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Oval Projects Engineering's IPO opens at ₹85.25 on BSE SME
Oval Projects Engineering's IPO hit the BSE SME platform this Thursday, opening at ₹85.25—basically flat compared to its ₹85 issue price.
The stock barely moved, peaking at just ₹86, which suggests investor excitement was pretty muted.
How the issue panned out
The IPO ran from August 28 to September 1 and was subscribed 1.61 times overall.
Big institutional investors were keen, grabbing their share over six times, but regular retail and non-institutional folks weren't as interested, with less than full subscription on their end.
The ₹47 crore raised will help fund the company's working capital needs as it continues engineering projects for the Oil & Gas sector out of Agartala, Tripura.