Vikran Engineering IPO: The initial public offering (IPO) of ace investor Ashish Kacholia and Mukul Agrawal-owned company Vikran Engineering Limited has hit the Indian primary market today. The public issue will remain open until 29 August 2025. The company has declared the Vikran Engineering IPO price band at ₹92 to ₹97 per equity share. The engineering company aims to raise ₹772 crore through this IPO, out of which ₹721 crore is expected through the issuance of fresh shares. The remaining ₹51 crore is reserved for the offer for sale (OFS) route. Vikran Engineering IPO is proposed for listing on the BSE and the NSE.
Meanwhile, before the Vikran Engineering IPO date, shares of the Ashish Kacholia and Mukul Agrawal-owned company are available in the grey market. According to market observers, shares of the company are available at a premium of ₹17 in the grey market today. This means Vikran Engineering’s IPO GMP today is ₹17, which signals an 18% listing gain for investors.
Vikran Engineering IPO subscription status
Bidding for the Vikran Engineering IPO will begin at 10:00 AM today. On trading days, i.e., 26, 28, and 29 August 2025, bidders can apply from 10:00 AM to 5:00 PM.
Vikran Engineering IPO details
1] Vikran Engineering IPO GMP today: According to market observers, shares of the company are available at a premium of ₹17 in the grey market today.
2] Vikran Engineering IPO date: Bidding for the IPO has opened today and will remain open until 29 August 2025.
3] Vikran Engineering IPO price: The engineering company has declared an issue price of ₹92 to ₹97 per equity share.
4] Vikran Engineering IPO size: The engineering company aims to raise ₹772 crore through this IPO, out of which ₹721 crore is expected through the issuance of fresh shares. The remaining ₹51 crore is reserved for the OFS route.
5] Vikran Engineering IPO lot size: A bidder can apply in lots, and one lot of the public issue comprises 148 company shares.
6] Vikran Engineering IPO allotment date: The most likely date for share allotment is 30 August 2025. However, in the case of a delay due to Saturday, share allocation would be finalised on Monday, 1 September 2025.
7] Vikran Engineering IPO registrar: Bigshare Services Private Limited has been appointed the official registrar of the public issue.
8] Vikran Engineering IPO Lead Managers: Pantomath Capital Advisors and Systematix Corporate Services have appointed the public issue lead managers.
9] Vikran Engineering IPO listing date: The most likely date for share listing is 3 September 2025.
Vikran Engineering IPO: Apply or not?
10] Vikran Engineering IPO review: Whether one should apply for the IPO or not, Shivani Nyati, Head of Wealth at Swastika Investmart, said, “Vikran Engineering is among the fastest-growing Indian EPC players, recording a revenue CAGR of 32.17%. The company has consistently reported growth in both revenue and profitability over the reviewed periods. As of June 30, 2025, it holds a healthy order book of over ₹2,442 crore. The public issue is fairly placed, and investors may consider this issue for listing gain and a long-term horizon.”
Assigning a ‘subscribe’ tag to the book build issue, Abhijit Paul, Co-Founder at Fynocrat Technologies, said, “At ~32× FY25 EPS, valuation is in line with sector peers. Sector tailwinds and order book provide support. However, consistent negative cash flows, heavy receivable build-up, customer concentration, and litigation temper long-term conviction. While litigations are common in the EPC sector, multiple ongoing proceedings (including some sensitive matters) warrant monitoring. Given the reasonable valuation and sector momentum, we recommend subscribing to Listing Gain.”
Advising investors to apply for the IPO, Anshul Jain, Head of Research at Lakshmishree Investment, said, “With a proven track record of successfully executing projects for prominent government and public sector clients, an established management team that capitalises on a high-growth sector, Vikran Engineering Limited is well-positioned for long-term scalability. We recommend a “SUBSCRIBE” rating for long-term investors.”
Adroit Financial Services, Arihant Capital Markets, Asit C Mehta, AUM Capital, BP Equities, and Canara Bank Securities have also assigned a ‘subscribe’ tag to the public issue.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
