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Vikran Engineering IPO Day 2 Live: Vikran Engineering IPO subscription status of 2.38 times on the first day. The retail segment was subscribed 2.32 times, while the non-institutional investor (NII) segment received 5.15 times the bids, and the Qualified Institutional Buyers (QIB) portion garnered 41% of the bids.

Vikran Engineering, which specializes in infrastructure as an EPC company, will open its subscription window from August 26 to August 29. The price range for Vikran Engineering IPO has been set between ₹92 and ₹97 per share.

Vikran Engineering IPO consists of a fresh issuance of shares estimated to raise around ₹721 crore along with an offer-for-sale component valued at ₹51 crore from the promoter.

Vikran Engineering IPO GMP today or grey market premium is +13.

The firm based in Mumbai aims to utilize ₹541 crore from the fresh issue to address working capital requirements, while the remainder will be directed towards general corporate purposes.

Vikran Engineering is recognized as one of the fast-growing EPC companies in India, providing a full spectrum of services from initial design and conceptualization to supply, installation, testing, and commissioning on a turnkey basis.

(Stay tuned for more updates)

1. A rapidly expanding engineering, procurement, and construction ("EPC") company specializing in timely implementation of power transmission, distribution, and water infrastructure projects.

2. Diversified Order Book across business verticals and consistent financial performance.

3. Pan India presence with strong supply chain.

4. In-house technical and engineering capabilities, process control and quality assurance.

5. Experienced promoters and management team, having domain knowledge.

1. Continue to improve fundamental expertise in the power transmission and distribution, and water infrastructure sectors.

2. Selectively increasing the geographical footprint globally.

3. Expand EPC portfolio into other EPC sectors.

4 Capitalizing on Government initiatives and policies.

The Indian Infrastructure and Renewable Energy sectors are expanding rapidly, fueled by increased government investments in water supply, energy transition, railways, and urban development projects. Within this space, Vikrant Engineering has a strong execution track record, having completed 45 projects worth Rs. 1,920 crore and an active order book of Rs.2,442 crore across 16 states. At the upper price band of Rs.97, the issue is valued at a P/E multiple of ~32.12x on its FY25 EPS of Rs. 3.02 post IPO. We give a ‘SUBSCRIBE’ rating to the issue," said Ajcon Global Services.

Spanning the entire country with 190 locations as of June 30, 2025, the company delivers a variety of EPC services tailored to meet the unique requirements of its clients nationwide. This widespread network of offices enables the company to offer local support and services, enhance project efficiency, and ensure customer satisfaction. Additionally, the company has completed numerous projects for key clients, including NTPC Limited, Transmission Corporation of Telangana Limited, Madhya Pradesh Power Transmission Company Limited, and South Bihar Power Distribution Co. Ltd.

Private companies across various industries also play a substantial role in the EPC industry.

Industrial Sector: Companies in sectors such as oil and gas, power, petrochemicals, and manufacturing frequently require EPC services for setting up plants and facilities.

Real Estate and Commercial: Real estate developers and commercial establishments often engage EPC contractors for large-scale construction projects.

The company follows an asset light model by executing more orders with relatively lower investment in fixed assets. It rents equipment from third-party lessors across various states to meet project-specific requirements. This approach helps reduce fixed costs and enhances cost and logistics efficiency in project execution. It also enables the management team to concentrate on core business functions rather than managing and maintaining in-house assets.

Canara Bank Securities stated that the valuation of the offering is reasonable at a PE ratio of 22X and a PB ratio of 4X, in contrast to the average of its publicly traded competitors, which stands at a PE of 61X and a PB of 4X. Nonetheless, the company's prohibition by the Executive Director of Gati Shakti and its stretched working capital continues to raise concerns. The brokerage advises investors with a high-risk tolerance to SUBSCRIBE to the offering.

The clients of the company in the government sector consist of NTPC, Power Grid Corporation of India, South Bihar Power Distribution Co. Ltd., North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana Limited, Madhya Pradesh Power Transmission Company, Madhya Pradesh Madhya Kshetra Vidyut Vitran Company, as well as the District Water and Sanitation Mission (PHED) and State Water and Sanitation Mission (SWSM).

Additionally, the company is engaged in various projects for the Assam Power Distribution Company and the Danapur division of Eastern Central Railway. The company’s initiatives span the following infrastructure business sectors.

Tentatively, Vikran Engineering IPO basis of allotment of shares will be finalised on Monday, September 1 and the company will initiate refunds on Tuesday, September 2 while the shares will be credited to the demat account of allottees on the same day following refund. Vikran Engineering share price is likely to be listed on BSE and NSE on Wednesday, September 3.

The issue has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Vikran Engineering IPO subscription status was 2.38 times on day 1. The retail portion was subscribed 2.32 times, and NII portion has been booked 5.15 times, Qualified Institutional Buyers (QIBs) portion received 41% bids.

The company has received bids for 13,98,02,428 shares against 5,87,39,128 shares on offer, at 17:00 IST, according to data on BSE.

Vikran Engineering IPO GMP today or grey market premium is +13. This indicates Vikran Engineering share price were trading at a premium of ₹13 in the grey market on Thursday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Vikran Engineering share price was indicated at ₹110 apiece, which is 13.40% higher than the IPO price of ₹97.

Considering the grey market activities from the past 11 sessions, today's IPO GMP is showing an upward trend and is anticipated to have a solid listing. The minimum GMP recorded is ₹0.00, while the maximum GMP stands at ₹21, as per experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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