Vikran Engineering IPO: 2.5x bids received on Day 1
Vikran Engineering's IPO kicked off strong, getting bids for about 14 crore shares—2.5 times what was on offer—on the very first day.
Non-institutional and retail investors led the charge, while qualified institutional buyers were less enthusiastic, filling about 40% of their quota.
The IPO is open for bidding until August 29, 2025.
The company's financials
Based in Mumbai, Vikran Engineering handles large infrastructure projects like power transmission lines, substations, water supply systems, and railway electrification across India.
By June 2025, they'd wrapped up 45 projects in 14 states and were working on another 44 projects worth ₹5,120 crore in 16 states.
Last year's revenue hit ₹916 crore—a healthy jump of nearly 17%—with net profit rising to ₹78 crore.
Details of the offer
The company plans to use most of the ₹772 crore raised (fresh issue plus promoter sale) for working capital and general expenses as it gears up to list on both BSE and NSE.
Pantomath Capital Advisors and Systematix Corporate Services are managing the process.