Vikran Engineering IPO gets subscribed 5.24 times on 2nd day of offer

Vikran Engineering IPO: A Red-Hot Second Day!

Vikran Engineering Ltd.'s initial public offering (IPO) is proving incredibly popular, closing its second day with a staggering 5.24 times oversubscription! This translates to a massive 30,76,74,240 shares bid for, significantly exceeding the 5,87,39,128 shares on offer, according to NSE data.

The excitement surrounding the IPO is palpable, especially considering Wednesday's market closure for Ganesh Chaturthi. The strong demand continues a trend set by Monday's successful anchor investor round, which raised a substantial Rs 231.6 crore.

Investor Appetite: A Closer Look

• Non-Institutional Investors: Showed incredible enthusiasm, with an 11.03 times oversubscription!
• Retail Individual Investors (RIIs): Demonstrated strong confidence, achieving a 5.23 times subscription rate.
• Qualified Institutional Buyers (QIBs): Also participated significantly, reaching a 91% subscription rate.

The Rs 772-crore IPO, which concludes Friday, offers shares at a price band of Rs 92-97 per share. This offering is a blend of fresh shares (approximately Rs 721 crore) intended to fund working capital and general corporate purposes, and an offer-for-sale portion (Rs 51 crore) by the promoter.

Vikran Engineering, a Mumbai-based company, provides comprehensive turnkey services for infrastructure projects, encompassing conceptualization, design, supply, installation, testing, and commissioning.

Pantomath Capital Advisors and Systematix Corporate Services serve as book-running lead managers, while Bigshare Services acts as the registrar. The company's shares will be listed on both the BSE and NSE.

With such strong early interest, Vikran Engineering's IPO is shaping up to be one of the most successful offerings of the year. The question remains: will the momentum continue through Friday?