Vikran Engineering IPO booked 4x on Day 2, NIIs lead demand; GMP down at 9%

Vikran Engineering IPO subscription status: The issue received bids for 236 million equity shares against 58.7 million shares on offer.

Vikran Engineering IPO subscription status Day 2: The initial public offering (IPO) of Engineering, Procurement, and Construction (EPC) company, Vikran Engineering, which opened for public bidding on Tuesday, August 26, has received a decent response from investors. 

 

According to data from the National Stock Exchange (NSE), the Vikran Engineering IPO received bids for 236 million equity shares against 58.7 million shares on offer. This translates to an overall subscription of 4.02 times as of 12:40 PM. Non-institutional investors (NIIs) led the demand, with their allotted portion subscribed over 8.34 times, followed by retail investors at 4.1 times. However, the portion reserved for qualified institutional buyers (QIBs) was subscribed only 63 per cent.

 

Vikran Engineering IPO grey market premium (GMP)

The unlisted shares of Vikran Engineering were commanding a decent premium in the grey market on the second day of its subscription window. According to sources tracking unofficial market activity, Vikran Engineering shares were trading at around ₹107 apiece, reflecting a grey market premium (GMP) of ₹9, or 9.3 per cent, over the upper end of the price band of ₹92–97. On Wednesday, August 27, the GMP was at ₹13 or 13.4 per cent.  ALSO READ | Mangal Electrical IPO posts negative start; shares list below issue price

Vikran Engineering IPO review

Anand Rathi Research has given the IPO a ‘Subscribe for long term’ rating, highlighting the company’s growth potential, robust financials, and favourable industry trends. Likewise, Arihant Capital has advised subscribing to the issue, citing its healthy order book and positive future prospects. READ MORE

Vikran Engineering IPO key details

The ₹772-crore Vikran Engineering IPO includes a fresh issuance of 74.3 million equity shares along with an offer for sale (OFS) of 5.3 million shares. Promoter Rakesh Ashok Markhedkar is the selling shareholder under the OFS component.

 

Vikran Engineering’s maiden public issue will remain open for subscription until Friday, August 29, 2025. The share allotment is expected to be finalised on Monday, September 1, 2025. The company's stock will debut on the BSE and NSE, tentatively on Wednesday, September 3, 2025.

 

The company has fixed the price band at ₹92–97 per share. Retail investors will need to invest a minimum of ₹14,356 to apply for one lot, which comprises 148 shares.

 

Bigshare Services is the registrar for the IPO, while Pantomath Capital Advisors and Systematix Corporate Services are acting as the book-running lead managers.

 

According to the red herring prospectus (RHP), proceeds from the fresh issue will be used primarily to meet working capital needs and for general corporate purposes.