Vikran Engineering IPO Skyrockets with 23.59 Times Subscription

Vikran Engineering Ltd's IPO received an overwhelming response with 23.59 times subscription. The Rs 772-crore offer saw substantial interest from non-institutional and qualified institutional buyers. Funds from the IPO will be used to boost working capital. The company's shares will list on BSE and NSE.

Vikran Engineering Ltd's initial public offering (IPO) concluded with a remarkable 23.59 times oversubscription on its final day. The infrastructure company attracted bids for over 1.38 billion shares against an offer of nearly 58.7 million shares, according to NSE data.

A section set aside for non-institutional investors saw 58.58 times subscription, while Qualified Institutional Buyers (QIBs) subscribed for 19.45 times the allocated shares. Retail investors contributed to a 10.97 times subscription rate.

The Mumbai-based company aims to allocate Rs 541 crore of fresh issue proceeds towards working capital and the rest for corporate purposes. Shares are set to be listed on BSE and NSE, with Pantomath Capital Advisors and Systematix Corporate Services as lead managers.

(With inputs from agencies.)