Vikran Engineering IPO Listing Price: Vikran Engineering Limited made its stock market debut on Wednesday after a successful Rs 772 crore initial public offering (IPO), backed by veteran investors Ashish Kacholia and Mukul Agarwal.
The shares listed at Rs 99.70 on the BSE, a 2.78% premium over the issue price of Rs 97, and at Rs 99.00 on the NSE, reflecting a 2% gain.
The IPO, which was open between August 26 and 29, received a robust response from all categories of investors.
Vikran Engineering Subscription
According to exchange data, the issue was subscribed to 23.59 times overall. The non-institutional investor (NII) portion led the demand, with a subscription rate of 58.58 times, followed by Qualified Institutional Buyers (QIBs) at 19.45 times and retail investors at 10.97 times.
Ahead of the IPO, Vikran Engineering mobilised Rs 231.6 crore from anchor investors. The company allotted over 2.38 crore equity shares to 14 institutional investors for Rs 97 each.
Anchor participants included Bank of India Mutual Fund, ITI Mutual Fund, Samco Mutual Fund, SBI General Insurance, IMAP India, Bengal Finance and Investment, VPK Global, and Societe Generale.
The strong institutional participation reflected investor confidence in the company’s growth prospects.
The IPO comprised a fresh issue of shares worth Rs 721 crore and an offer-for-sale (OFS) component of Rs 51 crore by the promoter. Vikran Engineering plans to utilise Rs 541 crore of the net proceeds to meet its working capital requirements, while the remaining funds will be deployed for general corporate purposes.
Vikran Engineering Company Profile
Mumbai-based Vikran Engineering is among the country’s fast-growing infrastructure EPC (Engineering, Procurement & Construction) players, offering end-to-end solutions ranging from design and supply to installation, testing, and commissioning on a turnkey basis.
The company has built a solid execution track record, completing 45 projects across 14 states with a total contract value of Rs 1,920 crore as of June 30, 2025. It currently has 44 ongoing projects spread across 16 states, aggregating to an order book of Rs 5,120 crore.
Financially, Vikran Engineering reported steady growth in FY25, with revenue rising 16.5% year-on-year to Rs 916 crore from Rs 786 crore in FY24. Its profit after tax increased to Rs 78 crore in FY25 from Rs 75 crore in the previous fiscal.
Pantomath Capital Advisors and Systematix Corporate Services acted as the book-running lead managers for the IPO, while Bigshare Services was the registrar.