IPO

Vikran Engineering Limited IPO

Mainboard

Civil Construction

Listed On: Sep 3, 2025 at ₹ 99.0(NSE)

₹ 14356 /148 Shares

Check Allotment

26 Aug, 2025

Open Date

29 Aug, 2025

Close Date

01 Sep, 2025

Allotment Date

03 Sep, 2025

Listing Date
Price Summary

Last Closing

96.50 (-0.52%)

52 Week High

116.64

52 Week Low

91.70

Last Update

1-Oct-2025 3:30 PM
Vikran Engineering IPO Live Subscription Details
QIB 19.45x
Retail 10.97x
NII 58.58x
BHNI 66.71x
SHNI 42.32x
Total 23.59x
Last updated: 29 Aug 2025,06:45:00 PM
Vikran Engineering IPO Issue Details
  • Issue Price ₹92-97 per equity share
  • Face Value ₹1 Per Equity Share
    • Issue Size
    • Total Size 7,95,87,627 shares(aggregating up to ₹772 crore)
    • Fresh Share 7,43,29,896 shares(aggregating up to ₹721 crore)
    • Offer For Sale 52,57,731 shares(aggregating up to ₹51 crore)
  • Listing at BSE, NSE
  • List Price 99.0(NSE)
  • Listing Date 2025-09-03
  • Lead Manager Pantomath Capital Advisors Pvt Ltd
    Systematix Corporate Services Limited
  • Registrar Bigshare Services Pvt Ltd
Market Lot Size

Investors can bid for a minimum of 148 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)1148₹14,356
Retail(max)131,924₹1,86,628
SHNI(min) 142,072₹2,00,984
SHNI(max) 6910,212₹9,90,564
BHNI(min) 7010,360₹10,04,920
Vikran Engineering IPO Reservation

Vikran Engineering IPO offers total 7,95,87,628 shares. Out of which 1,59,17,527 (20%) allocated to QIB, 1,19,38,144 (15%) allocated to NII,2,78,55,670 (35%) allocated to RII, NA (NA%) allocated to employees and 2,38,76,287 (30%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered2,38,76,287 (30%)
QIB Shares Offered1,59,17,527 (20%)
NII (HNI) Shares Offered1,19,38,144 (15%)
bNII < ₹10L79,58,763 (10%)
sNII < ₹10L39,79,381 (5%)
Retail Shares Offered2,78,55,670 (35%)
Total Shares Offered7,95,87,628 (100%)
Vikran Engineering IPO Documents
DRHP
RHP
ANCHOR
Vikran Engineering IPO Details


Vikran Engineering IPO is a book-built issue of ₹772 crores, The total issue size is ₹772 crores. The IPO of Vikran Engineering is priced at ₹92-97 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Aug 26, 2025 and ends on Aug 29, 2025. The allotment for Vikran Engineering IPO will be finalized on Sep 1, 2025. Vikran Engineering IPO will be listed on BSE, NSE, with a tentative listing date fixed as Sep 3, 2025. The company shall list its equity shares on the BSE, NSE. Bigshare Services Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 148 shares, extendable to 14,356. S-HNIs will be able to bid for 2,072 shares at ₹2,00,984, while B-HNIs can also apply for a bid of 10,360 shares at ₹10,04,920. The book-running lead manager for the IPO is/are Pantomath Capital Advisors Pvt Ltd, Systematix Corporate Services Limited.

The total issue ₹772 crore, comprising a fresh issue of 7,43,29,896 shares ₹721 crore and having Offer for Sale (OFS) of 52,57,731 shares to mop up ₹51 crore.

The Vikran Engineering IPO sets its price band at 92-97 for each share. A single application for Vikran Engineering Limited IPO must contain at least 148 shares. Sentiment investors need to invest a minimum of 148 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,356 In order to participate in the sNII, investors must purchase at least 14 lots of 2,072 shares for ₹2,00,984, while the bNII requires 70 lots of 10,360 shares for an investment of ₹10,04,920.

