Vikran Engineering garners 2.38 times subscription on Day 1 of IPO

The initial public offering of Vikran Engineering, an infrastructure EPC company, garnered 2.38 times subscription on the first day of bidding on Tuesday.

The initial share sale received bids for 13,97,19,696 shares against 5,87,39,128 shares on offer, according to data available with the NSE.

Non-institutional investors part attracted 5.15 times subscription, while the quota for retail individual investors got subscribed 2.32 times. Qualified institutional buyers part fetched 41 per cent subscription.

Vikran Engineering on Monday mobilised Rs 231.6 crore from anchor investors.

The Rs 772-crore initial public offering (IPO) will open for subscription on August 26 and will conclude on August 29. The price band has been set at Rs 92-97 per share.

The IPO is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter.

The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes.

Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

As of June 30, 2025, the company completed 45 projects across 14 states with a total executed contract value of Rs 1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth Rs 5,120 crore.

Vikran Engineering's revenue from operations increased 16.53 per cent to Rs 916 crore in FY25 from Rs 786 crore in the previous financial year, and profit after tax rose 4 per cent to Rs 78 crore in FY25 from Rs 75 crore in FY24.

Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers, while Bigshare Services is the registrar of the issue.

The company's shares will be listed on the BSE and the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)