Vikran Engineering IPO subscribed over 4 times so far on day 2: Check price band, lot size, objectives and more

Vikran Engineering IPO day 2: Infrastructure EPC player Vikran Engineering's initial public offering has received a good response from investors.

The ₹772 crore initial share sale comprises a fresh issuance of 7.43 crore shares valued at ₹721 crore as well as an offer for sale of ₹51 crore. It has set a price band of ₹92 to ₹97 per share, and a lot consists of 148 shares.

The Mumbai-based company plans to use the IPO proceeds for funding working capital needs and general corporate purposes.

Vikran Engineering IPO day 2: Subscription details

The issue garnered 4.07 times subscription, with bids for 23,90,01,204 shares compared to 5,87,39,128 shares on offer, as per the data available on the NSE website until 12:56 pm on Thursday.

The non-institutional investors' part fetched 8.44 times subscription, while the portion for retail individual investors was booked 4.16 times. The qualified institutional buyers' quota attracted 63% subscription.

Prior to the IPO, the company mobilised ₹231.6 crore in the anchor round from investors, including Bank of India Mutual Fund (MF), ITI MF, Samco MF, SBI General Insurance, Bengal Finance and Investment, IMAP India, Societe Generale and VPK Global, among others.

Vikran Engineering IPO timeline: Allotment and listing dates

Vikran Engineering offers end-to-end services from conceptualisation, design, installation, testing, and commissioning on a turnkey basis.

Pantomath Capital Advisors and Systematix Corporate Services were the issue's book-running lead managers, while Bigshare Services is the registrar.

Vikran Engineering IPO latest GMP

According to media reports and investorgain.com, the unlisted shares of Vikran Engineering are trading at ₹110 per share, reflecting a grey market premium of 13.40% over the upper price band of ₹97.