Overview

• Exchange data shows overall bids around 3.45–3.49 times by late morning on Aug. 28, with non‑institutional 7.38x, retail 3.46x, and QIB 0.62x.
• The Rs 772 crore offer is priced at Rs 92–97 per share, comprising a Rs 721 crore fresh issue and a Rs 51 crore offer for sale.
• The minimum application is one lot of 148 shares, translating to about Rs 14,356 at the upper end of the price band.
• Market trackers peg the grey market premium near Rs 13, implying an estimated listing price around Rs 110, which is an unofficial and speculative indicator.
• Vikran Engineering is an EPC player with 44 ongoing projects and an order book of about Rs 5,120 crore, FY25 revenue of Rs 916 crore and PAT of Rs 78 crore, and it plans to deploy roughly Rs 541 crore of proceeds toward working capital.