Vikran Engineering IPO

Incorporated in 2008, Vikran Engineering Limited is an EPC company engaged in power transmission, water infrastructure, railway, and solar energy projects. The company undertakes underground water distribution, surface water extraction, overhead tanks, and distribution networks, while also specialising in extra-high voltage substations up to 400kV. By June 30, 2025, it had executed 45 projects across 14 states worth ₹19,199.17 million and maintained an order book of ₹24,424.39 million from 44 ongoing projects. Key government clients include NTPC, Power Grid, and state utilities.

Vikran Engineering Limited IPO Overview

Vikran Engineering Limited is coming up with a book-built IPO worth ₹772.00 crore, comprising a fresh issue of 7.43 crore shares amounting to ₹721.00 crore and an offer for sale of 0.53 crore shares valued at ₹51.00 crore. The issue will open for subscription on 26 August 2025 and close on 29 August 2025. The basis of allotment is likely to be finalised on 1 September 2025, with a tentative listing date set for 3 September 2025 on both BSE and NSE. The IPO price band has been fixed between ₹92 and ₹97 per share, with a lot size of 148 shares. Retail investors can participate with a minimum investment of ₹13,616, while small non-institutional investors (sNII) need to bid for at least 14 lots (2,072 shares) amounting to ₹2,00,984, and big non-institutional investors (bNII) must bid for 70 lots (10,360 shares) worth ₹10,04,920. Pantomath Capital Advisors Pvt. Ltd. is acting as the book-running lead manager for the issue, and Bigshare Services Pvt. Ltd. is the registrar.

Vikran Engineering Limited IPO Details

Particulars	Details
IPO Date	26 August 2025 to 29 August 2025
Listing Date	3 September 2025
Face Value	₹1 per share
Issue Price Band	₹92 to ₹97 per share
Lot Size	148 Shares
Total Issue Size	7,95,87,627 shares (aggregating up to ₹772.00 Cr)
Fresh Issue	7,43,29,896 shares (aggregating up to ₹721.00 Cr)
Offer for Sale	52,57,731 shares (aggregating up to ₹51.00 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	18,35,81,130 shares
Share Holding Post Issue	25,79,11,026 shares

Vikran Engineering Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Vikran Engineering Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	148	₹14,356
Retail (Max)	13	1,924	₹1,86,628
S-HNI (Min)	14	2,072	₹2,00,984
S-HNI (Max)	69	10,212	₹9,90,564
B-HNI (Min)	70	10,360	₹10,04,920

Vikran Engineering Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	81.78%
Post-Issue	[To be updated post equity dilution]

Vikran Engineering Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	Pre IPO: ₹4.24, Post IPO: ₹3.02
Price/Earnings (P/E) Ratio	Pre IPO: 22.88x, Post IPO: 32.15x
Return on Net Worth (RoNW)	16.63%
Net Asset Value (NAV)	₹25.49 per share
Return on Equity	16.63%
Return on Capital Employed (ROCE)	23.34%
EBITDA Margin	17.50%
PAT Margin	8.44%
Debt to Equity Ratio	0.58

Objectives of the Proceeds

• Funding working capital requirements of the company – ₹541.00 crore

• General corporate purposes – balance amount of proceeds

Key Financials (in ₹ crore)

Particulars	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
Reserves and Surplus	449.52	290.95	130.85
Total Borrowings	272.94	183.39	154.92