Vikran Engineering IPO Fully Subscribed On Day 1 — Check GMP, Price Band, Other Details

Vikran Engineering Ltd. launched its initial public offering on Aug. 26. The IPO so far was fully subscribed on its first day 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 issue will open on Aug. 26 and conclude on Aug. 29.

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.

• Open date: Aug. 26

• Close date: Aug. 29

• Allotment date: Sept. 1

• Listing date: Sept. 3

• IPO size: Rs 772 crore

• Fresh issue: 7.43 crore shares aggregating to Rs 721 crore.

• OFS: 0.53 crore shares aggregating to Rs 51 crore.

• Minimum bid: Lot size of 148 shares

Vikran Engineering IPO was subscribed 1.10 times as of 12:42 p.m. on Tuesday.

• Qualified Institutions: 0.19 time or 19%.

• Non-Institutional Buyers: 2.07 times

• Retail Investors: 1.20 times

The grey market premium of Vikran Engineering was at Rs 19 as of 12:34 p.m. on InvestorGain. The GMP price indicated 19.59% listing gain as indicated by the implied listing price of Rs 116.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.