Vikran Engineering IPO is a book-built issue of ₹772.00 crore, consisting of a fresh issue of 7.43 crore equity shares worth ₹721.00 crore and an offer for sale of 0.53 crore equity shares amounting to ₹51.00 crore. The subscription window was open from August 26, 2025, to August 29, 2025. The basis of allotment is scheduled to be finalised on September 1, 2025, and the listing is proposed on BSE and NSE on September 3, 2025.
The IPO was offered at a price band of ₹92-₹97 per share with a lot size of 148 shares. A retail investor needed a minimum of ₹14,356 for one lot at the upper price band. The public issue attracted strong demand and was subscribed 24.87 times overall. Non-institutional investors (NIIs) led the subscriptions with 61.77 times, followed by qualified institutional buyers (QIBs) at 20.51 times, while retail investors subscribed 11.56 times.
The ₹70.03 crore IPO, priced at ₹135–₹142 per share, included a fresh issue of 40.68 lakh shares worth ₹57.77 crore and an offer for sale of 6.16 lakh shares aggregating to ₹8.75 crore. The issue ran from August 22 to August 26, 2025. The allotment is to be finalised on August 28, 2025, with a tentative listing date of September 1, 2025. The IPO received an overall subscription of 2.89 times, with NIIs bidding 5.16 times and retail investors subscribing 2.65 times.
The table below breaks down the Vikran Engineering share allocation for different categories, highlighting the number of shares and their percentage of the total issue. However, the key focus remains on the quotas allocated to retail investors and HNIs, as they are the most relevant for individual investors.
| Investor Category | Shares Offered |
| QIB Shares Offered | 3,97,93,814 (50.00%) |
| − Anchor Investor Shares Offered | 2,38,76,287 (30.00%) |
| − QIB (Ex. Anchor) Shares Offered | 1,59,17,527 (20.00%) |
| NII (HNI) Shares Offered | 1,19,38,144 (15.00%) |
| − bNII > ₹10L | 79,58,763 (10.00%) |
| − sNII < ₹10L | 39,79,381 (5.00%) |
| Retail Shares Offered | 2,78,55,670 (35.00%) |
| Total Shares Offered | 7,95,87,628 (100.00%) |
Data Source: NSE
| Category | Subscription (times) |
| Non-Institutional Investors | 5.16 |
| Retail Individual Investors | 2.65 |
| Total | 2.89 |
Note: The subscription details are as of August 29, 2025
Vikran Engineering Limited, incorporated in 2008, operates as an Engineering, Procurement, and Construction (EPC) company with a diversified project portfolio. The company is involved in executing projects across sectors such as power transmission and distribution, water infrastructure, railway infrastructure, and solar energy. Its focus on multiple infrastructure verticals has helped it establish a pan-India presence and expand its client base.
In the power segment, the company has developed expertise in extra-high voltage substations up to 400kV, alongside providing comprehensive distribution solutions. Within the water infrastructure domain, it undertakes underground distribution networks, surface water extraction projects, and construction of overhead tanks. Vikran Engineering has also extended its services into railway infrastructure and renewable energy, particularly solar EPC, further strengthening its capabilities in the infrastructure space.
As of June 30, 2025, the company had successfully completed 45 projects across 14 states, with a total executed contract value of ₹19,199.17 million. It continues to expand with 44 ongoing projects across 16 states, holding an order book of ₹24,424.39 million. Key clients in the government sector include NTPC Limited, Power Grid Corporation of India Limited, and state distribution companies such as South Bihar and North Bihar Power Distribution Companies.
Vikran Engineering’s growth has been driven by an asset-light business model, in-house technical expertise, and experienced promoters with domain knowledge. With 761 permanent employees as of June 30, 2025, the company has built strong execution capabilities. Its consistent financial performance, diversified order book, and presence across multiple infrastructure verticals provide it with a competitive advantage in the Indian EPC sector.
Know more about IPO allotment status and check your application details online for the latest updates on share allocation.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Aug 29, 2025, 9:11 PM IST
Akshay Shivalkar
Akshay Shivalkar is a financial content specialist who strategises and creates SEO-optimised content on the stock market, mutual funds, and other investment products. With experience in fintech and mutual funds, he simplifies complex financial concepts to help investors make informed decisions through his writing.
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