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Vikran Engineering, a fast-growing Mumbai-based EPC company, opened its ₹772-crore IPO subscription on August 26. The offer closes on August 29. The price band is ₹92 to ₹97 per share, with a minimum lot size of 148 shares. The IPO consists of fresh shares worth ₹721 crore and an offer-for-sale of ₹51 crore by promoters. Proceeds will fund working capital and general corporate needs.
The company follows an asset-light model, renting equipment to cut costs and improve project delivery. It completed 45 projects worth ₹1,920 crore and is working on 44 projects valued at ₹5,120 crore. Revenues rose 16.5% to ₹916 crore in FY25, and net profit grew to ₹78 crore.
Importantly, the Grey Market Premium (GMP) stands near 22%, implying that investors expect listing gains around ₹118 per share. This positive signal indicates strong demand in the unlisted market.
Brokerages show mixed views. SBI Securities recommends a ‘Neutral’ stance, waiting for post-listing results. Anand Rathi suggests investors subscribe for the long term, praising the company’s growth potential and government focus on water and power sectors.
Anchor investors participated with ₹231.6 crore, including Bank of India Mutual Fund and SBI General Insurance. The IPO allotment will be finalised on September 1. Listing on NSE and BSE is planned for September 3.
