Shares of Vikran Engineering, an engineering, procurement, and construction (EPC) company, made a positive debut on the Indian stock exchanges on Wednesday, listing at a 3% premium over its initial public offering (IPO) price. The stock debuted at ₹99.70 on the BSE, against its issue price of ₹97 per share, in a muted broader market, with a market capitalisation of ₹2,571.37 crore. On the NSE, Vikran Engineering shares listed at ₹99 per share, up 2% over the IPO price.

Meanwhile, the Indian equity benchmarks, the BSE Sensex and the NSE Nifty, were trading lower by 0.1% each, tracking weak cues from global peers.

The listing came below market expectations. Ahead of their debut, Vikran Engineering shares were trading at a premium in the grey market, with a grey market premium (GMP) of ₹7 over the issue price, suggesting a likely listing around ₹104, reflecting a gain of 7.22%.

IPO subscribed 23.59 times

The ₹772-crore IPO of Vikran Engineering, which opened for bidding between Aug 26-29, 2025, was subscribed 23.59 times. The issue received bids of 1,38,59,17,880 shares against the offered 5,87,39,128 equity shares, at a price band of ₹92-97, according to data available on the stock exchanges.

According to data from exchanges, the quota reserved for non-institutional investors (NII) and qualified institutional buyer (QIB) were subscribed 58.58 times and 19.45 times, respectively, whereas the retail portion was booked 10.97 times. The lot size of the IPO was 148 shares and in multiple thereafter. The minimum application amount for retail investors was ₹13,616 for one lot.

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.

The issue comprised a fresh issue of 7.43 crore shares worth ₹721 crore and an offer for sale (OFS) of 0.53 crore shares aggregating to ₹51 crore by the company’s Chairman and Managing Director, Rakesh Ashok Markhedkar.

The Mumbai-based company intends to use the IPO proceeds from the fresh issue to the extent of ₹541 crore for meeting working capital requirements, with the balance allocated for general corporate purposes.

Incorporated in 2008, Vikran Engineering caters to power transmission and distribution, water infrastructure, railway infrastructure, and solar energy. The company has a diversified project portfolio, with the majority of its revenue coming from energy and water infrastructure verticals.

As of June 30, 2025, it has successfully completed 45 projects across 14 states with a total executed contract value of ₹1,919.92 crore. The company has 44 ongoing projects across 16 states, aggregating orders worth ₹5,120.21 crore, with an order book of ₹2,442.44 crore, according to the RHP filed with Sebi.

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