Vikran Engineering IPO Demand Surges Over 7X - SEBI Analyst Sees Growth Momentum, Suggests 'Apply'

Vikran Engineering's initial public offering (IPO) is drawing robust investor demand as it enters the final day of bidding on Friday. 

The company launched its ₹721 crore mainboard IPO on Tuesday, with subscriptions closing on 29 August 2025.

Subscription Status

By 11:03 AM on Friday, the IPO was subscribed 7.23 times overall. The retail portion saw bids 6.58 times its allotment, non-institutional investors subscribed 17.13 times, while qualified institutional buyers subscribed 0.94 times.

Despite volatility in the secondary market, grey market sentiment has remained steady. 

Vikran Engineering shares traded at a premium of ₹13 in the grey market on Friday, only ₹1 lower than Thursday's grey market premium (GMP) of ₹14. 

Analyst View

SEBI-registered analyst Aditya Hujband has given an 'Apply' view on the IPO, highlighting Vikran Engineering's diversified presence across infrastructure segments, a healthy order book of ₹24,424.39 million, and strong PSU client relationships. 

He also pointed out the company's record of robust execution and financial growth, backed by recent pre-IPO fundraising of over ₹100 crore.

Hujband flagged risks including dependence on government contracts, working capital intensity, and execution challenges, but noted that demand visibility and order book strength provide growth momentum.

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