Overview

• The Rs 772 crore offering runs August 26–29 with a price band of Rs 92–97, a lot size of 148 shares, allotment tentatively on September 1, and listing targeted for September 3 on BSE and NSE.
• By 12:42 p.m. on day one the issue was subscribed 1.10 times overall, led by NIIs at 2.07 times and retail at 1.20 times, while the latest grey market premium near Rs 17–19 implied an estimated 17–20% listing uplift over the Rs 97 cap.
• Ahead of launch, the company raised Rs 231.6 crore from anchors by allotting 2.38 crore shares at Rs 97 to 14 investors, including Societe Generale-ODI and Bank of India Mutual Fund.
• Proceeds are primarily earmarked for working capital with about Rs 541 crore allocated, as Vikran reports FY25 revenue of roughly Rs 916–922 crore up 16–17% year on year, PAT near Rs 78 crore up about 4%, and an order book of around Rs 5,120 crore.
• A two-year Railway Board ban order has been stayed by the Delhi High Court and remains sub judice, while context from Vikram Solar shows a listing premium of only about 2% despite strong pre-listing indicators.