Smartworks IPO Subscribed 1.20 Times by Day 2 Amid Muted Investor Sentiment
Samay Project Services is listed on NSE SME at ₹36.05 price with a 6.03% premium from the issue price

The Engineering, Procurement, and Construction (EPC) services provider, Samay Project Services Limited, made a modest debut on the National Stock Exchange (NSE) SME platform. After closing its IPO bidding between June 16 and June 18, 2025, the company made its stock market debut on June 23, 2025, at a 6.03% premium to the issue price, delivering moderate returns to investors. This book-building IPO raised ₹14.69 crore with a solid subscription of 29.08 times, reflecting reasonable investor confidence for the EPC services sector as the company aims to strengthen working capital requirements and support business expansion.

Samay Project Services IPO Listing Details
Samay Project Services Limited launched its IPO through the book-building process, and the Samay Project Services stock price was set at ₹34 per share. The minimum investment required was 4,000 shares costing ₹1,36,000. The IPO received a solid response with an overall subscription of 29.08 times - retail segment at 15.09 times, QIB at 22.64 times, and NII at 69.19 times by the final day of bidding, indicating good investor interest across categories. Samay Project Services' share price is listed at ₹36.05 on NSE SME, offering a 6.03% premium from the issue price. Samay Project Services' stock price debut reflects moderate market sentiment and a cautious investor approach towards the company.
Listing Price: The Samay Project Services share price opened at ₹36.05 on NSE SME on June 23, 2025, representing a premium of 6.03% from the issue price of ₹34, delivering modest gains for investors at listing.
First-Day Trading Performance Outlook
Samay Project Services IPO commenced trading on the NSE SME on June 23, 2025, witnessing a modest stock market debut. The Samay Project Services share price opened at ₹36.05, marking a 6.03% premium from its IPO price of ₹34, delivering moderate returns to investors at listing. The company entered the market with established operations in EPC services, specialising in balance of plant (BOP) systems across various industries, and maintaining ISO 9001:2015 certification for quality management in engineering and project execution.
Growth Drivers and Challenges
Samay Project Services presents growth potential with its specialised EPC services across multiple segments, established client relationships, and strong engineering capabilities. The growing infrastructure development and industrial expansion support demand for EPC services. However, the company faces challenges, including intense competition in the highly competitive and fragmented EPC market, concerns about inconsistent financial performance noted by analysts, and dependency on project-based revenue cycles affecting business stability.
Growth Drivers:
- Diversified EPC Services: Comprehensive services including piping systems, tanks and vessels, fire protection systems, cross-country pipelines, and BioCNG plants providing multiple revenue streams
- Technical Expertise: Strong engineering and design team with capabilities in system automation, electromechanical systems integration, and turnkey project implementation
- Quality Certifications: ISO 9001:2015 certification for quality management in engineering, supply, fabrication, erection, testing, and commissioning, ensuring operational excellence
- Order Book Position: Solid order book worth ₹57.33 crore as of March 31, 2025, providing revenue visibility and business continuity
- Client Relationships: Established client relationships and presence across multiple EPC segments supporting business development and repeat orders
Challenges:
- Inconsistent Performance: Marked inconsistency in top and bottom lines for reported periods with 8% revenue decline and 9% PAT drop in FY25, raising performance concerns
- Competitive Market: Operating in a highly competitive and fragmented EPC segment with pressure from established players and pricing challenges
- Project Dependency: Revenue dependent on project-based cycles affecting business stability and cash flow predictability
- Fully Priced Valuation: Analysts note the issue appears fully priced based on recent financial data, suggesting limited upside potential
Utilisation of IPO Proceeds
Samay Project Services plans to utilise the ₹14.69 crore raised from the fresh issue to strengthen its operational capabilities and support business growth.
- Working Capital Requirements: ₹12.00 crore allocated for funding working capital requirements to support business operations, project execution, and inventory management for EPC activities.
- General Corporate Purposes: Remaining funds allocated for general business needs and corporate initiatives to support strategic growth plans and operational requirements.
Financial Performance of Samay Project Services IPO
Samay Project Services has shown mixed financial performance with a recent decline in key metrics:
- Revenue: ₹37.72 crore for FY25, demonstrating business challenges with 8% decline from ₹40.95 crore in FY24, reflecting subdued demand in certain EPC segments and project execution delays.
- Net Profit: ₹4.19 crore in FY25, showing a decline with 9% drop from ₹4.62 crore in FY24, indicating margin pressure and operational challenges in the competitive EPC environment.
- Financial Metrics: The company shows reasonable ROE of 23.13% and solid ROCE of 24.56%, with a low debt-to-equity ratio of 0.10, indicating a conservative financial structure and minimal leverage risk.
Samay Project Services offers a mixed investment opportunity in the EPC services sector with its diversified service portfolio, technical expertise, and established client relationships. While it faces challenges like inconsistent performance, competitive market dynamics, and fully priced valuation, its engineering capabilities and order book position provide potential for capitalising on India's growing demand for infrastructure and industrial projects. The modest listing performance with a 6.03% premium and solid subscription of 29.08 times reflects cautious investor sentiment towards the company's business model and growth prospects in the competitive EPC market.
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