Samay Project Services Limited, a provider of piping systems, structural fabrication, storage tanks, and fire safety systems, is all set to make its stock market debut with an Initial Public Offering (IPO) worth ₹14.69 crores. This IPO is a completely fresh issue, comprising 43.20 lakh equity shares. The subscription window will be open from June 16 to June 18, 2025, and the company is expected to be listed on the NSE SME platform on Monday, June 23, 2025.
The public issue features equity shares with a face value of ₹10 each, priced within a range of ₹32 to ₹34 per share. The lot size is fixed at 4,000 shares. Retail investors can enter the offering with a minimum investment of ₹1,36,000 (1 lot), while High Net-worth Individuals (HNIs) can participate starting from ₹2,72,000 (2 lots). The share allotment is scheduled to be finalized on June 19, 2025. As Samay Project Services steps into the public market, it presents investors with an emerging opportunity in India's dynamic infrastructure sector.
Samay Project Services Limited IPO is a fundraise worth ₹14.69 crores comprising purely of a fresh issue with 43.20 lakh shares reserved for the market maker Shreni Shares Limited. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from June 16, 2025, to June 18, 2025, providing an opportunity for investors looking to gain a stake in the infrastructure space.
| Samay Project Services IPO date | June 16, 2025 - June 18, 2025 |
| Price band | ₹32 to ₹34 per share |
| Face value | ₹10 per share |
| Lot size | 4,000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 43,20,000 shares amounting to ₹14.69 crores |
| Total issue size | 43,20,000 shares amounting to ₹14.69 crores |
| Listing at | NSE SME |
| Market maker portion | 2,28,000 shares - Shreni Shares Limited |
| Shareholding post-issue | 1,53,49,320 shares |
| Shareholding pre-issue | 1,10,29,320 shares |
The Samay Project Services Limited IPO opens for subscription on June 16, 2025, and closes on June 18, 2025, with allotment scheduled for June 19, 2025.
| IPO open date | June 16, 2025 (Monday) |
| IPO close date | June 18, 2025 (Wednesday) |
| Basis of allotment | June 19, 2025 (Thursday) |
| Initiation of refunds | June 20, 2025 (Friday) |
| Credit of shares to Demat account | June 20, 2025 (Friday) |
| Listing date on NSE SME | June 23, 2025 (Monday) |
| Cut-off time for UPI mandate confirmation | 5 PM on June 18, 2025 (Wednesday) |
Everything you need to know about Samay Project Services IPO.
Incorporated in November 2001, Samay Project Services Limited specializes in providing Engineering, Procurement, and Construction (EPC) services, with a strong focus on the design, engineering, and commissioning of balance of plant (BOP) systems across multiple sectors. The company undertakes a wide range of EPC projects, including piping systems, tanks and fabricated structures, and fire protection and detection systems. Its service portfolio includes the SITC (supply, installation, testing, and commissioning) of fire detection systems, low-pressure piping systems, and the design and construction of storage tanks and tank farms. It also executes cross-country pipelines for water and hydrocarbons both within India and internationally.
Additionally, Samay Project Services is involved in system automation, integrating electromechanical systems and instrumentation for turnkey solutions, and offers end-to-end EPC services for BioCNG plants—from feedstock identification to project commissioning. The company holds ISO 9001:2015 certification for quality management in the engineering, supply, fabrication, erection, testing, and commissioning of its core systems. As of October 31, 2024, the company employed 54 full-time staff and engaged 179 contract labourers (including skilled, semi-skilled, and unskilled workers) to support its EPC operations.
Samay Project Services Limited intends to utilize the net proceeds from its IPO primarily to meet its working capital requirements amounting to ₹12.00 crores, with the remaining funds allocated towards general corporate purposes.
The Samay Project Services Limited IPO has caught the eyes of investors as the company reportedly saw a drop of 8% in its revenue and 9% yearly decrease in the Profit After Tax (PAT), during the financial year ended March 31, 2025.
