Vikran Engineering IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Aug 26 to Aug 29 2025
Price Band
₹97
Current GMP
₹99(2.06%)
Subscription
24.87 times
IPO Details
| IPO Date | August 26, 2025 to August 29, 2025 |
| Listing Date | September 3, 2025 |
| Face Value | ₹1 per share |
| Issue Price | ₹97 per share |
| Lot Size | 148 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,95,87,627 shares (aggregating up to ₹772.00 Cr) |
| Fresh Issue | 7,43,29,896 shares (aggregating up to ₹721.00 Cr) |
| Offer for Sale | 52,57,731 shares of ₹1 (aggregating up to ₹51.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,35,81,130 shares |
| Share Holding Post Issue | 25,79,11,026 shares |
IPO Date
August 26, 2025 to August 29, 2025
Listing Date
September 3, 2025
Face Value
₹1 per share
Issue Price
₹97 per share
Lot Size
148 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
7,95,87,627 shares (aggregating up to ₹772.00 Cr)
Fresh Issue
7,43,29,896 shares (aggregating up to ₹721.00 Cr)
Offer for Sale
52,57,731 shares of ₹1 (aggregating up to ₹51.00 Cr)
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
18,35,81,130 shares
Share Holding Post Issue
25,79,11,026 shares
IPO Subscription Details
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 20.51 |
| Non-Institutional Buyers | 61.77 |
| bNII (bids above ₹10L) | 70.34 |
| sNII (bids below ₹10L) | 44.62 |
| Retail Investors | 11.56 |
| Total ** | 24.87 |
Anchor Investors
1
QIB (Ex Anchor)
20.51
Non-Institutional Buyers
61.77
bNII (bids above ₹10L)
70.34
sNII (bids below ₹10L)
44.62
Retail Investors
11.56
Total **
24.87
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 Aug 26, 2025 | 0.43 | 5.43 | 5.76 | 4.78 | 2.44 | 2.51 |
| Day 2 Aug 28, 2025 | 0.96 | 11.63 | 11.68 | 11.52 | 5.52 | 5.52 |
| Day 3 Aug 29, 2025 | 20.51 | 61.77 | 70.34 | 44.62 | 11.56 | 24.87 |
DayDay 1
Aug 26, 2025
QIB (Ex Anchor)0.43
NII5.43
NII (> ₹10L)5.76
NII (< ₹10L)4.78
Retail2.44
Total2.51
DayDay 2
Aug 28, 2025
QIB (Ex Anchor)0.96
NII11.63
NII (> ₹10L)11.68
NII (< ₹10L)11.52
Retail5.52
Total5.52
DayDay 3
Aug 29, 2025
QIB (Ex Anchor)20.51
NII61.77
NII (> ₹10L)70.34
NII (< ₹10L)44.62
Retail11.56
Total24.87
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 03-09-2025 | 97.00 | 7(7.22%) | 104 |
| 02-09-2025 | 97.00 | 7(7.22%) | 104 |
| 01-09-2025 | 97.00 | 4(4.12%) | 101 |
| 31-08-2025 | 97.00 | 6(6.19%) | 103 |
| 30-08-2025 | 97.00 | 6(6.19%) | 103 |
| 29-08-2025 | 97.00 | 6.5(6.70%) | 103.5 |
| 28-08-2025 | 97.00 | 12(12.37%) | 109 |
| 27-08-2025 | 97.00 | 13(13.40%) | 110 |
| 26-08-2025 | 97.00 | 13(13.40%) | 110 |
| 25-08-2025 | 97.00 | 21(21.65%) | 118 |
| 24-08-2025 | 97.00 | 17(17.53%) | 114 |
| 23-08-2025 | 97.00 | 20(20.62%) | 117 |
| 22-08-2025 | 97.00 | 18(18.56%) | 115 |
| 21-08-2025 | 97.00 | 21(21.65%) | 118 |
| 20-08-2025 | 97.00 | 21(21.65%) | 118 |
| 19-08-2025 | 97.00 | 12(12.37%) | 109 |
| 18-08-2025 | 0(%) | (%) |
Date03-09-2025
Price97.00
GMP7(7.22%)
Estimate List Price104
Date02-09-2025
Price97.00
GMP7(7.22%)
Estimate List Price104
Date01-09-2025
Price97.00
GMP4(4.12%)
Estimate List Price101
Date31-08-2025
Price97.00
