Vikran Engineering raised ₹231.6 crore from anchor investors on August 25, 2025

26 Aug 2025 , 11:47 AM

Ace investors Ashish Kacholia and Mukul Agrawal-backed Vikran Engineering Ltd. has raised ₹231.6 crore from 13 anchor investors on August 25, a day before the company’s initial public offering (IPO) opens for subscription.

The ₹772-crore IPO opened today on August 26 and close on August 29, with a price band fixed at ₹92–97 per share. The issue includes a fresh equity issue worth ₹721 crore and an offer-for-sale (OFS) of ₹51 crore by promoter Rakesh Ashok Markhedkar.

Strong Anchor Investor Participation

According to the company’s filing, 2,38,76,287 equity shares were allotted to anchor investors at ₹97 per share, including 87,63,228 shares allocated to domestic mutual funds. The anchor book saw participation from leading institutions such as Bank of India Mutual Fund, ITI Mutual Fund, Nippon India, LC Pharos Multi Strategy Fund, SBI General Insurance, Samco Mutual Fund, 360 ONE, IMAP India, and Societe Generale.

Company Profile and Order Book

Headquartered in Maharashtra, Vikran Engineering is an EPC solutions provider in energy and water infrastructure, with expertise across power transmission & distribution, underground water distribution, surface water extraction, and overhead tank projects.

• As of June 2025, the company has successfully executed 45 projects worth ₹1,920 crore.

• It currently has 44 ongoing projects valued at ₹5,120.2 crore, supported by an order book of ₹2,442.4 crore.

• Key clients include NTPC, Power Grid Corporation, Transmission Corporation of Telangana, Madhya Pradesh Power Transmission Company, Assam Power Distribution Company, and the Eastern Central Railway (Danapur division).

IPO Proceeds Utilisation

From the fresh issue, the company plans to allocate ₹541 crore towards working capital requirements, with the remaining funds earmarked for general corporate purposes.

Lead Managers

The IPO is being managed by Pantomath Capital Advisors and Systematix Corporate Services as the book-running lead managers.

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