Vikran Engineering IPO in focus: The initial public offering (IPO) of Vikran Engineering received a healthy response on its first day of bidding, August 26, with investors placing bids for 13.98 crore shares against the total offer of 5.57 crore shares, resulting in an overall subscription of 2.51 times by the end of Day 1, according to exchange data.
Non-institutional buyers showed strong interest, with their portion subscribed 5.43 times, while the retail investors’ portion was booked 2.44 times. The QIB (Qualified Institutional Buyers) portion was subscribed just 0.43 times.
The company aims to raise ₹772 crore from the issue, with the price band fixed at ₹92–97 per share. The issue comprises a fresh issue of 7.43 crore shares aggregating to ₹721 crore and an offer for sale of 0.53 crore shares aggregating to ₹51 crore.
The IPO price band is set at ₹92 to ₹97 per share. Retail investors can apply for a minimum of 148 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band, ₹97 apiece, retail investors are required to make a minimum investment of ₹14,356 per lot.
The company proposes to use the proceeds from the issue towards funding working capital requirements and general corporate purposes.
The allotment is likely to be finalized on Monday, September 1, and the shares are scheduled to list on both NSE and BSE on Wednesday (September 03). The company proposes to use the proceeds to fund working capital requirements and for general corporate purposes.
Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services is the registrar of the issue.
About Vikran Engineering
According to the company’s RHP, Vikran Engineering is among the fastest-growing Indian Engineering, Procurement, and Construction (EPC) firms in terms of revenue growth over FY23–25, outperforming industry growth estimates and its peer group.
The company has a diversified project portfolio, with the majority of revenue coming from energy and water infrastructure. It provides end-to-end services, including conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis, and has a presence across multiple sectors such as power, water, and railway infrastructure.
Within the power sector, the company has a presence in both transmission and distribution. In the water sector, its projects include underground pipelines. In the railway segment, it undertakes 132 kV traction substation projects and underground EHV cabling projects.
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