On the 26th of August 2025, Vikran Engineering Limited, a company in the Engineering, Procurement, and Construction (EPC) sector, brought in its Initial Public Offering (IPO) with the price band of ₹92-₹97 per share. The company is expecting to collect around ₹772 crores through a mixture of a fresh issue and an offer for sale.
Based in India, Vikran Engineering Limited is a pan-India asset-light business model company that has become a significant player in the EPC sector and is engaged in power transmission, water infrastructure, and railway sectors, among others. Consequently, the company has successfully created a national presence without having to rely on its substantial assets and has been serving the most prominent government and public-sector clients across the country to prove its business philosophy.
Vikran Engineering has structured its IPO case to comprise a fresh issue of 74.33 million equity shares worth ₹721 crore and an offer for sale (OFS) of 5.3 million shares, ₹51 crore by promoter Rakesh Ashok Markhedkar. Hence, the total amount of the problem is ₹772 crores.
On the 25th of August 2025, the company raised ₹232 crore from anchor investors by allotting 23.87 million shares at ₹97 each. The leading institutions such as Bank of India Mutual Fund, Nippon India Mutual Fund, SBI General Insurance, Societe Generale, and360ONE took part in the anchor allotment, indicating early institutional interest signaled.
Grey Market Premium (GMP)
As per the data gathered by market trackers, shares of Vikran Engineering which are not listed in the open market and are being traded in the grey market were said to have a value of ₹118. This means that the stock fetched a premium of ₹21 over the upper band price of ₹97.
Also Read: Vikran Engineering Gears Up for ₹772 Crore IPO with Strong Infrastructure Portfolio
IPO Timeline and Lot Size
- Subscription Window: August 26–29, 2025
- Basis of Allotment: September 1, 2025
- Listing Date: September 3, 2025, on BSE and NSE
- Price Band: ₹92–₹97 per share
- Lot Size: 148 shares per lot
- Minimum Investment (Retail): ₹14,356 at the upper price band
- Maximum Retail Investment: 13 lots (1,924 shares) worth ₹1,86,628
Fund Utilisation
As per the Red Herring Prospectus (RHP), proceeds from the fresh issue will be directed towards:
- Meeting working capital requirements
- Supporting general corporate purposes
Lead Managers and Registrar
The issue is being managed by Pantomath Capital Advisors and Systematix Corporate Services as book-running lead managers, while Bigshare Services is the registrar to the issue.
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