Vikran Engineering to raise ₹772 cr via IPO at ₹2,502 cr valuation; issue to open on Aug 26

Vikran Engineering, an engineering, procurement, and construction (EPC) company, is eyeing ₹772 crore through an initial public offering (IPO) at the upper end of the price band of ₹92-97 per share. The market capitalisation of the company is pegged at around ₹2,502 crore.

The Vikran Engineering IPO will open on August 26 and close on August 29. The allotment of shares is likely to be finalised on September 1, while the tentative listing date on the BSE and NSE is September 3.

The issue comprises 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.

Proceeds from the fresh issue will be utilised to the extent of ₹541 crore for meeting working capital requirements, with the balance allocated for general corporate purposes.

The lot size of the IPO is 148 shares and in multiple thereafter. The minimum application amount for retail investors is ₹13,616 for one lot.

The Mumbai-based company has reserved half of the issue for qualified institutional buyers (QIBs), up to 15% for non-institutional investors (NIIs), and the remaining 35% for retail investors.

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.

In the power sector, the company is engaged in both transmission and distribution. In the water sector, its projects include underground water distribution, surface water extraction, overhead tanks, and distribution networks. The company also has experience in solar EPC, including ground-mounted solar projects and smart metering.

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, as per the RHP filed with SEBI.

On the earnings front, Vikran Engineering’s revenue from operations increased by 16.53% from ₹785.95 crore in FY24 to ₹915.85 crore in FY25, primarily due to higher income from EPC services and an increase in awarded projects. Profit after tax also rose by 3.99% from ₹74.83 crore in FY24 to ₹77.82 crore in FY25.

Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager to the issue, while Bigshare Services Pvt. Ltd. will act as the registrar.

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