Vikran Engineering IPO to list on Sep 3: Here's what latest GMP hints at

Ahead of the listing, unlisted shares of Vikran Engineering were commanding a decent premium in unofficial market trades

Vikran Engineering IPO Listing Forecast: As investors await the D-Street debut of engineering, procurement, and construction (EPC) company Vikran Engineering, scheduled for September 3, 2025, grey market trends indicate decent listing gains. Notably, the ₹772 crore public offering by Vikran Engineering received a strong response from investors, ending up oversubscribed by 23.59 times.

 

Sentiments in the grey market, however, remained subdued on Monday.  According to sources tracking grey market activity, the company’s unlisted shares were exchanging hands at around ₹101.10 per share. This translates to a grey market premium (GMP) of ₹4.10 per share, or 4.23 per cent over the issue price of ₹97 per share.

 

Make smarter market moves with The Smart Investor. Daily insights on buzzing stocks and actionable information to guide your investment decisions delivered to your inbox.

Subscribe

 

If current grey market trends hold, the company’s shares may list at around ₹101 per share on the bourses, delivering a return of over 4 percent to investors who were allotted shares during the IPO. However, these estimates remain speculative, as the grey market is unregulated. Therefore, investors should not treat the GMP as a reliable indicator of listing performance.  Track Stock Market LIVE Updates

Vikran Engineering IPO details

The public offering of Vikran Engineering consisted of a combination of a fresh issue of 74.3 million equity shares worth ₹721 crore and an offer for sale (OFS) of 5.3 million shares aggregating to ₹51 crore.

 

The IPO was offered at a price band of ₹92–₹97 per share, with a lot size of 45 shares. The subscription window was open from August 26 to August 29, 2025. The basis of allotment was finalised on September 1, 2025, and the company set the issue price at ₹97 per share.

 

Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers of the public offering. Bigshare Services is acting as the registrar to the issue.

 

Vikran Engineering will not receive any proceeds from the offer for sale, as the funds will go to the selling shareholder after deducting their share of offer-related expenses and applicable taxes, in accordance with the offer agreement.

 

The company will utilise the proceeds from the fresh issue for funding its working capital requirements as well as for general corporate purposes.

About Vikran Engineering

Vikran Engineering specialises in turnkey infrastructure projects across power transmission, water supply, and railway electrification. It provides end-to-end services including design, supply, installation, testing, and commissioning. The company has successfully completed—or is currently executing—critical projects such as high-voltage substations up to 765 kV, advanced water systems under the Jal Jeevan Mission, railway electrification, and metro infrastructure across 14–16 states, showcasing both breadth and depth in execution capabilities. It has also executed power distribution networks and substations up to 400 kV, along with 30,000 smart metering connections. Its clients in the government sector include NTPC, Power Grid Corporation of India, among others.