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Vikran Engineering IPO Day 3 Live: Vikran Engineering IPO, which started accepting subscriptions on Tuesday, August 26, wraps up today, Friday, August 29. The offering received a good response despite the volatile environment.

Vikran Engineering IPO subscription status was 5.24 times on the second day. The retail segment saw a subscription of 5.23 times, while the non-institutional investors (NII) segment received 11.03 times the bids, and the Qualified Institutional Buyers (QIBs) portion achieved 91% of the bids.

On the first day, Vikran Engineering IPO subscription status stood at 2.38 times. The retail category was subscribed 2.32 times, with the NII segment attracting 5.15 times the bids, and the QIB portion was filled to 41%.

Vikran Engineering, an infrastructure-focused EPC company, will have its subscription period open from August 26 to August 29. Vikran Engineering IPO price band has been established between ₹92 and ₹97 per share.

The Vikran Engineering IPO includes a fresh issuance of shares projected to gather approximately ₹721 crore, along with a promoter's offer-for-sale component worth ₹51 crore.

Vikran Engineering IPO GMP today or grey market premium is +12. 

The Mumbai-based firm intends to use ₹541 crore from the fresh issue to fulfill working capital needs, while the remaining funds will be allocated for general corporate purposes.

Vikran Engineering is acknowledged as one of India’s rapidly advancing EPC firms, offering comprehensive services that encompass initial design and conceptualization to supply, installation, testing, and commissioning on a turnkey basis.

(Stay tuned for more updates)

In fiscal 2026, power demand is estimated to increase by 5.5-6.5% on year to 1,790-1,800 BU. Buoyant economic performance and weather changes are expected to be key drivers for power demand growth in fiscal 2026. Over the next few years, from FY26 to FY30, power demand is expected to maintain a CAGR of 5-7%, reaching 2,255-2,265 billion units. This growth will be supported by healthy economic expansion, improvements in distribution infrastructure, and major reforms initiated by the central government to enhance the overall health of the power sector.

Vikran executes projects in an integrated manner with in-house design, engineering, and quality monitoring teams. Backed by 93+ years of cumulative expertise, the team ensures timely, customized, and high-quality execution across verticals. A centralized monitoring system, ISO certifications, and strict internal audits strengthen process control, enhancing credibility with clients.

As of Jun’25, the company has executed projects across 22 states and are currently active in 16, supported by 190 sites and store locations. The company’s pan-India presence enables efficient, customer-focused EPC services. With over 3,500 suppliers and service providers in the last three FYs coupled with diversified supply chain ensures timely delivery, quality execution and reduced dependency on individual vendors.

The company operates on an asset-light business model by executing projects with relatively lower investment in fixed assets. To address project-specific equipment needs across different states, it rents machinery from third-party lessors, to reduce its fixed costs and lead cost-efficient and logistically effective project execution. Renting and leasing enables improved capital allocation; by prioritizing focus on core business activities rather than asset management.

“Vikran’s initial issue is available at 17.3x TTM EV/EBITDA which is much lower to its peer average of 32.0x TTM EV/EBITDA. We believe the issue is attractively priced, as its growth in terms of revenue and EBITDA, has trended in a similar range of its peers, while it is available at a much lower valuation. We assign a “SUBCRIBE” rating to the issue,” said DRChoksey FinServ.

With execution across 22 states and active projects in 17, Vikran has established a strong national footprint supported by 195 sites and stores. It serves marquee clients such as NTPC, state transmission corporations, and power distribution companies. A network of 3,500+ suppliers ensures material availability, efficient logistics, and timely project completion, reducing dependency risks.

The company is led by Chairman and MD, Rakesh Ashok Markhedkar, who has over 34 years of EPC experience. He holds a degree in Electrical Engineering, a Master’s in Quality Management from BITS Pilani, and also completed a General Management Program at IIM Bangalore. In his career, he has worked with leading firms like L\&T, Voltas, EMCO, KEI Industries, ERA Infra, and Bajaj Electricals. His leadership has earned industry awards such as World’s Best Emerging Leader (2023) and Most Promising Business Leader of Asia (2017). Supported by an experienced board and management team, his expertise gives Vikran strong credibility and growth potential.

The total order book grew from ₹2,046 Cr in FY23 to ₹2,115 Cr in FY24, and stood at ₹2,044 Cr in FY25, reflecting stability despite sector challenges. Power transmission & distribution continues to dominate with ₹1,237 Cr (60.5% of FY25 order book), while water infrastructure contributes ₹765 Cr (37.4%), and railways ₹42 Cr (2.1%). With 62.5% of projects from government, 18.4% from PSUs, and 19.9% from private clients, the mix ensures steady revenues and reduces dependence on any single segment.

Nirmal Bang holds the view that the IPO is valued at a P/E of 32.1x and an EV/EBITDA of 16.9x, both of which are lower than the averages of its peers, set at 37.7x and 23.9x, respectively, indicating that the pricing is justified. Although the company's revenue stands at ₹916 Cr compared to the peer average of ₹12,935 Cr, it shows greater growth potential and superior margins. In light of these considerations, we suggest a Subscribe rating for the IPO.

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 5.24 times on day 2. The retail portion was subscribed 5.23 times, and NII portion has been booked 11.03 times, Qualified Institutional Buyers (QIBs) portion received 91% bids.

The company has received bids for 30,76,74,240 shares against 5,87,39,128 shares on offer, at 17:00 IST, according to data on BSE.

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.

Vikran Engineering IPO GMP today or grey market premium is +12. This indicates Vikran Engineering share price were trading at a premium of ₹12 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 ₹109 apiece, which is 12.37% higher than the IPO price of ₹97.

According to the grey market activities over the past 12 sessions, today's IPO GMP is showing an upward trend and is anticipated to have a robust 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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