Vikran Engineering IPO gets subscribed nearly 24 times on Day 3 of offer

Vikran Engineering IPO see robust subscription on August 29.

Vikran Engineering IPO received nearly 24 times subscription on the final day of share sale on Friday. The initial public offer of infrastructure company Vikran Engineering Ltd got bids for 138 crore shares against 5.87 crore shares on offer, as per NSE data.

The category for non-institutional investors garnered 58.58 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 10.97 times. Qualified Institutional Buyers (QIBs) part received 19.45 times subscription. Earlier, it mobilised Rs 231.6 crore from anchor investors.

Vikran Engineering IPO GMP Today News

According to websites tracking the grey market activities, the shares of Vikran Engineering are commanding a GMP of 12 percent for the shares of the company. Investorgain quoted a GMP of Rs 6 for the shares of the company, indicating a listing gain of 6.19 percent.

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The Rs 772-crore initial public offering (IPO) had fixed price band at Rs 92-97 per share.

The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes. It provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

Vikran Engineering shares will be listed on the stock exchanges on September 3, while the allotment is expected by September 1.

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