Vikran Engineering IPO wraps up with 23.59 times subscription

The offer received bids for 138.59 crore shares as against 5.87 crore shares on offer.

The initial public offer of Vikran Engineering received bids for 1,38,59,17,880 shares as against 5,87,39,128 shares on offer. The issue was subscribed 23.59 times.

The Non-Institutional Investors (NIIs) category was subscribed 58.58 times. The Qualified Institutional Buyers (QIBs) category was subscribed 19.45 times. The Retail Individual Investors (RIIs) category was subscribed 10.97 times.

The issue opened for bidding on 26 August 2025 and it closed on 29 August 2025. The price band of the IPO was fixed between Rs 92 and 97 per share.

The IPO comprised both a fresh issue and an offer for sale. The fresh issue comprised an issue of equity shares aggregating up to Rs 721 crore and an offer for sale of up to Rs 51 crore by Rakesh Ashok Markhedkar, one of the promoters of the company.

Of the net proceeds from the fresh issue, the company intends to use Rs 541 crore for funding working capital requirements and the balance for general corporate purposes.

Vikran Engineering, promoted by Rakesh Ashok Markhedkar, Avinash A. Markhedkar, and Nakul Markehdkar, provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure.

In the power sector, the company has a presence in both power transmission and power distribution. The company also has experience in Solar EPC of ground-mounted solar projects and smart metering. In the water sector, its projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks.

As of June 30, 2025, it had completed 45 projects across 14 states, with a total executed contract value of Rs 1919.92 crore.

Ahead of the IPO, Vikran Engineering on Monday, 25 August 2025, raised Rs 231.59 crore from anchor investors. The board allotted 2,38,76,287 shares at Rs 97 each to 14 anchor investors.

The firm reported a consolidated net profit of Rs 20.52 crore and total income of Rs 120.29 crore for the twelve months ended on 31 March 2025.

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