Vikran Engineering files DRHP to raise ₹1,000 crore from IPO

2 Oct 2024 , 09:16 AM

Vikran Engineering Ltd, a Mumbai-based Engineering, Procurement and Construction company has recently filed its DRHP with SEBI to raise funds through IPO route. The company aims to raise upto ₹1,000 crore from the IPO.

According to draft papers filed by the company, the issue comprises fresh issue of equity shares worth ₹900 crore and an offer-for-sale (OFS) of ₹100 crore, primarily from promoter Rakesh Ashok Markhedkar.

The company aims to use the net proceeds from the IPO towards funding working capital requirements and other general corporate purposes.

Vikran Engineering Ltd. offers comprehensive turnkey services, covering everything from conceptualization and design to supply, installation, testing, and commissioning. The company operates on an asset-light model, enabling it to handle more orders with minimal investment in fixed assets.

The firm has a diverse presence across sectors like power, water, and railway infrastructure. As of August 31, 2024, Vikran Engineering has executed projects in 22 states, completing 44 projects across 11 states, with 34 ongoing projects spread across 17 states.

Some of its notable clients include major players such as NTPC and Power Grid Corporation of India. Vikran Engineering is supported by prominent pre-IPO investors like India Inflection Opportunity Fund, Ashish Kacholia, Mukul Agarwal, Negen AIF, along with other family offices and high-net-worth individuals (HNIs).

Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers for the upcoming IPO, with Bigshare Services acting as the registrar.