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VIKRAN · NSE,BSE · Civil Construction
Vikran Engineering IPO listed on 03 Sep 2025 on NSE,BSE at ₹99.00, a gain of 2.06% over the issue price of ₹97.00. The IPO was subscribed 23.59x overall.
Vikran Engineering IPO tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates.
| Event | Date |
|---|---|
| IPO Open Date | 26 Aug 2025 |
| IPO Close Date | 29 Aug 2025 |
| Basis of Allotment | 01 Sep 2025 |
| Initiation of Refunds | 02 Sep 2025 |
| Credit of Shares to Demat | 02 Sep 2025 |
| Listing Date | 03 Sep 2025 |
Listing day gain
+2.06%
Listed at ₹99 (issue ₹97)
Issue
₹97
Listing
₹99
Current
₹95.71
-1.33% vs issue
Day range
₹93.26 – ₹101.77
Issue Size
79,587,627 shares
(aggregating up to ₹772.00 Cr)
Issue Price
₹92 – ₹97
Face Value
₹1/share
Market Lot
148 shares
Retail Min Investment
₹14,356
Listing At
NSE,BSE
Sale Type
both
Fresh Issue
74,329,896 shares
(aggregating up to ₹721 Cr)
Offer for Sale
5,257,731 shares
(aggregating up to ₹51 Cr)
Issue Type
book building
Open Date
26 Aug
Close Date
29 Aug
Allotment
01 Sep
Listing
03 Sep
Last updated: 1 year ago
| Date | IPO Issue Price (₹) | GMP (₹) | Est. Listing Price (₹) | Est. Profit Amount (₹) | Est. Profit % | Last Updated |
|---|---|---|---|---|---|---|
| 03 Sep 2025 Latest | ₹97 | ₹7 | ₹104 | ₹7 |
7.22%
|
12:00 AM |
| 02 Sep 2025 | ₹97 | ₹7 | ₹104 | ₹7 |
7.22%
|
12:00 AM |
Showing the 2 most recent GMP entries.
View full GMP historyLatest snapshot: 03 Sep 2025
| Category | Subscribed (x) |
|---|---|
| QIB | 19.45x |
| NII | 58.58x |
| bNII (bids above ₹10L) | 66.71x |
| sNII (bids below ₹10L) | 42.32x |
| Retail Investors | 10.97x |
| Total | 23.59x |
Showing the latest subscription snapshot.
View full subscription historyRakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedkar
New to lot sizes and investment limits? Read our guide on IPO lot size and minimum investment.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹186,628 |
| S-HNI (Min) | 14 | 2,072 | ₹200,984 |
| S-HNI (Max) | 69 | 10,212 | ₹990,564 |
| B-HNI (Min) | 70 | 10,360 | ₹1,004,920 |
Want to understand how IPO shares are divided between investor categories? Read our guide on IPO reservation structure.
| Category | Shares Offered |
|---|---|
| QIB Shares Offered | 39,793,812 (50.00%) |
|
•
Anchor Investor Shares Offered
|
23,876,287 (30.00%) |
|
•
QIB (Ex. Anchor) Shares Offered
|
15,917,525 (20.00%) |
| NII (HNI) Shares Offered | 11,938,145 (15.00%) |
|
•
bNII > ₹10L
|
7,958,764 (10.00%) |
|
•
sNII < ₹10L
|
3,979,381 (5.00%) |
| Retail Shares Offered | 27,855,670 (35.00%) |
| Total Shares Offered | 79,587,627 (100.00%) |
Vikran Engineering Limited was incorporated in June 2008 and is headquartered in Thane, Maharashtra. It works in the infrastructure sector as an engineering, procurement and construction (EPC) company.
The company provides end-to-end turnkey services, from conceptualisation, design and supply to installation, testing and commissioning, across power transmission and distribution (including extra-high voltage substations up to 400kV, since expanded to 765kV), water infrastructure, railway electrification and, more recently, solar EPC projects. As of June 2025, it operated across 22 states with 45 completed projects worth about Rs 1,920 crore and 44 ongoing projects valued at about Rs 5,120 crore, working with government, PSU and private-sector clients. The promoters are Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedkar.
