Vikran Engineering IPO fully booked on Day 1, NIIs lead demand; GMP 18%

Vikran Engineering IPO subscription status Day 1: The initial public offering (IPO) of Engineering, Procurement, and Construction (EPC) company Vikran Engineering opened for subscription on Tuesday, August 26, 2025. The mainboard public issue is receiving a solid response from investors, as the issue was fully subscribed within a few hours after opening. The issue was subscribed around 1.61 times at 2:30 PM on Tuesday, according to data from the National Stock Exchange. 

 

The issue received bids for 94.7 million equity shares compared to the issue size of 58.7 million shares. The demand was primarily driven by non-institutional buyers (NIIs) who subscribed to the allotted quota by 3.18 times, followed by non-retail investors at 1.71 times. However, the qualified institutional buyers' (QIBs) portion was booked only 0.26 per cent.  

 

Vikran Engineering IPO GMP

On Tuesday, the unlisted shares of Vikran Engineering were trading at ₹115, commanding a premium of ₹18 or 18.5 per cent compared to the upper end of the price band of ₹92 to ₹97, according to sources tracking unofficial markets.

Vikran Engineering IPO review

Analysts at Anand Rathi Research have assigned a 'Subscribe for long term' rating to the IPO, citing the company's scalability, financial strength, and sectoral tailwinds. Similarly, Arihant Capital has also recommended investors to subscribe to the issue, on the back of its strong order book and promising outlook. READ MORE

Vikran Engineering IPO details

The three-day subscription window for the maiden public offering will close on Friday, August 29, 2025. The basis of allotment of shares is likely to be finalised on Monday, September 1, 2025. Shares of Vikran Engineering will be listed on the bourses, BSE and NSE, tentatively on Wednesday, September 3, 2025.

 

Vikran Engineering IPO, worth ₹772 crore, comprises a fresh issue of 74.3 million equity shares and an offer for sale (OFS) of 5.3 million equity shares. Rakesh Ashok Markhedkar is the promoter selling shareholder. 

 

The company has reserved not more than 50 per cent of the net offer for qualified institutional buyers (QIBs), not less than 35 per cent for retail investors, and not less than 15 per cent for non-institutional investors (NIIs).

 

Vikran Engineering has set the price band in the range of ₹92 to ₹97 per share. Retail investors would require a minimum investment amount of ₹14,356 shares to bid for one lot comprising 148 shares each.  

 

Bigshare Services is the registrar for the public offering, while Pantomath Capital Advisors and ESystematix Corporate Services are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to use the fresh net issue proceeds for funding working capital requirements and general corporate purposes.