Oval Projects Engineering IPO: The shares of Oval Projects Engineering witnessed a lacklustre listing in trade on Thursday, September 4, on the BSE SME platform. Oval Projects Engineering share price opened at ₹85.25, up 0.29% against its issue price of ₹85 apiece.
During the session so far, Oval Projects Engineering hit a high of ₹86.
Oval Projects Engineering IPO
The demand for Oval Projects Engineering IPO was also tepid, with the issue receiving just 1.61 times bids. The retail portion of the SME IPO was booked 83%, the non-institutional investor (NII) segment 82% and the qualified institutional buyer (QIB) quota 6.21 times.
The ₹47 crore SME IPO was entirely a fresh issue of 0.55 crore shares, sold in the range of ₹80 to ₹85 apiece.
Oval Projects Engineering IPO was open for bidding from August 28 to September 1. The allotment for the IPO was finalised on September 2.
Investors could apply for the IPO in lots of 1600 shares, with the retail investors required to apply for a minimum of two lots and needing an investment of ₹2,72,000 at the upper price band.
The company plans to use the funds raised for meeting the long-term working capital needs of the company and 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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