Samay Project Services IPO

About Samay Project Services IPO

Samay Project Services Limited IPO is an IPO of up to 43,20,000 equity shares, amounting to ₹14.69 crores. The price range is between ₹32 and ₹34. The lot size is 4000 shares.

It consists of a fresh issue of up to 43,20,000 equity shares. Th listing of the shares will take place on June 23, 2025. The shares will be allotted on June 19, 2025. The credit of shares to the demat account will take place on June 20, 2025, and the initiation of refunds will take place on June 20, 2025.

Objective of Samay Project Services IPO

• Funding working capital requirements of the company.
• General corporate purposes.

Industry Outlook

India’s high growth imperative in 2023 and beyond will be significantly driven by major strides in key sectors, with infrastructure development being a critical force aiding the progress. Infrastructure is a key enabler in helping India become a US$26,00,000 crore economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and reduce costs. The government’s focus on building infrastructure of the future has been evident given the slew of initiatives launched recently. The US$1,30,000 crore national master plan for infrastructure, Gati Shakti, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown significant headway.

India, it is estimated, needs to invest US$84,000 crore over the next 15 years into urban infrastructure to meet the needs of its fast-growing population. This investment will only be rational as well as sustainable if they additionally focus on long-term maintenance and strength of buildings, bridges, ports, and airports. As a result of digitalisation and opportunities that Tier II and III cities present for economic growth, the divide between metro and non-metros is blurring, moving to the new era of infrastructure growth.

The infrastructure sector has become the biggest focus area for the Government of India. India's GDP is expected to grow by 8% over the next three fiscal years, one of the quickest rates among major developing economies, according to S&P Global Ratings.

Company Information

Samay Project Services Limited is primarily engaged in Engineering, Procurement and Construction (EPC) services providing specialised services in design, engineering, supply, fabrication, erection and commissioning of balance of plant (BOP) systems in various industries. The company is involved in EPC projects which consist of (i) piping systems, (ii) tanks and vessels, and fabricated structures; and (iii) fire protection and detection systems/firefighting systems (FFS). They have executed many power plant orders for designing, engineering, supplying, assembling, testing, and commissioning of piping and appurtenances and firefighting systems. Further, they have also executed an overseas project in Mauritius for the supply, erection, and commissioning of Public Health Engineering (PHE) system in the year 2020.

Risks of Samay Project Services IPO

• They derive the majority of their revenues from a limited number of government entities for the half year that ended on 30 September 2024 and the past 3 financial years. Any adverse changes in the central or state government policies may lead to their orders being foreclosed, terminated, restructured or renegotiated, which may have a material effect on their business and results of operations.

• Increases in the prices or their failure to obtain raw materials, parts and other materials required for their operations could adversely affect their business and results of operations.

• They source the majority of their raw materials from the domestic market, i.e. Chhattisgarh, Maharashtra, Tamil Nadu and Telangana and from international markets, i.e. China, Europe and the UAE. Any adverse developments affecting their procurement in these regions could have an adverse impact on their revenue and results of operations.

Anchor Investor Information

The Anchor Investor Bid/ Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

IPO Registrar and Book Running Lead Managers

Book running lead managers:

Smart Horizon Capital Advisors Private Limited

Registrar for the IPO is Bigshare Services Private Limited

Business Model

The company earns its revenue through the following sources:

EPC projects which consist of (i) piping systems, (ii) tanks and vessels and fabricated structures and (iii) fire protection and detection systems/firefighting systems (FFS).

Company Growth Trajectory

Their revenue from operations for the period that ended on 30 September 2024 and for the financial year ended 31 March 2024, 2023 and 2022 were ₹18.17 crore, ₹40.75 crore, ₹20.36 crore, and ₹18.87 crore, respectively. Their EBITDA for the period that ended on 30 September 2024 and for the financial years that ended on 31 March 2024, 2023 and 2022 were ₹2.65 crore, ₹6.61 crore, ₹3.61 crore, and ₹2.94 crore, respectively. Their profit after tax for the period that ended on 30 September 2024 and for the financial years that ended on 31 March 2024, 2023, and 2022 were ₹2.02 crore, ₹4.62 crore, ₹3.44 crore, and ₹1.90 crore, respectively.

Company Market Position

The company has a pan-India presence. They have a wide customer base in various states of India, including Bihar, Chhattisgarh, Gujarat, Jharkhand, Maharashtra, Odisha, Tamil Nadu, Telangana, West Bengal, Karnataka, and Rajasthan. They also have a customer base in 5 countries, which include Mauritius, Mauritania, the United Arab Emirates, Singapore and Kenya.

How To Check Allotment Status of Samay Project Services IPO?

You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Bigshare Services Private Limited.

To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Samay Project Services Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Bigshare Services Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Samay Project Services Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How to Apply for Samay Project Services IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI