Vikran Engineering IPO Sees Stellar Closing, Subscribed 24.87 Times

New Delhi, August 29 (Updated at 17:00 IST) — Vikran Engineering Ltd’s ₹772-crore IPO closed on Friday with an extremely positive response from investors of all types, subscribing to the issue 23.59 times overall, with significant demand from both non-institutional investors (NIIs) and qualified institutional buyers (QIBs).

According to data released by the exchange, the issue received bids for 138.57 crore shares against a size of 5.87 crore shares, showcasing one of the highest investors’ turnouts to recent SME and mid-sized IPOs

Final Subscription Status (as on August 29, 2025, at 5:05 pm)

The IPO experienced strong demand from a diverse range of investors. The full subscription of anchor investors was 2.39 crore shares, with an investment of ₹231.6 crore. QIBs (not including anchors, oversubscribed by 20.51 times with 32.64 crore shares outstanding and being bid) and non-institutional bidders oversubscribed by 61.77 times, including 70.34 times and 44.62 times of bNII and sNII, respectively, with ₹7,152.41 crore. The retail investor had subscribed 11.56 times, having bids on 32.19 crore shares. It was subscribed 24.87 times, with a total number of bids at ₹138.76 crore (or ₹1,384,190,000).

Key Highlights

The Non-Institutional Investor (NII) category contributed the most to the proceeds, closing at a substantial oversubscription of 61.77 times. The large High Net-Worth Individuals (HNIs) category was also 70.34 times oversubscribed, and the evidence of that level of subscription interest from wealthy investors was staggering.

Retail investors also showed interest in this space, bidding for over 32.19 crore shares, which resulted in the stock closing at an oversubscription of 11.56 times. This is a good sign, as it still indicates a reasonable degree of confidence among small investors in the company.

Qualified Institutional Buyers (QIBs) were also incredibly robust at 20.51 times, with both Foreign Institutional Investors (FIIs) and domestic institutions participating very strongly. So, Vikran Engineering’s IPO closed with extreme oversubscription across all its categories and will be considered a blockbuster IPO.

IPO Details

The IPO is priced between ₹92 and ₹97 per share, with a full issue size of ₹772 crore, comprising a fresh issue size of ₹721 crore and an offer for sale (OFS) size of ₹51 crore.

The anchor investors in the issue include Bank of India MF, ITI MF, Samco MF, SBI General Insurance, IMAP India, Bengal Finance and Investment, VPK Global, Societe Generale, among others. The shares will be listed on both the BSE and NSE. The lead managers are Pantomath Capital Advisors and Systematix Corporate Services, and the registrar is Bigshare Services Pvt Ltd.

Vikran Engineering – An EPC Solutions Provider on the Growth Trajectory

Vikran Engineering, based in Mumbai, India, is a growing engineering, procurement, and construction (EPC) solutions provider specialising in developing comprehensive, end-to-end solutions across the design, supply, installation, testing, and commissioning phases.  By June 30, 2025, this young company will have performed 45 projects valued at ₹1,920 crore across 14 states. The company has an order book of ₹5,120 crore across 16 states with 44 active projects. In FY25, Vikran recorded ₹916 crore in revenue, a year-on-year growth of 16.5%, and net profit of ₹78 crore.

Outlook

With the issue subscribed approximately 24 times, Vikran Engineering’s IPO has finished with very robust momentum across the board. Now, market attention turns to the allotment date and how the stock will perform on listing, all of which have gone exceedingly well, as expectations remain high following an unprecedented response.

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