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 ₹231.6 crore from anchor investors.
The ₹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 ₹92-97 per share.
The IPO is a mix of fresh issue of shares of about ₹721 crore and an offer-for-sale portion worth ₹51 crore by the promoter.
The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of ₹541 crore for funding working capital requirements and the rest for general corporate purposes.
Portfolio
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 ₹1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth ₹5,120 crore.
Vikran Engineering’s revenue from operations increased 16.53 per cent to ₹916 crore in FY25 from ₹786 crore in the previous financial year, and profit after tax rose 4 per cent to ₹78 crore in FY25 from ₹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.