Vikran Engineering Limited made a lackluster debut on the stock exchanges today. The shares listed at Rs 99 on the NSE, just 2.06% higher than the IPO price of Rs 97, while on the BSE, the stock opened at Rs 99.70, up 2.78%.
Despite the weak listing, the IPO had received an overwhelming response from investors, being oversubscribed 24.87 times during its subscription period (August 26–29, 2025). The company successfully raised Rs 772 crore, including a fresh issue of Rs 721 crore and an offer for sale worth Rs 51 crore.
Strong subscription across investor categories
- Retail investors subscribed 11.56 times
- Non-institutional investors (NIIs) led with a massive 61.77 times subscription
- Qualified institutional buyers (QIBs) bid 20.51 times their allotted quota
Ahead of the IPO, Vikran Engineering raised Rs 231.60 crore from anchor investors on August 25, 2025.
Company profile
Founded in 2008, Vikran Engineering Limited is a leading EPC (Engineering, Procurement, and Construction) company with projects spanning power transmission, water infrastructure, railways, and solar energy. Its expertise includes underground water distribution, surface water extraction, overhead tanks, distribution networks, and extra-high voltage substations up to 400kV.
As of June 30, 2025, the company has completed 45 projects across 14 states worth Rs 19,199.17 million and is currently executing 44 projects with an order book of Rs 24,424.39 million. Key clients include NTPC, Power Grid Corporation of India, and several state utilities.
Financial performance
- Revenue (FY25): Rs 915.84 crore, up 16.52% from Rs 785.94 crore in FY24
- Net profit (FY25): Rs 77.81 crore, a 3.98% increase from Rs 74.83 crore in FY24
IPO details
- Issue price band: Rs 92 – Rs 97
- Listing price: Rs 99 (NSE), Rs 99.70 (BSE)
- Lot size: 1,200 shares
- Minimum investment (retail): Rs 13,616
- Lead manager: Pantomath Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
Market outlook
While the muted debut has slightly dampened investor sentiment, analysts note that the company’s steady financial growth, strong order book, and government-backed projects may provide long-term stability.
