Vikran Engineering Limited, an engineering, procurement and construction (EPC) services company, will launch its initial public offering (IPO) on Tuesday, August 26. Established in 2008, the company has built a strong presence in water supply infrastructure projects, handling underground water delivery, surface water collection, storage tanks, and distribution networks.
As of June 30, 2025, the firm had completed 45 projects across 14 states with a cumulative contract value of ₹19,199.17 million. In addition, it is currently executing 44 projects across 16 states worth ₹51,202.07 million, supported by an active order book of ₹24,424.39 million. Its client list includes major public sector undertakings such as NTPC Limited, Power Grid Corporation of India, and state-level power utilities.
Key highlights of Vikran Engineering IPO
- IPO dates: The issue opens for subscription on Tuesday, August 26, and will close on Friday, August 29.
- Price band: Shares will be offered in the range of ₹92–₹97 per equity share (face value Re 1).
- Lot size: Bids can be placed for a minimum of 148 shares and in multiples thereafter.
- Anchor allocation: Anchor investors are scheduled to be allotted shares on Monday, August 25.
- Issue size: The IPO consists of a fresh issue worth ₹721 crore and an offer-for-sale of ₹51 crore by existing shareholders.
- Use of proceeds: The company plans to deploy the fresh capital primarily to meet working capital requirements.
- Allotment and listing: The basis of allotment will be finalised on September 1, with refunds initiated on September 2. Shares are expected to be credited to investors’ demat accounts on the same day. Trading is likely to commence on BSE and NSE from Wednesday, September 3.
- Book-running lead managers: Pantomath Capital Advisors and Systematix Corporate Services are acting as the lead managers, while Bigshare Services Pvt. Ltd. is the registrar.
- Reservation: Up to 50% of the issue is reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail investors.
- Grey Market Premium (GMP): According to market observers, the grey market premium stood at ₹17 on Tuesday. At the upper price band, this suggests a potential listing price of about ₹114 per share, a 17.5% gain over the issue price.
Market trackers note that the GMP has been trending upward in recent sessions, with values ranging between ₹0 and ₹21. This momentum is seen as a positive signal for a strong debut.