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Vikran Engineering IPO is a bookbuilt issue of ₹772.00 crore. It combines a fresh issue of 7.43 crore shares, aggregating to ₹721.00 crore, and an offer for sale of 0.53 crore shares, aggregating to ₹51.00 crore.
The IPO opens for subscription on August 26, 2025, and closes on August 29, 2025. The allotment is expected to be finalized on Monday, September 1, 2025. The price band for the IPO is set at ₹92 to ₹97 per share, and the minimum lot size for an application is 148 shares.
Company Summary
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company.
The company’s projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks.
As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of Rs 19,199.17 million. As of June 30, 2025, they have 44 ongoing projects across 16 states, aggregating orders of Rs 51,202.07 million, of which the Order Book is Rs 24,424.39 million.
The company’s clients in the government sector include NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd., North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana Limited, and more.
Service Sectors
- Power Transmission and Distribution: Specializing in extra-high voltage (EHV) substations up to 400kV and comprehensive power distribution solutions.
- Water Infrastructure: Engaged in projects involving underground water distribution, surface water extraction, overhead tanks, and distribution networks.
- Railway Infrastructure: Providing services in railway infrastructure projects.
- Solar Energy: Expanding presence in solar EPC projects.
Company Strengths
- One of the fast-growing engineering, procurement, and construction (“EPC”) companies, with a timely execution of power transmission and distribution and water infrastructure sector.
- Diversified Order Book across business verticals and consistent financial performance
- Asset light model
- In-house technical and engineering capabilities, process control, and quality assurance
- Experienced promoters and a management team, having domain knowledge
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,354.68 | 959.79 | 712.47 |
| Revenue | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.3 | 79.71 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
| Amount in ₹ Crore | |||
Objectives of IPO
- Funding the working capital requirements of the Company.
- General corporate purposes.
Promoters of the Company
Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar are the company promoters.
IPO Details
| IPO Date | August 26, 2025 to August 29, 2025 |
| Listing Date | September 3, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹92 to ₹97 per share |
| Lot size | 148 shares |
| Total Issue size | 7,95,87,627 shares (aggregating upto ₹772.00 Cr ) |
| Fresh Issue | 7,43,29,896 shares (aggregating upto ₹721.00 Cr ) |
| Offer for Sale | 52,57,731 shares of ₹1 (aggregating upto ₹51.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 18,35,81,130 shares |
| Share Holding Post Issue | 25,79,11,026 shares |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 148 | ₹14,356.00 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628.00 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984.00 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564.00 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920.00 |
Allotment Schedule
| Basis of Allotment | Mon, 1 Sep, 2025 |
| Initiation of Refunds | Tue, 2 Sep, 2025 |
| Credit of Shares to Demat | Tue, 2 Sep, 2025 |
| Tentative Listing Date | Wed, 3 Sep, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
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