Vikran Engineering IPO, Upcoming IPO: Vikran Engineering Limited (VEL), an engineering, procurement, and construction (EPC) firm, is set to launch its initial public offering (IPO) on Tuesday, August 26, 2025, with the subscription window closing on Friday, August 29, 2025.
The company has fixed a price band of Rs 92 to Rs 97 per equity share of face value Rs 1 each. Investors can bid for a minimum of 148 equity shares and in multiples thereafter.
Vikran Engineering IPO: Issue size, structure
The IPO comprises a fresh issue of shares worth Rs 721 crore and an offer for sale (OFS) of Rs 51 crore by promoter Rakesh Ashok Markhedkar, taking the total issue size to Rs 772 crore.
Proceeds from the fresh issue will be used primarily as follows:
Working capital requirements amounting to Rs 541 crore and general corporate purposes
What does the company do?
According to a CRISIL report, Vikran Engineering has outpaced industry averages in revenue growth between FY23–25.
The company operates across energy, water, railways, and solar EPC segments, offering turnkey services including design, supply, installation, testing, and commissioning.
IPO allocation structure
The offer is being made through the book-building process, with:
Up to 50 per cent reserved for qualified institutional buyers (QIBs)
15 per cent for non-institutional investors (NIIs)
35 per cent for retail individual investors (RIIs)
Who are BRLMs, registrar
The IPO is being managed by Pantomath Capital Advisors and Systematix Corporate Services, while Bigshare Services Private acting as the registrar.
Vikran Engineering’s financial performance
Revenue from operations grew 16.53 per cent, from Rs 785.95 crore in FY24 to Rs 915.85 crore in FY25. Net profit rose 3.99 per cent, from Rs 74.83 crore in FY24 to Rs 77.82 crore in FY25.
Vikran Engineering order book
As of June 30, 2025, the company has successfully executed 45 projects across 14 states, worth Rs 1,919.92 crore and 44 ongoing projects across 16 states, with a total order book of Rs 5,120.21 crore, including confirmed orders of Rs 2,442.44 crore.
Vikran Engineering’s clients
Vikran Engineering’s clientele includes marquee government entities such as NTPC, Power Grid, South and North Bihar Power Distribution Companies, Transmission Corporation of Telangana, Madhya Pradesh Power Transmission Company, and the State Water and Sanitation Mission. It is also engaged in projects for Assam Power Distribution Company and the Eastern Central Railway (Danapur Division).
