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Vikran Engineering IPO subscribed 2.38 times on Day 1 led by NII
Vikran Engineering IPO subscribed 2.38 times on Day 1 led by NII
POSTED BY: ANGHA SAKPAL,AUGUST 26 , 2025
MUMBAI(RMN) : The Initial Public Offering of Vikran Engineering Limited was subscribed 2.38 times on the first day of bidding led by NII.
The issue received bids of 13,98,02,428 shares against the offered 5,87,39,128 equity shares, at a price band of ₹92-97, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Retail Portion were subscribed 5.15 times and 2.32 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.41 times. The issue kicked off for subscription on Tuesday, August 26, 2025, and will close on Friday, August 29, 2025.
A day before the opening of the issue, Vikran Engineering Ltd raised Rs 231.60 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Nippon India Equity Opportunities Fund, 360 One Equity Opportunity Fund, Bank of India Mutual Fund, ITI Mutual Fund, SBI General Insurance Company Limited and Bengal Finance & Investments Pvt Ltd. among others.
Leading brokerage firms like Anand Rathi, Nirmal Bang, Reliance Securities, Deven Choksey, Arihant Capital, Ajcon Global, Adroit Financial, BP Equities, CanMoney Securities, Laxmishree Securities, Marwadi Financial, Ventura Securities, have given a “Subscribe” rating to the issue highlighting the company’s strong presence in the EPC space with expertise across power transmission, water, and railway infrastructure projects, backed by over 45 projects executed across 14 states and a robust order book of ₹2,000+ crore (2x FY25 revenues) providing growth visibility. Operating on an asset-light model, Vikran Engineering has delivered revenue and EBITDA CAGR of 32.2% and 41.8% respectively over FY23–25, along with superior profitability compared to peers, with EBITDA margins of 17.5% versus the industry average of 11% and higher return ratios (ROCE 22.1%, ROE 16.6%). The IPO is priced at a P/E of 32.1x and EV/EBITDA of 16.9–17.3x, which is significantly lower than peer averages, making it attractively priced. Considering its scalability, operational excellence, sectoral tailwinds, and long-term growth prospects.
Pantomath Capital Advisors Limited, and Systematix Corporate Services Limited are the book-running lead managers, and Bigshare Services Private Limited is the registrar of the issue.
Company Information
Vikran Engineering is one of the fast-growing Indian Engineering, Procurement and Construction (EPC) company in terms of revenue growth over FY23-25, compared to the average industry growth estimates and the peer set considered. (Source: CRISIL Report). The company has a diversified project portfolio, with majority revenue from energy and water infrastructure verticals. It provides end-to-end services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis and has presence across multiple sectors including power, water, and railway infrastructure.
In the power sector, the company has presence in both- power transmission and power distribution. In the water sector, its projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. The company has 44 ongoing projects across 16 states, aggregating orders of ₹ 5,120.21 crore, of which Order Book of ₹ 2,442.44 crore.
The table below shows subscription data for all the categories of investors:
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Vikran Engineering Limited
Last updated on
26 Aug 2025 | 05:00:00 PM |
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Sr.No.
|
Category
|
No.of shares offered / reserved
|
No. of shares bid for
|
No. of times of total meant for the category
|
|
1
|
Qualified Institutional Buyers (QIBs)
|
1,67,82,608
|
68,61,132
|
0.41
|
|
1(a)
|
Foreign Institutional Investors (FIIs)
|
–
|
–
|
–
|
|
1(b)
|
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)
|
–
|
–
|
–
|
|
1(c)
|
Mutual Funds
|
–
|
–
|
–
|
|
1(D)
|
Others
|
–
|
68,61,132
|
–
|
|
2
|
Non Institutional Investors(NIIS)
|
1,25,86,956
|
6,48,57,300
|
5.15
|
|
2.1
|
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)
|
83,91,304
|
4,58,64,756
|
5.47
|
|
2.1(a)
|
Corporates
|
–
|
3,42,028
|
–
|
|
2.1(b)
|
Individuals (Other than RIIs)
|
–
|
4,38,64,980
|
–
|
|
2.1(c)
|
Others
|
–
|
16,57,748
|
–
|
|
2.2
|
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)
|
41,95,652
|
1,89,92,544
|
4.53
|
|
2.2(a)
|
Corporates
|
–
|
26,344
|
–
|
|
2.2(b)
|
Individuals (Other than RIIs)
|
–
|
1,83,02,272
|
–
|
|
2.2(c)
|
Others
|
–
|
6,63,928
|
–
|
|
3
|
Retail Individual Investors (RIIs)
|
2,93,69,564
|
6,80,83,996
|
2.32
|
|
3(a)
|
Cut Off
|
–
|
5,59,00,340
|
–
|
|
3(b)
|
Price Bids
|
–
|
1,21,83,656
|
–
|
|
4
|
Employee Reserved
|
–
|
–
|
–
|
|
4(a)
|
Employee (Cut off)
|
–
|
–
|
–
|
|
4(b)
|
Employee (Price)
|
–
|
–
|
–
|
|
5
|
Reservation PortionShareholder
|
–
|
–
|
–
|
|
5(a)
|
RPS (Cut off)
|
–
|
–
|
–
|
|
5(b)
|
RPS (Price)
|
–
|
–
|
–
|
|
Total
|
5,87,39,128
|
13,98,02,428
|
2.38
|
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