Ace investors Ashish Kacholia and Mukul Agrawal-backed Vikran Engineering raised Rs 231.6 crore from 13 anchor investors on August 25, a day before the public issue opening.
The energy and water infrastructure solutions provider is set to open its Rs 772-crore initial public offering (IPO) for subscription on August 26 and close on August 29, with a price band of Rs 92-97 per share. The IPO comprises a fresh issue of Rs 721 crore worth of shares and an offer-for-sale of shares worth Rs 51 crore by promoter Rakesh Ashok Markhedkar.
"...has finalised allocation of 2,38,76,287 equity shares to anchor investors at Rs 97 per share," the company said in its filing to exchanges, adding that 87,63,228 equity shares were allocated to domestic mutual funds.
Bank of India Mutual Fund, ITI Mutual Fund, Nippon India, LC Pharos Multi Strategy Fund, SBI General Insurance Company, Samco Mutual Fund, 360 ONE, IMAP India, and Societe Generale were among the 13 investors who participated in the anchor book.
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Maharashtra-based Vikran Engineering provides all EPC services for the power transmission and distribution, underground water distribution and surface water extraction, overhead tanks, and distribution networks projects.
As of June 2025, it has successfully completed 45 projects with a contract value of Rs 1,920 crore, while there are 44 ongoing projects valued at Rs 5,120.2 crore including order book of Rs 2,442.4 crore. NTPC, Power Grid Corporation, Transmission Corporation of Telangana, Madhya Pradesh Power Transmission Company, Assam Power Distribution Company, and the Danapur division of the Eastern Central Railway are some of its clients.
The company will utilise Rs 541 crore of fresh issue proceeds for its working capital requirements, and the remainder funds for general corporate purposes.
Pantomath Capital Advisors, and Systematix Corporate Services are acting as the book running lead managers for the Vikran Engineering IPO.
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