Vikran Engineering IPO Day Two: Check Subscription, GMP, Other Details

Vikran Engineering Ltd. launched its initial public offering on Aug. 26. The offering was subscribed 3.49 times as of 10:54 a.m. on Thursday.

The IPO was subscribed 2.38 times on its first day, on Tuesday, led by demand from non-institutional and retail investors.

The IPO consists of a fresh issue of up to Rs 721 crore and an offer-for-sale of Rs 51 crore.

The price band is set at Rs 92 to Rs 97 apiece. The minimum amount of investment required by a retail investor is Rs 13,616. Investors can bid for a minimum of 148 shares and in multiples thereof.

The tentative date of allotment of shares to IPO investors is Sept. 1. Vikran Engineering will list on the BSE and NSE on Sept. 3.

Pantomath Capital Advisors Pvt. Ltd. and Systematix Corporate Services Ltd. are managing the IPO.

Mumbai-based Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis. It has presence across multiple sectors, including power, water, and railway infrastructure. Notable clients include NTPC Ltd., Power Grid Corp., and Eastern Central Railway.