Vikran Engineering Limited, one of India’s fastest-growing EPC contracting companies, has launched its ₹772 crore IPO on August 26, 2025. The issue comprises a fresh issue of ₹721 crore and an offer for sale (OFS) of ₹51 crore, taking the total to 7.95 crore equity shares.

The IPO will close on August 29, 2025, with allotment scheduled for September 1, 2025. The company’s shares will be listed on both BSE and NSE, with the tentative listing date set for September 3, 2025.

Company Overview

Vikran Engineering is a leading Indian EPC player, with expertise spanning infrastructure development, power transmission, and extra-high-voltage (EHV) substations up to 765kV. The company also undertakes power distribution projects, from 33/11kV substations to consumer-level connections.

The business has expanded rapidly under the leadership of its promoters:

• Rakesh Ashok Markhedkar (CMD) – 34 years’ EPC experience

• Avinash Ashok Markhedkar (Director) – 33 years’ EPC experience

• Nakul Markhedkar (Whole-Time Director) – 9 years’ industry experience

The senior management team has a deep understanding of EPC projects, enabling Vikran Engineering to scale its operations and execute complex projects efficiently.

IPO Details

• Issue Size: ₹772 crore

• Fresh Issue: ₹721 crore (7.43 crore shares)

• Offer for Sale (OFS): ₹51 crore (0.52 crore shares)

• Price Band: ₹92 – ₹97 per equity share

• Market Capitalisation (at upper band): ₹2,501.74 crore

• Lot Size: 148 shares

• Minimum Investment: Retail – ₹14,356 (148 shares); HNI – ₹2,00,984 (2,072 shares)

• Listing: BSE & NSE

Lead Managers: Pantomath Capital Advisors Pvt. Ltd. and Systematix Corporate Services Ltd.
Registrar: Bigshare Services Pvt. Ltd.

Financial Performance

Vikran Engineering has shown consistent growth over the past three years:

Key Ratios:

• Pre-issue EPS (FY24): ₹4.35

• Post-issue EPS (FY24): ₹3.02

• Pre-issue P/E: 22.30x

• Post-issue P/E: 32.15x

• Industry P/E: 35x

• ROCE (FY24): 23.34%

• ROE (FY24): 16.63%

This indicates robust fundamentals, though valuations appear slightly stretched compared to peers.

Grey Market Premium (GMP)

As of August 21, 2025, the GMP for Vikran Engineering IPO stands at ₹18 per share, indicating an expected listing price of ₹115 per share against the upper price band of ₹97. This suggests potential listing gains of ~18.5%.

Subscription Status

As of 12:30 PM on August 26, 2025, the IPO has been subscribed 0.46 times. Subscription demand is expected to build up in the QIB and retail segments over the remaining bidding days.

Anchor Investors

On August 25, 2025, Vikran Engineering raised ₹231.60 crore from Anchor Investors at ₹97 per share, allotting 2.39 crore shares. This pre-IPO commitment boosts confidence in the offering.

Allotment and Listing Dates

• Allotment Date: September 1, 2025

• Refunds Initiation: September 2, 2025

• Demat Credit: September 2, 2025

• Listing Date: September 3, 2025 (BSE & NSE)

How to check Allotment Status:

1. Visit the registrar’s allotment page (Bigshare Services Pvt. Ltd.)

2. Select Vikran Engineering IPO from the dropdown

3. Enter Application No., PAN, or DP ID

4. Submit to view your allotment

IPO Objectives

The net proceeds will be utilised for:

1. ₹541 crore towards working capital requirements

2. General corporate purposes

Conclusion

The Vikran Engineering IPO comes with strong fundamentals, steady financial growth, and significant industry potential in India’s EPC and power transmission sector. With an attractive GMP of ₹18 indicating possible 18% listing gains, and robust anchor investor participation, the IPO could see strong demand from investors.

However, with a post-issue P/E ratio of 32.15x, the valuation is slightly high compared to industry averages. Hence, this IPO may be most suitable for risk-tolerant investors seeking listing gains rather than long-term conservative investors.

The Upcoming IPOs in this week and coming weeks are Amanta Healthcare, Rachit Paints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, .

The Current active IPO are Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering, Shivashrit Foods, Anondita Medicare, Classic Electrodes (India).

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