Vikran Engineering Shares To List Today; GMP Signals Muted Stock Market Debut
Vikran Engineering IPO - Ahead of listing, the unlisted shares of the company were trading with around 7% GMP over the IPO price.
Shares of Vikran Engineering Ltd. are scheduled to be listed on the BSE and NSE on Wednesday, September 3. Ahead of the Vikran Engineering IPO listing date, the grey market premium (GMP) for the Mumbai-based company indicates a muted listing gain of less than 7%.
The share allotment status for the mainboard IPO was finalised on Monday. On the final day of subscription, the IPO was booked 23.59 times. The Rs 772-crore IPO of Vikran Engineering Ltd. was open from August 26 to August 29.
Vikran Engineering IPO GMP Today
Ahead of the listing, the unlisted shares of Vikran Engineering were trading at Rs 104 apiece as of 7:30 a.m. on September 3. This indicates a reduced GMP of Rs 7. At the current GMP rate, investors can expected a moderate gain of 7.22% on the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
Vikran Engineering IPO: Use Of IPO Proceeds
The company has proposed to utilise proceeds from the IPO to fund working capital requirements and for general corporate purposes.
About Vikran Engineering IPO
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. The price band for the IPO was set between Rs 92 and Rs 97 per share.
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.
Pantomath Capital Advisors Ltd. is the book-running lead manager and Bigshare Services Ltd. is the registrar of the issue.
Vikran Engineering Ltd., 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.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
