Vikran Engineering shares list at nearly 3% premium over IPO price

Shares of Mumbai-based infrastructure EPC company Vikran Engineering Ltd. debuted on Wednesday, September 3, with a muted listing performance.

The stock opened at ₹99.70 on the BSE, offering a slight premium of 3% over its issue price of ₹97, while it listed at ₹99 on the NSE.

While the issue attracted robust demand across all investor categories, the grey market premium (GMP) signaled only a modest listing gain of around 7%, ahead of its debut.

Shivani Nyati of Swastika Investmart recommended investors to hold their holdings with a stop-loss near ₹89 to safeguard against volatility, as execution of the strong order pipeline could drive medium-term upside.

The company operates as a leading EPC player in power transmission, water infrastructure, and railway electrification projects with an asset-light model and a strong execution track record. It enjoys robust growth visibility backed by a ₹2,442 crore order book, supported by government infrastructure spending, Nyati added.

The ₹772-crore initial public offering (IPO), which was open for subscription from August 26 to August 29, had a price band of ₹92 to 97.

The public offer was a mix of fresh issue of shares of around ₹721 crore and an offer-for-sale portion worth ₹51 crore by the promoter.

Proceeds from the fresh issue to the tune of ₹541 crore will be utilised for funding working capital requirements and the rest for general corporate purposes.

Vikran Engineering have already garnered ₹231.6 crore from anchor investors, including Bank of India Mutual Fund (MF), ITI MF, Samco MF, SBI General Insurance, IMAP India, Bengal Finance and Investment, VPK Global, and Societe Generale, among others.

Company overview

Vikran Engineering is one of the fast-growing Indian Engineering, Procurement & Construction (EPC) companies and provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

This IPO marks a significant milestone for Vikran Engineering, which secured the backing of The Wealth Company and seasoned investors, such as Ashish Kacholia and Mukul Aggarwal, through a pre-IPO placement round.

As of June 30, 2025, the company completed 45 projects across 14 states with a total executed contract value of ₹1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth ₹5,120 crore.

Vikran Engineering’s revenue from operations increased 16.53% to ₹916 crore in FY25 from ₹786 crore in the previous financial year, and profit after tax rose 4% to ₹78 crore in fiscal 2025 from ₹75 crore in FY24.