Vikran Engineering IPO Subscribed 4.14x on Day 2 | Analysts See 9% Listing Gain – Should You Apply?
Vikran Engineering IPO continues to see robust subscription on Day 2 of the initial share sale by the infrastructure EPC company.
Vikran Engineering initial share sale received bids for 24.33 crore shares against 5.87 crore shares on offer, translating to 4.14 times overall subscription according to data available with the NSE till 1:15 p.m.
Non-institutional investors part attracted 8.56 times subscription, while the quota for retail individual investors got subscribed 4.26 times. Qualified institutional buyers part fetched 63 percent subscription. Earlier, it mobilised Rs 231.6 crore from anchor investors.
The Rs 772-crore initial public offering (IPO) opened for subscription on August 26 and will conclude on August 29. The price band has been set at Rs 92-97 per share.
Vikran Engineering IPO GMP Today Price
According to platforms tracking the grey market activities, the shares of Vikran Engineering are commanding a GMP of over 9 percent in the unregulated market. Investorgain quoted a GMP of Rs 9 for the shares of the company, indicating a listing gain of 9.28 percent.
The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes.
Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.
Shares of the company will be listed on the BSE and the NSE on September 3, while the allotment is expected by September 1.
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