Mumbai: Tamil Nadu-based engineering and project services company Samay Project Services is set to open its Initial Public Offering (IPO) on June 16. The ₹14.69 crore IPO will consist entirely of a fresh issue of 43.2 lakh equity shares, with a price band fixed at Rs 32 to Rs 34 per share. The IPO will close for subscription on June 18, and the shares are scheduled to list on NSE Emerge on June 23.

Samay Project Services, established in 2001, provides Engineering, Procurement, and Construction (EPC) services. It specializes in balance of plant systems across multiple industries, including design, supply, fabrication, erection, and commissioning services. The company’s key project areas include piping systems, tanks and vessels, fabricated structures, and fire protection and detection systems.

The funds raised through the IPO will primarily be used to meet the company’s working capital requirements. A portion of the proceeds will also go toward general corporate purposes, helping to support future expansion and operational needs. The company aims to enhance its financial stability and increase its capacity to take on larger projects.

Investors can apply for the IPO at the lower end of Rs 32 or the upper band of Rs 34 per share. The allotment of shares is expected to be finalized by June 19. Trading of the stock will commence on NSE Emerge, a platform for small and medium enterprises (SMEs), starting June 23.

Samay Project Services’ IPO will be one of two public issues opening on June 16, alongside the IPO of Patil Automation. Smart Horizon Capital Advisors is the merchant banker for this IPO, responsible for managing and advising the company through the public offering process.

This IPO provides an opportunity for investors interested in SMEs and infrastructure-related businesses. The company’s long-standing experience in EPC services and its presence across several industries may appeal to those seeking exposure to the industrial and infrastructure growth story in India.