Vikran Engineering IPO

Vikran Engineering Limited IPO is an entirely book-built IPO, consisting of a fresh issue and an offer for sale of shares. The overall issue size is approximately ₹772 crore, which includes a new issue of roughly ₹721 crore and an OFS of around ₹51 crore from current shareholders. The IPO will commence on 26 August 2025 and conclude on 29 August 2025, with allotment scheduled for 1 September 2025 and an anticipated listing on BSE and NSE on 3 September 2025. The minimum lot size is 148 shares for retail; category allocation follows SEBI norms with not more than 50% to QIBs, at least 15% to NIIs and at least 35% to Retail. Book running lead managers for the IPO are Pantomath Capital Advisors and Systematix Corporate Services while Bigshare Services is the registrar.

Company Background

Vikran Engineering Limited (formerly known as Vikran Engineering & Exim Private Limited) was incorporated on June 4, 2008 and became a public company dated September 20, 2024 after a subsequent name change. Headquartered at 401, Odyssey IT Park, Wagle Estate, Thane (W), Maharashtra, the company functions as an EPC player in the fields of power transmission and distribution, water and railway infrastructure. It offers end-to-end solutions in design, conceptualization, supply, installation, testing & commissioning, serving government, PSU and private clients in India.

Operations & Product Range

Facility & Production

Vikran Engineering is more of an EPC solution provider rather than just a product manufacturer. It covers high-voltage substations, lines and distribution networks (including 33/11kV) from consumer-end metering and electrification projects such as Mumbai Metro and the Navi Mumbai airport. Carrying out design engineering, purchase, civil engineering work, erection, testing and commissioning up to the satisfaction of executing regulations, quality in compliance with the disciplinary EPC standards for the infrastructure. The operational excellence and cost effectiveness are identified by the firm as its two significant levers for delivering on time and to specification for public and private sector clients.

Brands & Market Presence

Vikran Engineering does not sell to consumer brands as being a B2B/B2G EPC player; its status is earned on the basis of prequalification, tendering and direct contracting relationships. The client set reported includes large state-owned and public sector enterprises like NTPC, Power Grid, TSTRANSCO, MPPTCL and State Water & Sanitation Missions, suggesting a significant footprint in government-led infrastructure initiatives across several states. The firm projects itself as a multi-disciplinary EPC player with an increasing footprint in power, water and railways.

Revenue Channels

• EPC contracts in transmission and distribution.
• EPC is involved in campaigns for the management of water and sanitation.
• Railway Electrification, including associated Railway Track Works.
• Supply, installation, testing and commissioning in awarded packages.
• Government/ PSU tenders and third-party inspections.

Management & Shareholding

Promoters & Shareholding

The promoters of Vikran Engineering IPO are Mr. Rakesh Ashok Markhedkar, Mr. Mukesh Wamanrao Nikhare and Mr. Nakul Markedhkar (as per DRHP). The IPO comprises OFS by promoter Rakesh Ashok Markhedkar of close to ₹51 crore and the fresh issue will be used mainly for working capital. Pre-issue promoter shareholding is 81.78%.

Board Members

Vikran Engineering’s board includes promoter-directors Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedhkar, supported by independent directors in line with Main Board norms.