Oval Projects Engineering IPO: The initial public offering (IPO) of Oval Projects Engineering opened for investors on Thursday, August 28. The SME IPO worth ₹47 crore will remain open for bidding till Monday, September 1.
The qualified institutional buyer (QIB) was fully subscribed on the first day of the bidding, while retail and non-institutional investor (NII) portions were off to a slow start.
Oval Projects Engineering IPO Subscription Status
As of 3.50 pm on the first day of bidding, Oval Projects Engineering IPO was booked 58%. The QIB portion was subscribed 2.88 times, the NI portion was booked 29% while the retail portion received 12% bids.
Overall, Oval Projects Engineering IPO garnered bids for 24,70,400 shares as against 42,59,200 shares on offer.
Oval Projects Engineering IPO GMP
The premium”>grey market premium for Oval Projects Engineering IPO has remained steady for the last few days. Oval Projects Engineering IPO GMP today was ₹8. This means shares of Oval Projects Engineering IPO were trading ₹8 above the upper end of the issue price of ₹85.
At the prevailing GMP and issue price, Oval Projects Engineering IPO listing price will be ₹93, a premium of 9.41%.
Oval Projects Engineering IPO Details
Oval Projects Engineering IPO is entirely a fresh issue of 0.55 crore shares.
Oval Projects Engineering IPO price band is set at ₹80 to ₹85 per share. Investors can apply for the public offering in lots of 1,600 shares. The minimum lot for retail investors is two, requiring an investment of at least ₹2,72,000 for subscribing to the IPO.
The company plans to use the funds raised for long-term working capital needs of the company, along with general corporate purposes.
Oval Projects Engineering is primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction (“EPC”) industrial infrastructure services and operations and maintenance (“O&M”) services to its customers, especially in the Oil & Gas sector.
Headquartered in Agartala, Tripura, the company commenced business operations as a project management consultancy company. But over the last decade, it has expanded and diversified the business services to EPC, O&M and other infrastructure services.
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