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Vikran Engineering IPO opens on Aug 26; here's everything you need to know

The initial public offering (IPO) of engineering, procurement, and construction (EPC) company Vikran Engineering is set to open for public subscription on Tuesday, August 26, 2025. At the upper end, the company seeks to raise ₹772 crore through the public offering, which comprises a fresh issue as well as an offer for sale (OFS) of equity shares. Ahead of the public launch, bidding for anchor investors is scheduled to take place on Monday, August 25, 2025. As investors await the subscription window to open, here are some key details of the Vikran Engineering IPO: Vikran Engineering IPO issue size The public issue is a book-built issue comprising a fresh issue of 74.3 million equity shares, aggregating up to ₹721 crore, and an offer-for-sale (OFS) with promoter Rakesh Ashok Markhedkar offloading up to 5.3 million equity shares worth ₹51 crore. Vikran Engineering has reserved not more than 50 per cent of the net offer for qualified institutional buyers (QIBs), not less than 35 per cent for retail investors, and not less than 15 per cent for non-institutional investors (NIIs). Vikran Engineering IPO lot size, price band The public offering will be available at a price band of ₹92–97 per share with a lot size of 148 shares. Accordingly, investors can bid for a minimum of 148 shares and in multiples thereof. The minimum investment required by a retail investor is ₹14,356. A retail investor can bid for a maximum of 13 lots or 1,924 shares, amounting to ₹1,86,628. Vikran Engineering IPO grey market premium (GMP) today The unlisted shares of Vikran Engineering were commanding a decent premium in the grey market on Tuesday. Sources tracking grey market activity revealed that the company's unlisted shares were trading at around ₹109 per share in the unofficial market. This translates to a grey market premium (GMP) of ₹12 per share, or 12.37 per cent over the upper end of the issue price. Vikran Engineering IPO key dates The Vikran Engineering IPO will remain open for subscription until Friday, August 29, 2025. The basis of allotment is likely to be finalized on Monday, September 1, 2025, with shares expected to be credited to demat accounts on Tuesday, September 2, 2025. Shares of Vikran Engineering are scheduled to list on the BSE and NSE on Wednesday, September 3, 2025. Vikran Engineering IPO objective Vikran Engineering will not receive any proceeds from the OFS. 'The promoter selling shareholder will be entitled to his proceeds of the offer for sale. Our company will not receive any proceeds of the offer for sale,' the company said in its Draft Red Herring Prospectus (DRHP). The company, however, plans to utilise the proceeds from the fresh issue for funding working capital requirements as well as for general corporate purposes. Vikran Engineering IPO registrar, lead managers Bigshare Services is the registrar for the public offering, while Pantomath Capital Advisors and ESystematix Corporate Services are the book-running lead managers. About Vikran Engineering Vikran Engineering is an engineering, procurement, and construction (EPC) company. The company has a diversified project portfolio, with the majority of revenue coming from energy and water infrastructure verticals. It provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors including power, water, and railway infrastructure. 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 of ₹5,120.21 crore, of which the order book stands at ₹2,442.44 crore. Vikran Engineering's revenue from operations increased by 16.53 per cent year-on-year (Y-o-Y) to ₹915.85 crore in FY25 from ₹785.95 crore in FY24, primarily due to an increase in income from EPC services and in the number of projects awarded. The company's profit after tax (PAT) increased by 3.99 per cent Y-o-Y to ₹77.82 crore in FY25 from ₹74.83 crore in FY24.