GMP6(6.19%)
Estimate List Price103
Date30-08-2025
Price97.00
GMP6(6.19%)
Estimate List Price103
Date29-08-2025
Price97.00
GMP6.5(6.70%)
Estimate List Price103.5
Date28-08-2025
Price97.00
GMP12(12.37%)
Estimate List Price109
Date27-08-2025
Price97.00
GMP13(13.40%)
Estimate List Price110
Date26-08-2025
Price97.00
GMP13(13.40%)
Estimate List Price110
Date25-08-2025
Price97.00
GMP21(21.65%)
Estimate List Price118
Date24-08-2025
Price97.00
GMP17(17.53%)
Estimate List Price114
Date23-08-2025
Price97.00
GMP20(20.62%)
Estimate List Price117
Date22-08-2025
Price97.00
GMP18(18.56%)
Estimate List Price115
Date21-08-2025
Price97.00
GMP21(21.65%)
Estimate List Price118
Date20-08-2025
Price97.00
GMP21(21.65%)
Estimate List Price118
Date19-08-2025
Price97.00
GMP12(12.37%)
Estimate List Price109
Date18-08-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Tue, Aug 26, 2025 |
| IPO Close Date | Fri, Aug 29, 2025 |
| Tentative Allotment | Mon, Sep 1, 2025 |
| Initiation of Refunds | Tue, Sep 2, 2025 |
| Credit of Shares to Demat | Tue, Sep 2, 2025 |
| Tentative Listing Date | Wed, Sep 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
IPO Open Date
Tue, Aug 26, 2025
IPO Close Date
Fri, Aug 29, 2025
Tentative Allotment
Mon, Sep 1, 2025
Initiation of Refunds
Tue, Sep 2, 2025
Credit of Shares to Demat
Tue, Sep 2, 2025
Tentative Listing Date
Wed, Sep 3, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 29, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
ApplicationRetail (Min)
Lots1
Shares148
Amount₹14,356
ApplicationRetail (Max)
Lots13
Shares1,924
Amount₹1,86,628
ApplicationS-HNI (Min)
Lots14
Shares2,072
Amount₹2,00,984
ApplicationS-HNI (Max)
Lots69
Shares10,212
Amount₹9,90,564
ApplicationB-HNI (Min)
Lots70
Shares10,360
Amount₹10,04,920
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,354.68 | 959.79 | 712.47 |
| Total Income | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.30 | 79.71 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 20251,354.68
31 Mar 2024959.79
31 Mar 2023712.47
Period EndedTotal Income
31 Mar 2025922.36
31 Mar 2024791.44
31 Mar 2023529.18
Period EndedProfit After Tax
31 Mar 202577.82
31 Mar 202474.83
31 Mar 202342.84
Period EndedEBITDA
31 Mar 2025160.24
31 Mar 2024133.30
31 Mar 202379.71
Period EndedNet Worth
31 Mar 2025467.87
31 Mar 2024291.28
31 Mar 2023131.14
Period EndedReserves and Surplus
31 Mar 2025449.52
31 Mar 2024290.95
31 Mar 2023130.85
Period EndedTotal Borrowing
31 Mar 2025272.94
31 Mar 2024183.39
31 Mar 2023154.92
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Vikran Engineering Ltd. | 4.35 | 4.35 | 25.49 | 16.63 | ||
| Bajel Projects Limited | 1.34 | 1.34 | 57.63 | 158.75 | 2.32 | 3.72 |
| Kalpataru Projects International Limited | 35.53 | 35.53 | 378.80 | 34.68 | 8.77 | 3.26 |
| Techno Electric & Engineering Company Limited | 37.19 | 37.19 | 321.55 | 40.17 | 11.31 | 4.65 |
| Spml Infra Limited | 7.61 | 7.61 | 107.43 | 36.79 | 6.22 | 2.61 |
| Kec International Limited | 21.80 | 21.80 | 200.88 | 35.71 | 10.67 | 3.89 |
| Transrail Lighting Limited | 25.72 | 25.72 | 140.11 | 30.73 | 17.36 | 5.64 |
Company NameVikran Engineering Ltd.
