Vikran Engineering IPO is a book-built issue worth ₹772.00 crore, comprising a fresh issue of 7.43 crore equity shares totaling ₹721.00 crore and an offer for sale of 0.53 crore equity shares amounting to ₹51.00 crore.
The IPO subscription will open on August 26, 2025, and close on August 29, 2025. The basis of allotment is likely to be finalized on September 1, 2025, while the shares are expected to list on BSE and NSE with a tentative listing date of September 3, 2025.
The price band has been fixed at ₹92 to ₹97 per share with a lot size of 148 shares. For retail investors, the minimum investment required is ₹13,616 (148 shares). For non-institutional investors, the requirement is 14 lots (2,072 shares) worth ₹2,00,984 for sNII, and 70 lots (10,360 shares) worth ₹10,04,920 for bNII.
Vikran Engineering IPO Details
| General | Detail |
|---|---|
| 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 Date
The Vikran Engineering IPO will open for subscription on August 26, 2025, and will close on August 29, 2025.
| IPO Timeline | Date |
|---|---|
| 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
Investors can place bids for a minimum of 148 equity shares and in multiples thereof. The table below highlights the minimum and maximum investment limits for different investor categories, including Retail Individual Investors (RII) and High Net-worth Individuals (HNI), both in terms of the number of shares and the corresponding investment amount.
| 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
The promoters of Vikran Engineering are Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar, who collectively hold the majority stake and play a key role in the company’s management and strategic decisions.
| Share Holding Pre Issue | 81.78% |
| Share Holding Post Issue |
Note: The promoter and shareholder values will be derived based on Equity Dilution, which is calculated as:Equity Dilution = Shareholding (Pre-Issue) – Shareholding (Post-Issue)
Vikran Engineering IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
About Vikran Engineering IPO
Vikran Engineering is a well-established EPC (Engineering, Procurement & Construction) company engaged in power transmission & distribution, water infrastructure, and selected rail and civil works. Established in 2008, the company specializes in turnkey substations and T&D projects, offering complete solutions from conceptual design to supply, installation, testing, and commissioning. With capabilities in handling projects up to 400–765 kV substations, the company has delivered projects across India under government schemes and utility contracts. The upcoming Vikran Engineering IPO aims to strengthen its financial base and expand project capacity.
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Since inception, the company has grown from a regional contractor to a turnkey EPC partner recognized for delivering complex projects in challenging terrains. It has executed technically intensive work in high-voltage substations and last-mile distribution networks. Over the years, governance and financial reporting standards have also evolved, aligning with its public market aspirations. The launch of the Vikran Engineering IPO marks a significant milestone in its corporate journey.
Vikran Engineering currently operates across multiple infrastructure segments including power, water, and rail EPC works. With India’s growing focus on utility expansion and grid modernization, the company plans to leverage the proceeds from the Vikran Engineering IPO to strengthen its balance sheet, improve working capital, and bid for larger-scale projects.
The company is promoted by Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar, who play a key role in the company’s management and decision-making. Under their leadership, the Vikran Engineering IPO has been structured with a fresh issue and an offer for sale, ensuring both growth capital and partial promoter stake dilution.
Looking forward, Vikran Engineering plans to use IPO proceeds to fund working capital requirements, meet general corporate purposes, and improve its project execution capacity. With government investment in power transmission, water projects, and infrastructure, the Vikran Engineering IPO offers investors an opportunity to participate in India’s long-term infrastructure growth story.
Company Products
- High-Voltage Substations (AIS/EHV) – Engineering and commissioning up to 765 kV.
- Transmission & Distribution EPC – Power lines, transformers, bays, and last-mile connectivity.
- Water Infrastructure Projects – Pumping stations, pipelines, and related systems.
- Rail & Civil Projects – Selected EPC contracts aligned with its core engineering expertise.
Company Strengths
- Integrated EPC expertise with end-to-end solutions in design, supply, installation, testing, and commissioning.
- Proven execution capabilities in difficult terrains and remote areas, ensuring timely project completion.
- Strong order book driven by government and utility contracts, providing long-term revenue visibility.
- Plans to utilize Vikran Engineering IPO proceeds for working capital, enabling scalable operations.
- Promoter-led management with deep sector experience and a track record of project delivery.
Competitors of Anlon Healthcare Ltd.
- Kalpataru Projects International (KPIL) – Strong presence in power and infrastructure EPC.
- KEC International – Global EPC leader in transmission and distribution.
- Sterlite Power Solutions – Specialized in grid solutions and large-scale T&D projects.
- Techno Electric & Engineering – Focused on high-voltage substations and power EPC.
- Transrail Lighting – EPC player in T&D and railway electrification.
Company Financials
Vikran Engineering Ltd. Financial Information
Vikran Engineering Ltd. reported a 17% growth in revenue and a 4% rise in profit after tax (PAT) between the financial year ended March 31, 2024, and March 31, 2025.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,354.68 | 959.79 | 712.47 |
| Total Income | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.30 | 79.71 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
The market capitalization of Vikran Engineering IPO is estimated at ₹2,501.74 crore, based on the upper end of the price band.
| 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 | 3.02 |
| P/E (x) | 22.88 | 32.15 |
- Note:
- The Pre-IPO EPS is calculated using the pre-issue shareholding as disclosed in the RHP and the latest financial year earnings up to March 31, 2025.
- The Post-Issue EPS is derived from the post-issue shareholding and the annualized FY 2025 earnings, as reported in the RHP.
Objects of the Issue
The Company, through the Vikran Engineering IPO, proposes to utilize the Net Proceeds from the issue for the following purposes:
- Funding working capital requirements to support ongoing and future projects
- General corporate purposes to strengthen overall business operations
- Enhancing project execution capacity and improving financial flexibility
Vikran Engineering IPO Contact Details
Vikran Engineering Ltd Contact Details
- Vikran Engineering Ltd.
401, Odyssey I.T. Park,
Road No. 9, Wagle Industrial Estate
Thane (W), Maharashtra
Thane, Maharashtra, 400604 - Phone: +91-22-62638263
- Email: companysecretary@vikrangroup.com
- Website: https://www.vikrangroup.com/
Vikran Engineering IPO Registrar
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
- Website: https://ipo.bigshareonline.com/IPO_Status.html
- Total issue size: ₹772.00 crore
- Fresh issue: ₹721.00 crore (7.43 crore shares)
- Offer for Sale (OFS): ₹51.00 crore (0.53 crore shares)
- Opening Date: August 26, 2025
- Closing Date: August 29, 2025
- Price band: ₹92 to ₹97 per share
- Lot size: 148 shares
- Minimum investment (Retail): ₹13,616
- Minimum investment (sNII): ₹2,00,984 for 14 lots (2,072 shares)
- Minimum investment (bNII): ₹10,04,920 for 70 lots (10,360 shares)
- Allotment Date: September 1, 2025 (Tentative)
- Refunds Initiation: September 2, 2025
- Credit to Demat: September 2, 2025
- Listing Date: September 3, 2025 (Tentative)
- Exchanges: BSE and NSE
- Revenue growth: 17% increase (FY24–FY25)
- PAT growth: 4% rise (FY24–FY25)
- Market Capitalization post IPO: ₹2,501.74 crore
- Rakesh Ashok Markhedkar
- Avinash Markhedkar
- Nakul Markhedkar
- Funding working capital requirements
- General corporate purposes
- Strengthening project execution capacity