The Vikran Engineering IPO saw a strong response on its opening day, with an overall subscription of 2.38 times.
- Retail Investors: Subscribed 2.32 times
- Non-Institutional Investors (NII): Subscribed 5.15 times
- Qualified Institutional Buyers (QIB): Received 41% bids
The IPO, open from August 26 to August 29, has a price band of ₹92–₹97 per share.
The offering comprises a fresh issue of shares worth around ₹721 crore and an offer-for-sale (OFS) of ₹51 crore by the promoter.
As per market observers, the grey market premium (GMP) today stands at +13, indicating a positive sentiment among investors.
Fund Utilization
- ₹541 crore from the fresh issue will be used to meet working capital requirements.
- The remaining proceeds will go towards general corporate purposes.
About Vikran Engineering
Headquartered in Mumbai, Vikran Engineering is a fast-growing EPC player specializing in infrastructure projects. The company offers end-to-end solutions ranging from design and conceptualization to supply, installation, testing, and commissioning on a turnkey basis.
Disclaimer: This article is for informational purposes only and not investment advice. Readers are advised to consult their financial advisor before making any investment decisions.