EPS (Basic)4.35
EPS (Diluted)4.35
NAV (per share) (Rs)25.49
P/E (x)
RoNW (%)16.63
P/BV Ratio
Company NameBajel Projects Limited
EPS (Basic)1.34
EPS (Diluted)1.34
NAV (per share) (Rs)57.63
P/E (x)158.75
RoNW (%)2.32
P/BV Ratio3.72
Company NameKalpataru Projects International Limited
EPS (Basic)35.53
EPS (Diluted)35.53
NAV (per share) (Rs)378.80
P/E (x)34.68
RoNW (%)8.77
P/BV Ratio3.26
Company NameTechno Electric & Engineering Company Limited
EPS (Basic)37.19
EPS (Diluted)37.19
NAV (per share) (Rs)321.55
P/E (x)40.17
RoNW (%)11.31
P/BV Ratio4.65
Company NameSpml Infra Limited
EPS (Basic)7.61
EPS (Diluted)7.61
NAV (per share) (Rs)107.43
P/E (x)36.79
RoNW (%)6.22
P/BV Ratio2.61
Company NameKec International Limited
EPS (Basic)21.80
EPS (Diluted)21.80
NAV (per share) (Rs)200.88
P/E (x)35.71
RoNW (%)10.67
P/BV Ratio3.89
Company NameTransrail Lighting Limited
EPS (Basic)25.72
EPS (Diluted)25.72
NAV (per share) (Rs)140.11
P/E (x)30.73
RoNW (%)17.36
P/BV Ratio5.64
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 3,97,93,814 (50.00%) | NA |
| − Anchor Investor Shares Offered | 2,38,76,287 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 1,59,17,527 (20.00%) | NA |
| NII (HNI) Shares Offered | 1,19,38,144 (15.00%) | NA |
| − bNII > ₹10L | 79,58,763 (10.00%) | 3,841 |
| − sNII < ₹10L | 39,79,381 (5.00%) | 1,920 |
| Retail Shares Offered | 2,78,55,670 (35.00%) | 1,88,213 |
| Total Shares Offered | 7,95,87,628 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered3,97,93,814 (50.00%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered2,38,76,287 (30.00%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered1,59,17,527 (20.00%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered1,19,38,144 (15.00%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered79,58,763 (10.00%)
Maximum Allottees3,841
Investor Category− sNII < ₹10L
Shares Offered39,79,381 (5.00%)
Maximum Allottees1,920
Investor CategoryRetail Shares Offered
Shares Offered2,78,55,670 (35.00%)
Maximum Allottees1,88,213
Investor CategoryTotal Shares Offered
Shares Offered7,95,87,628 (100.00%)
Maximum Allottees
Information about company
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company.
The company's projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks.
Service Sectors:
Power Transmission and Distribution: Specializing in extra-high voltage (EHV) substations up to 400kV and comprehensive power distribution solutions.
Water Infrastructure: Engaged in projects involving underground water distribution, surface water extraction, overhead tanks, and distribution networks.
Railway Infrastructure: Providing services in railway infrastructure projects.
Solar Energy: Expanding presence in solar EPC projects.
As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of Rs 19,199.17 million. As of June 30, 2025, they have 44 ongoing projects across 16 states, aggregating orders of Rs 51,202.07 million, of which the Order Book is Rs 24,424.39 million.
The company's clients in the government sector include 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 more.
As of June 30, 2025, the company had 761 permanent employees.
Competitve Strengths:
One of the fast-growing engineering, procurement and construction (“EPC”) companies, with timely execution of power transmission and distribution and water infrastructure sector.
Diversified Order Book across business verticals and consistent financial performance
Asset light model
In-house technical and engineering capabilities, process control and quality assurance
Experienced promoters and management team, having domain knowledge
Objectives of IPO
The Company Vikran Engineering IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Funding working capital requirements of the Company.
541.00
2
General corporate purposes.
129.97
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