The Indian primary market continues to remain buzzing with activity in 2025, with investors keenly watching every new IPO that hits Dalal Street. The latest entrant, Vikran Engineering Ltd, has quickly grabbed attention thanks to its robust business model in the infrastructure & EPC sector, strong anchor investor participation, and early oversubscription.
This report provides a complete breakdown of Vikran Engineering IPO details – including price band, subscription updates, grey market premium (GMP), financial strengths, risks, and what retail investors should expect on listing day.
IPO Snapshot
- Company Name: Vikran Engineering Ltd
- Industry: Engineering, Procurement, and Construction (EPC)
- Issue Size: ₹772 crore
- Fresh Issue: ₹721 crore
- Offer for Sale (OFS): ₹51 crore
- Price Band: ₹92 – ₹97 per share
- Lot Size: 148 shares
- Minimum Investment (Retail): ~₹14,356 (at upper band)
- Issue Dates: Opens 26th August 2025, Closes 29th August 2025
- Tentative Listing: 3rd September 2025
- Exchanges: NSE & BSE
The IPO is a mix of fresh equity issuance and OFS, ensuring both expansion capital for the company and partial exit for existing shareholders.
Objects of the Issue
The company plans to utilize IPO proceeds as follows:
- Working Capital Requirements: EPC contracts are capital-intensive, and funds will help smoothen execution.
- Business Expansion: Strengthening presence in infrastructure projects across power, water supply, and metro/rail.
- General Corporate Purposes: Enhancing operational efficiency, investing in technology, and reducing debt.
This clarity in fund utilization builds investor confidence, as proceeds are aligned with long-term growth.
Anchor Investors Boost Confidence
On 25th August 2025, Vikran Engineering successfully raised ₹231.6 crore from anchor investors at ₹97 per share.
Participation came from a mix of domestic mutual funds and foreign institutional investors, signaling strong institutional belief in the company’s fundamentals.
For retail investors, strong anchor participation is often seen as a green signal.
Company Strengths
- Strong Order Book – Diversified across sectors like power, water management, and metro projects.
- Asset-Light Model – EPC execution strategy ensures scalability without high fixed costs.
- Government Push – Infrastructure sector is a priority, with large allocations in Budget 2025.
- Anchor Support – Presence of marquee institutional investors enhances credibility.
- Sectoral Growth – Rising demand for urban infrastructure and smart cities provides strong growth runway.
Key Risks
- Working Capital Intensive – EPC contracts require heavy upfront working capital.
- Execution Delays – Delays in government clearances or land acquisition can affect margins.
- Competitive Pressure – The EPC space is highly competitive, leading to thin margins.
- Dependence on Govt. Projects – Overdependence on public projects could be risky if budgetary allocations slow down.
Market Sentiment & Analyst View
Market analysts believe Vikran Engineering IPO is a “Subscribe” for both listing gains and long-term growth, citing:
- Healthy oversubscription trends
- Reasonable valuations compared to peers in the EPC/infrastructure sector
- Positive demand in grey market
Short-term investors may eye listing gains, while long-term investors could benefit from government-led infrastructure spending.
Tentative IPO Timeline
- IPO Opens: 26th August 2025
- IPO Closes: 29th August 2025
- Basis of Allotment: 1st September 2025
- Refunds & Demat Credit: 2nd September 2025
- Listing Date: 3rd September 2025
How Retail Investors Can Apply
- Use broker apps like Zerodha, Upstox, AngelOne, or through ASBA via net-banking.
- Select bid at Cut-off Price to maximize allotment chances.
- Ensure UPI mandate approval before deadline.
- Apply in correct lot multiples of 148 shares.
Final Verdict: Should You Apply?
- For Short-Term (Listing Gains): Positive GMP, early oversubscription, and anchor demand indicate possible 15–20% listing gains.
- For Long-Term Investors: A well-diversified order book and government’s infra push make it a growth story.
- Risk Factor: Working capital intensity and competition are worth considering.
Our View: “Subscribe with Caution” – good for listing gains, and suitable for long-term investors comfortable with EPC-sector risks.
Subscription
| Investor | 26 Aug 2025 | 28Aug 2025 | 29Aug 2025 |
|---|---|---|---|
| Anchor | 1 | ||
| QIB | 0.43 | ||
| Non-Institutional | 5.43 | ||
| BNII | 5.76 | ||
| SNII | 4.78 | ||
| Retail | 2.44 | ||
| Total | 2.51 |
GMP Trend:
| Date | GMP |
|---|---|
| 26 Aug 2025 | ₹18(18.56%) |
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.
How to Check IPO Allotment Status:
Bigshare Services
To check IPO allotment status, follow the steps below:
- Click on the below allotment status check button.
- Select Company Name.
- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
NSE Website
To check IPO allotment status, follow the steps below:
- Click on the below allotment status check button.
- Select Company Name.
- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
BSE Webiste
To check IPO allotment status, follow the steps below:
- Click on the below allotment status check button.
- Select Company Name.
- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
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- Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy/sell any stock or share. Investing in the stock market involves risk. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
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- ⚠️ IPO (Initial Public Offerings)
- IPO details, issue size, subscription data, and allotment status shared here are based on publicly available information from company filings, stock exchanges, and merchant bankers.
- Investing in IPOs carries risks including listing volatility, business uncertainties, and sector performance dependency.
- Neither acceptance of applications nor allotment guarantees profits. Investors should evaluate their risk appetite before subscribing.
- ⚠️ GMP (Grey Market Premium)
- Grey Market Premium (GMP) is an unofficial and unregulated indicator of expected IPO listing price.
- GMP data is collected from market observers and informal trading circles; it does not have any legal or SEBI recognition.
- GMP values are highly speculative and may differ significantly from actual listing prices. Investors should not rely solely on GMP while taking investment decisions.
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by Mirae Asset (m,Stock)
