work related to oil and gas, city gas distribution, urban development, and energy. The company has completed projects in various sectors across the country and is gradually expanding.
Company's Financial Performance
The company's financial performance has improved over the past few years. In FY2023, the company reported a net profit of ₹3.19 crore. This increased to ₹4.40 crore in FY2024 and ₹9.33 crore in FY2025. Thus, the company has almost tripled its profit in two years.
The company's total revenue has also been steadily growing. By the end of FY2025, it reached ₹103.44 crore, registering a Compound Annual Growth Rate (CAGR) of over 27 percent.
Although profits and revenue have increased, the company's debt has also grown rapidly. At the end of FY2023, the company had a debt of ₹32.21 crore. This increased to ₹32.41 crore in FY2024 and further rose to ₹53.70 crore in FY2025. The growing debt could pose a challenge for the company.