Revenue grew at a CAGR of about 32% between FY23 and FY25 to reach Rs 916 crore in FY25 (as per audited figures cited alongside RHP-basis figures of Rs 1,354.7 crore), with profit growing at about a 35% CAGR over the same period and FY25 EBITDA of about Rs 160.2 crore, as per the RHP. The IPO was a mainboard book-built issue of about Rs 772 crore on the NSE and BSE, comprising a fresh issue of about Rs 721 crore and an offer for sale of about Rs 51 crore by promoter Rakesh Ashok Markhedkar, priced at Rs 92-97 per share, and it listed on 3 September 2025. Net proceeds from the fresh issue were earmarked mainly for funding working capital requirements, along with general corporate purposes.
Standalone · ₹ in Crores
| Particulars | FY Mar 2023 | FY Mar 2024 | FY Mar 2025 |
|---|---|---|---|
| Total Revenue | 529.18 | 791.44 | 922.36 |
| Profit After Tax (PAT) | 42.84 | 74.83 | 77.82 |
| EBITDA | 79.71 | 133.3 | 160.24 |
| Total Assets | 712.47 | 959.79 | 1,354.68 |
| Net Worth | 131.14 | 291.28 | 467.87 |
| Reserves & Surplus | 130.85 | 290.95 | 449.52 |
| Total Borrowing | 154.92 | 183.39 | 272.94 |
Revenue & Profit Trend
Key ratios per fiscal period
| Particulars | Mar 2025 |
|---|---|
| RoE Return on Equity Shows how much profit the company makes on the money shareholders have put in. 15% to 20% is healthy in most industries. | 16.63% |
| RoCE Return on Capital Employed Shows the profit earned on all the money used, shareholder funds plus loans. Matters most for factory and infrastructure heavy companies. | 23.34% |
| RoNW Return on Net Worth Shows the profit earned on the company's own net worth. Steady or rising over 3 years is a good sign. | 16.63% |
| PAT Margin Profit After Tax Margin Out of every ₹100 of sales, how much the company keeps after paying all costs, loan interest and tax. | 8.44% |
| EBITDA Margin Earnings Before Interest, Tax, Depreciation and Amortisation Margin Profit from the main business as a share of sales, before loan interest and tax. Compare it with other companies in the same industry. | 17.5% |
| Debt / Equity Debt to Equity How much the company has borrowed against what shareholders own. Above 1x means the loans are bigger than shareholder funds. | 0.58x |
| P/BV Price to Book Value Tells you if the IPO price is above what the company actually owns. 1x to 3x is usually seen as reasonable. | 3.81x |
Issue-level · at the upper price band
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS Earnings Per Share Profit the company earns on each share. Post-IPO EPS is usually lower because the issue adds new shares. | ₹4.24 | ₹3.02 |
| P/E Price to Earnings Tells you if the IPO price is fair for what the company earns. Compare it with listed companies in the same sector. | 22.88x | 32.15x |
| Market Cap Market Capitalisation What the whole company is valued at, at the upper price band. Post-IPO counts the new shares the issue creates. | ₹1,781 Cr | ₹2,468 Cr |
The basis of allotment for Vikran Engineering IPO was finalised on 01 Sep 2025. You can check your allotment status using your PAN number or application number on the Bigshare Services Private Limited portal or BSE.
The Vikran Engineering IPO is expected to open in Aug 2025, subject to SEBI approval. Final dates will be updated once announced officially.
The price band for Vikran Engineering IPO is ₹92.00 - ₹97.00 per share.
As per market sources, Vikran Engineering IPO GMP is currently ₹7.00. GMP is tracked daily in the grey market. GMP indicates unofficial demand but does not guarantee listing gains.
The subscription status for Vikran Engineering IPO stands at 23.59x overall.
The listing date for Vikran Engineering IPO is 03 Sep 2025.
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