latest IPO in India – Samay Project Services Ltd, an EPC (Engineering, Procurement & Construction) specialist, is set to go public on the NSE SME platform from June 16–18, 2025. Priced at ₹32–₹34 per share, this IPO has caught the attention of retail and anchor investors alike.

Company Overview

Founded in 2001, Samay Project Services Ltd provides Balance of Plant (BOP) systems—including piping, structural fabrication, tanks, and fire safety—for power, steel, sugar, and infrastructure industries. The company also operates internationally and is controlled by promoters Anand R and Santhi Karthikeyan.

IPO Timeline

• IPO Open: June 16, 2025
• IPO Close: June 18, 2025
• Allotment Finalisation: June 19, 2025
• Refund Initiation & Share Credit: June 20, 2025
• Listing Date: June 23, 2025

Price Band

The issue price is ₹32–₹34 per share. At the upper band, the total issue size stands at ₹14.69 crore through fresh issuance of approximately 43.2 lakh shares.

Lot Size

4,000 shares (₹1,36,000 at ₹34)

Key Dates

• UPI mandate ends: June 18, 5 PM
• Anchor lock-in: 50% until July 19, 2025; remaining 50% until September 17, 2025

Financials

Item	FY 2025 (Rs Cr)	FY 2024 (Rs Cr)
Revenue	37.72	40.95
Profit After Tax	4.19	4.62
Total Assets	31.77	24.83

Strengths

• Established EPC player in diverse BOP systems since 2001
• Clear capital use: 95% of funds earmarked for working capital
• Robust asset base: Assets rose significantly YoY

Risks

• Slight dip in FY25 PAT, indicating margin pressures
• Client concentration in cyclical sectors like power and steel
• SME segment listing, which could limit liquidity vs. mainboard listings

IPO Anchor Investors Details

RAM confirmed anchor investors contributed ₹2.72 crore pre-listing.

IPO Promoter Holding Details

Category	Shares Offered	% of Total Issue
Anchor Investors	12,00,000	27.78%
Qualified Institutional Buyers (QIB)	8,00,000	18.52%
Non-Institutional Investors (NII)	6,36,000	14.72%
Retail Individual Investors (RII)	14,56,000	33.70%
Total	43,20,000	100%

IPO Grey Market Premium (GMP)

Grey market shows a ₹0 GMP for Samay Project Services Ltd – indicating a cautious stance with negligible listing premium.

IPO	Grey Market Premium
Samay Project Services Ltd	₹0 (as of Jun 14–15, 2025)

Final Thoughts

The latest IPO in India, Samay Project Services Ltd offers a thoughtfully priced entry into the EPC domain, supported by decent financials and strategic capital deployment. The lack of a GMP premium points to tempered market sentiment—possibly due to SME listing constraints or sector headwinds.

Takeaway: Long-term investors looking beyond listing gains may find merit in Samay, especially at the ₹32–₹34 price band. However, SME limited liquidity and margin fluctuations warrant cautious consideration.