Vikran Engineering IPO day 3: GMP, subscription status to review. Apply or not?

Vikran Engineering IPO day 3: The initial public offering (IPO) of ace investor Ashish Kacholia and Mukul Agrawal-owned company Vikran Engineering Limited hit the Indian primary market on Tuesday. The public issue will remain open until 29 August 2025. This means investors have just one day to apply for this mainboard IPO. According to the Vikran Engineering IPO subscription status, the public issue has received a strong response from investors, which is reflected in the grey market sentiments.

According to market observers, the company's shares are trading at a premium of ₹13 in the grey market today, which means the grey market sentiment about the public issue has remained steady despite a strong sell-off in the Indian stock market.

As mentioned above, Vikran Engineering IPO GMP today is ₹13, which is Re 1 lower than Thursday's Vikran Engineering IPO GMP of ₹14. Market observers said that a ₹1 dip is nothing if we compare the grey market sentiment with the secondary market sentiment. They said that the strong Vikran Engineering IPO subscription status could be the reason for the public issue holding its fort in the current stock market crash.

By 10:03 AM on day 3 of bidding, the public issue had been booked 5.62 times, the retail portion of the mainboard IPO had been subscribed 5.57 times, the NII portion had been filled 12.02 times, whereas the QIB segment had been subscribed 0.91 times.

BP Equities gave the public issue a 'subscribe' tag and said, "On the upper price band, the issue is valued at a P/E ratio of 22.3x based on FY25 earnings, which is trading at a discount compared to its peers. Thus, considering the company’s favourable market positioning, we recommend a "SUBSCRIBE" rating for this issue."

Geojit Securities has also assigned a 'subscribe' tag to the public issue: "At the upper price band of ₹97, Vikran’s FY25 P/E ratio of 32x appears fairly priced compared to peers. Vikran has an established position as a fast-growing EPC player with a diversified order book across power transmission, water infrastructure, and railway sectors. The company’s strategic focus on capitalising on government initiatives like the Revamped Distribution Sector Scheme and Jal Jeevan Mission, coupled with its asset-light model and pan-India presence, positions it well to benefit from India’s infrastructure boom. Therefore, we recommend a SUBSCRIBE rating for investors with a long-term horizon."

Anand Rathi, Adroit Financial Services, Arihant Capital Markets, Asit C Mehta, AUM Capital, Nirmal Bang, Ventura Securities, Marwadi Shares and Finance, Reliance Securities, and Canara Bank Securities have also assigned the public issue a 'subscribe' tag.

The most likely Vikran Engineering IPO allotment date is 30 August 2025. However, in the case of a Saturday delay, we can expect the allotment on Monday, 1 September 2025. Likewise, the most likely Vikran Engineering IPO listing date is 3 September 2025.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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