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Vikran Engineering IPO Subscription Analysis And Details
Retail
10.91x
QIB
19.45x
NII
58.56x
bNII
66.71x
sNII
42.25x
Total
23.56x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved3,97,93,8141,19,38,144
79,58,763    39,79,381		2,78,55,6705,57,11,341
Day 1 26-08-25 05:00 PM
0.41 x5.15
5.47 x   4.53 x		2.32 x2.38 x
Day 2 28-08-25 05:00 PM
0.91 x11.03
11.08 x   10.93 x		5.23 x5.24 x
Day 3 29-08-25 05:00 PM
19.45 x58.56
66.71 x   42.25 x		10.91 x23.56 x
Total No of Applications
19,62,620
Subscription on the basis of Applications
Retail:9.7x BHNI:13.0x SHNI:42.0x
Vikran Engineering Valuations
EPS Pre IPO ₹4.24/-
EPS Post IPO ₹3.02/-
P/E Pre IPO 22.88
P/E Post IPO 32.15
ROE 16.63%
ROCE 23.34%
Debt/Equity 0.58
RoNW 16.63%
PAT Margin 8.44%
Price to Book Value 3.81
Vikran Engineering Company Financials
All values are in ₹ Cr.
31-Mar-2531-Mar-2431-Mar-23
Assets1,354.68959.79712.47
Revenue922.36791.44529.18
Profit After Tax77.8274.8342.84
Net Worth467.87291.28131.14
Reserves & Surplus467.87291.28131.14
Total Borrowing272.94183.39154.92
About Vikran Engineering Company

Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) entity.The projects of the company include underground water distribution and surface water extraction, overhead tanks, and distribution networks.

Service Sectors:
Power Transmission and Distribution: Experts in extra-high voltage (EHV) substations up to 400kV and integrated power distribution solutions.
Water Infrastructure: Involved in underground water distribution, surface water extraction, overhead tanks, and distribution network projects.
Railway Infrastructure: Offering services in railway infrastructure projects.
Solar Energy: Increasing presence in solar EPC projects.

As of August 31, 2024, we have executed 44 projects in 11 states with a total executed contract value of Rs 18,958.14 million. As of August 31, 2024, we have 34 projects under execution in 17 states, aggregating orders of Rs 39,570.55 million, of which the Order Book is Rs 19,557.00 million.

The clients of the company in the government industry are NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd., North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana Limited and others.

The company has pan-India operations backed by 195 sites and store locations up to August 31, 2024. The company provide a variety of EPC services that meet the individual requirements of our customers pan-India.

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Vikran Engineering - Promoter(s)

Rakesh Ashok Markhedkar

Avinash Markhedkar

Nakul Markhedkar

Pre Issue Share Holding : 81.78%

Vikran Engineering IPO - Issue Objectives
1

Funding working capital requirements of the Company.

2

General corporate purposes.

Vikran Engineering IPO - Anchor Investors

Vikran Engineering mops up Rs 231.6 crore through anchor investors prior to IPO.

Bank of India Mutual Fund, ITI Mutual Fund, Nippon India, LC Pharos Multi Strategy Fund, SBI General Insurance Company, Samco Mutual Fund, 360 ONE, IMAP India, and Societe Generale were few among the 13 investors who put in their bids during the anchor book.

Strength
Successfully completed 44 projects across 11 states with ₹1,895.81 Crores value.
Strong order book of ₹2,114.80 Crores as of March 31, 2024.
Built 10 EHV substations up to 765kV, showcasing technical expertise.
The asset-light model ensures lower fixed costs and efficient project execution.
Weakness
Delays in project completion may hurt business prospects and financial performance.
Heavy reliance on government tenders; policy changes could impact operations.
Significant revenue from key customers increases dependency and business risk.
Contact Details

Vikran Engineering

401, Odyssey I.T. Park,, Road No. 9, Wagle Industrial Estate, Thane (W) – 400604

+91-22-62638263

companysecretary@vikrangroup.com

https://www.vikrangroup.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html