Vikran Engineering IPO: The initial public offering (IPO) of Vikran Engineering closed for subscription on Friday, August 29, garnering a strong response from investors.
The IPO, backed by ace market investors Ashish Kacholia and Mukul Agarwal, had sailed through on the first day of the bidding process itself.
Vikran Engineering IPO Subscription Status
Vikran Engineering IPO closed with 23.59 times subscription on the third day of the bidding process on Friday.
The category for non-institutional investors garnered 58.58 times subscription, while the quota for retail investors was subscribed 10.97 times. The Qualified Institutional Buyers (QIBs) segment received 19.45 times bids.
Overall, the IPO got bids for 1,38,59,17,880 shares against 5,87,39,128 shares on offer.
With the closure of the public offer, investor focus will now shift to Vikran Engineering IPO’s allotment status, slated to be out on Monday, September 1.
Vikran Engineering IPO GMP
The grey market premium (GMP) for Vikran Engineering has seen a decline over the last two sessions. As of Friday, Vikran Engineering IPO GMP was ₹5, lower than ₹13 it was commanding two days ago on Wednesday.
At the prevailing GMP and issue price of ₹97, Vikran Engineering IPO listing could occur at ₹102, up 5%.
Vikran Engineering IPO Details
Vikran Engineering IPO is a combination of a fresh issue of shares of about ₹721 crore and an offer-for-sale worth ₹51 crore by the promoter.
The company intends to utilise proceeds from the fresh issue to the tune of ₹541 crore for funding working capital requirements and the rest for general corporate purposes.
Vikran Engineering fixed the IPO price band at ₹92-97 per share.
Ahead of the share sale, the company raised ₹231.6 crore from anchor investors.
Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers, while Bigshare Services is the registrar of the issue.
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.