As of July 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 23.13%, Return on Capital Employed (ROCE) at 24.56% and a Debt-to-Equity ratio of 0.10. The Return on Net-Worth (RoNW) stands at 20.73, and the PAT Margin was 11.29. The Price to Book Value was 2.34. The company’s market capitalisation is ₹52.19 crore.
| Period Ended | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Revenue | 37.72 | 40.95 | 20.82 |
| Assets | 31.77 | 24.83 | 21.28 |
| Net Worth | 20.23 | 16.03 | 11.42 |
| Profit After Tax | 4.19 | 4.62 | 3.44 |
| Reserves & Surplus | 9.20 | 5.00 | 11.11 |
| Total Borrowing | 2.09 | -0.64 | 1.18 |
Amount in ₹ crores
The pre-IPO EPS is at ₹4.18 while the post-IPO EPS will be ₹2.64. Similarly, the pre-IPO Price to Earnings ratio is 8.13 and will become 12.89 post-IPO.
Samay Project Services Limited benefits from a strong engineering foundation, supported by a skilled technical design team and advanced software tools. The company’s engineering team is structured by product lines and utilizes AutoPLANT CAD modelling software through local channel partners. This software enables efficient layout planning and the creation of detailed engineering drawings, while also assisting in identifying and addressing potential routing issues early in the design process, thus enhancing accuracy and efficiency during the engineering phase.
The company has built a solid presence across multiple EPC segments, having successfully completed over ₹40.75 crore worth of projects across India and overseas as of March 31, 2024. Their work spans key sectors such as power, sugar and distilleries, infrastructure, iron and steel, and mining, with a focus on delivering tailored technical solutions to meet specific client requirements. Quality and safety are central to their operations, reflected in their ISO 9001:2015 certification for EPC services involving piping systems, tanks, vessels, and fire protection systems, and a strong adherence to occupational health and safety standards.
Samay Project Services Limited relies heavily on a limited number of government entities for the majority of its revenue, as seen in the half-year ended September 30, 2024, and the previous three financial years. This dependence makes the company vulnerable to policy changes at the central or state government level. Any unfavorable shift in government policies could result in contracts being foreclosed, terminated, renegotiated, or restructured, which may significantly impact the company’s business operations and financial performance.
Additionally, the company’s operations depend on the timely availability and stable pricing of raw materials, parts, and other essential components. Most of their raw materials are procured from domestic markets such as Chhattisgarh, Maharashtra, Tamil Nadu, and Telangana, as well as from international sources including China, Europe, and the UAE. Disruptions or adverse developments in any of these regions such as geopolitical tensions, supply chain issues, or price volatility could negatively affect the company’s procurement process, potentially leading to increased costs or delays, and thereby impacting overall business performance.
Investing early in the IPO of Samay Project Services Limited offers a potential opportunity to be part of the company’s growth journey, particularly in the expanding construction segment. However, prospective investors should thoroughly evaluate several key aspects, including the company’s operational history, financial stability, industry trends, and long-term strategy. It's important to align this evaluation with individual investment goals and risk tolerance. Reviewing the offer document in detail and consulting a financial advisor is strongly recommended to make a well-informed investment decision.
What is the Samay Project Services Limited IPO?
The Samay Project Services Limited IPO is an NSE SME offering consisting of 43.20 lakh equity shares with a face value of ₹10, aiming to raise ₹14.69 crore. The price band has been set between ₹32 to ₹34 per share, with a minimum order quantity of 4,000 shares. This IPO will be open for subscription from June 16, 2025, to June 18, 2025. Smart Horizon Capital Advisors Private Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar while Shreni Shares Limited is the market maker.
When will the Samay Project Services IPO open?
The Samay Project Services Limited IPO will open for subscription on June 16, 2025, and will close on June 18, 2025.
When is the Samay Project Services IPO listing date?
The tentative listing date for the Samay Project Services Limited IPO is Monday, June 23, 2025.
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