Vikran Engineering Limited IPO
Vikran Engineering Limited IPO
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Vikran Engineering Limited's successfully completed its Initial Public Offering and commenced trading on 03-09-2025 at the NSE, BSE exchange. The company raised 7,95,87,629 Shares through this public offering, comprising 7,43,29,897 Shares in fresh capital and ₹51.00 Cr through the Offer for Sale mechanism.
The IPO was priced within the band of ₹92 to ₹97, with minimum application lots of 148 shares. The offering attracted significant investor interest during its subscription period from 26-08-2025 to 29-08-2025.
Share allotment was finalized on 01-09-2025, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Vikran Engineering IPO About Company
Vikran Engineering Limited operates across multiple infrastructure sectors, with a strong focus on power transmission and distribution. The company handles extra-high voltage substations up to 400kV and transmission lines up to 765kV, along with rural electrification and network expansion projects. It is also active in water infrastructure, executing underground distribution, surface water extraction, treatment plants, and rainwater harvesting systems. In railways, the company undertakes electrification projects such as overhead electrification, traction substations, and related networks. Additionally, it is expanding in solar EPC, delivering turnkey PV projects, balance of system solutions, utility-scale solar farms, and rooftop installations. As of August 31, 2024, the company has completed 44 projects across 11 states with a total contract value of ₹18,958.14 million. It has 34 ongoing projects across 17 states worth ₹39,570.55 million, with an Order Book of ₹19,557.00 million. Major government clients include NTPC, Power Grid Corporation of India, South and North Bihar Power Distribution Companies, and Transmission Corporation of Telangana. With 195 sites and store locations nationwide, Vikran Engineering has built a strong pan-India presence. The company focuses on efficiency, cost control, and quality standards, ensuring timely project execution and safety under its “zero accident” policy. Its core values emphasize employee satisfaction, long-term customer relationships, and sustainability. Positioned as a key player in India’s infrastructure sector, it combines a diversified portfolio with a proven track record. The IPO proceeds will primarily fund working capital needs of ₹625.5 crores, representing 70% of the issue, with the balance allocated for general corporate purposes, capped at 25% of gross proceeds.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Vikran Engineering IPO Strength Factors
- Asset-Light Model: minimal fixed assets, efficient project management, lower capital needs, and better returns
- Diversified Order Book: presence in power, water, railways, and solar EPC reduces sector dependence
- Proven Timely Delivery: strong track record in completing complex EPC projects on schedule, driving client trust and repeat business
Vikran Engineering IPO Risk Factors
- Regulatory & Compliance Risk: Railway Board’s proposed two-year ban (July 2024) may hurt reputation, eligibility, and future contracts
- Execution Risk: delays in project completion could cause penalties, loss of trust, and fewer new contracts
- Working Capital Pressure: heavy reliance on receivables, assets, and inventories may strain liquidity, profitability, and cash flow
Vikran Engineering IPO Lead Manager(s)
- Systematix Corporate Services Limited
Vikran Engineering IPO Promoter(s)
- Rakesh Ashok Markhedkar
- Avinash Markhedkar
- Nakul Markhedkar
Vikran Engineering IPO FAQs
Vikran Engineering Limited IPO subscribed 24.91 times. The public issue subscribed 11.56 times in the retail category,20.51times in QIB, and 70.9 times in the HNI (10+) category byNovember 21, 2025 11:00:07 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Vikran Engineering IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Vikran Engineering IPO FAQs
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