The Vikran Engineering IPO commenced on August 26 and will conclude today, August 29. Despite fluctuations in the market, there has been significant interest from investors. By the second day, the IPO was subscribed 5.24 times, with retail investors subscribing 5.23 times, NII investors at 11.03 times, and QIBs at 91%. On the first day, the subscription was 2.38 times, with retail at 2.32 times, NII at 5.15 times, and QIBs at 41%. The IPO details are as follows: Dates: August 26 to 29, Price: ₹92 to ₹97 per share, Size: ₹772 crore (₹721 crore fresh issue and ₹51 crore promoter shares), and a Grey Market Premium of +₹12.
The funds raised will be utilized for ₹541 crore in working capital, with the remainder allocated for company expenses. Vikran Engineering is based in Mumbai and provides design, construction, and testing services for infrastructure projects.