Current Infraprojects IPO...
20 Aug, 2025
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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Vikran Engineering IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Vikran Engineering IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 26, 2025 to August 29, 2025 |
| Listing Date | - |
| Face Value | ₹1 per share |
| Issue Price Band | ₹92 to ₹97 per share |
| Lot Size | 148 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,95,87,627 shares (aggregating up to ₹772.00 Cr) |
| Fresh Issue | 7,43,29,896 shares (aggregating up to ₹721.00 Cr) |
| Offer for Sale | 52,57,731 shares of ₹1 (aggregating up to ₹51.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,35,81,130 shares |
| Share Holding Post Issue | 25,79,11,026 shares |
Vikran Engineering IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Aug 26, 2025 |
| IPO Close Date | Fri, Aug 29, 2025 |
| Tentative Allotment | Mon, Sep 1, 2025 |
| Initiation of Refunds | Tue, Sep 2, 2025 |
| Credit of Shares to Demat | Tue, Sep 2, 2025 |
| Tentative Listing Date | Wed, Sep 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
Vikran Engineering IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Vikran Engineering IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 81.78% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● Well-diversified EPC portfolio, covering power, water and railway infrastructure, having end-to-end capabilities.
- ● Strong execution in Government and PSU clients like NTPC and Power Grid, enabling qualification and order visibility.
- ● Turnkey expertise from design to commissioning, enabling control over timelines and quality.
- ● Main Board listing with reputed BRLMs and a defined growth capital plan for scale-up.
- ● Multi-state presence with experience in transmission lines, substations and distribution systems.
Vikran Engineering IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,354.68 | 922.36 | 77.82 | 467.87 | 272.94 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 960 | 791 | 75 | 291 | 183.39 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 712.47 | 529.18 | 42.84 | 131.14 | 154.92 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.63% |
| ROCE | 23.34% |
| Debt/Equity | 0.58 |
| RoNW | 16.63% |
| PAT Margin | 8.44% |
| EBITDA Margin | 17.50% |
| Price to Book Value | 3.81 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.24 | 3 |
| P/E (x) | 22.88 | 32 |
Objectives of Vikran Engineering IPO
- Provide working capital to finance implementation and expansion.
- General corporate purposes.
- Achieve listing benefits, including improved governance and visibility.
Conclusion
Vikran Engineering comes with a multiple-sector EPC model with domain strength in power T&D, water & rail projects and a relationship with large public sector clients. The offer pattern combines a large fresh issue for working capital needs and a small promoter OFS and also a Main Board listing on BSE/NSE
RHP:
DRHP:
Read more :
Frequently asked Questions (FAQs )
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What is the business of Vikran Engineering IPO?
Vikran is an EPC player providing integrated solutions, with capabilities ranging from servicing the process of design, engineering, construction and commissioning in power transmission and distribution, water management and in railway construction.
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What are the IPO dates and the price band?
The issue will open on 26 August 2025 and close on 29 August 2025; the price band for the issue is ₹92 to ₹97 per share, with the anchor book on 25 August 2025.
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How big is the Vikran Engineering I.P.O. and what is its structure?
Total size of the IPO is around ₹772 crore, which includes a fresh issue of around ₹721 crore and an offer for sale (OFS) of around ₹51 crore by an existing promoter shareholder.
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Where will the shares list and what’s the lot size?
The proposed listing is on BSE and NSE; the minimum lot for retail is 148 shares.
