The Wealth Company, Ashish Kacholia and Mukul Aggarwal-backed Vikran Engineering has garnered ₹231.60 crore from 14 anchor investors ahead of its initial public offering that opens for public subscription on Tuesday and closes on Friday.
The ₹772-crore IPO is a combination of fresh issue of up to ₹721 crore and an offer for sale up to ₹51 crore and the price band for the offer is ₹92–97.
The company has allocated about 2.39 crore shares at ₹97 a share to anchor investors. Some of the marquee institutions that participated in the anchor round were Nippon India Equity Opportunities Fund, 360 One Equity Opportunity Fund, Bank of India Mutual Fund, ITI Mutual Fund, SBI General Insurance Company Ltd and Bengal Finance & Investments Pvt Ltd.
Working capital
The proceeds from the fresh issue to the extent of ₹541 crore for funding working capital requirements of the company; and general corporate purposes.
This IPO marks a significant milestone for Vikran Engineering, which secured the backing of The Wealth Company (via India Inflection Opportunity Fund) and seasoned investor such as Ashish Kacholia and Mukul Aggarwal through a pre-IPO placement round.
Vikran Engineering has a diversified project portfolio, with majority revenue from energy and water infrastructure verticals. It provides end-to-end services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis and has presence across multiple sectors including power, water and railway infrastructure.
Pantomath Capital Advisors Private Ltd and Systematix Corporate Services Ltd are the book-running lead managers.
The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer will be available for allocation on a proportionate basis to qualified institutional buyers (QIBs), up to 15 per cent for non-institutional bidders, and up to 35 per cent for retail investors.