Vikran Engineering Shares Make Lacklustre Debut After Rs 772-Crore IPO

Shares of Vikran Engineering Ltd. made a lacklustre debut on the stock market on Wednesday. The scrip opened at Rs 99 on the NSE and Rs 99.70 on the BSE. The IPO issue price was Rs 97.

The Vikran Engineering IPO was a book-building issue of Rs 772 crore. It comprised a fresh issue of 7.43 crore shares, amounting to Rs 721 crore, and an offer-for-sale (OFS) of 53 lakh shares, worth Rs 51 crore.

On the final day of subscription, the IPO was booked 23.59 times. The bidding was open from Aug. 26 to Aug. 29.

Retail investors subscribed their category 10.97 times, while Non-Institutional Investors (NIIs) booked the issue 58.58 times. The Qualified Institutional Buyers (QIBs) booked their quota 19.45 times.

Ahead of the Vikran Engineering IPO listing, the grey market premium (GMP) for the Mumbai-based company indicated a listing gain of less than 7% at Rs 104.

Vikran Engineering, incorporated in 2008, is an Engineering, Procurement and Construction (EPC) company. It’s primarily engaged in power transmission and distribution (T&D) and water infrastructure projects.

The company has proposed to utilise proceeds from the IPO to fund working capital requirements and for general corporate purposes.