However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Should you subscribe?Brokerage firm SBI Securities has maintained a ‘Neutral’ rating on the company and would like to monitor the performance of the company vis-à-vis its major peers post listing.
It said that the company follows an asset-light model, renting equipment as needed to reduce fixed costs and improve project efficiency. Among core peers (Kalpataru Projects International, KEC International and Transrail Lighting), the company has the highest profitability margins (EBITDA and PAT) as of FY25.
Considering its scalability, financial strength, and sectoral tailwinds, Anand Rathi has assigned a ‘Subscribe for Long term’ rating to the IPO.
They have a strong order book of over ₹2,000 crore (2x FY25 revenues), which gives them growth visibility for the next two years. Given the government’s focus on recycling the water and their push on power infrastructure, the company is well positioned to capitalise on future tenders, the brokerage said.
Vikran Engineering IPO: Anchor Book
Ahead of its issue launch, Vikran Engineering mobilised ₹231.6 crore from anchor investors.
This anchor portion witnessed participation from various investors, including Bank of India Mutual Fund (MF), ITI MF, Samco MF, SBI General Insurance, IMAP India, Bengal Finance and Investment, VPK Global, and Societe Generale, among others, as per a circular uploaded on the BSE website.
Vikran Engineering IPO: Price band
The Mumbai-based company has set a price band of ₹92 to 97 per share, where investors can bid for a minimum of 148 shares in one lot and in multiples thereof.
The IPO is a mix of fresh issue of shares of around ₹721 crore and an offer-for-sale portion worth ₹51 crore by the promoter.
Vikran Engineering IPO: OBJECTIVE
Proceeds from the fresh issue to the tune of ₹541 crore will be utilised for funding working capital requirements and the rest for general corporate purposes.
Company details
Vikran Engineering is one of the fast-growing Indian Engineering, Procurement & Construction (EPC) companies and provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.
This IPO marks a significant milestone for Vikran Engineering, which secured the backing of The Wealth Company and seasoned investors, such as Ashish Kacholia and Mukul Aggarwal, through a pre-IPO placement round.
As of June 30, 2025, the company completed 45 projects across 14 states with a total executed contract value of ₹1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth ₹5,120 crore.
Vikran Engineering’s revenue from operations increased 16.53% to ₹916 crore in FY25 from ₹786 crore in the previous financial year, and profit after tax rose 4% to ₹78 crore in fiscal 2025 from ₹75 crore in FY24.
Book running lead managers
Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers, while Bigshare Services is the registrar of the issue.
The allotment for the Vikran Engineering IPO is expected to be finalised on September 1, while the company’s share will be listed on the BSE and NSE on September 3.
