Vikran Engineering Ltd's Strong Stock Debut: IPO Oversubscribed 23.59 Times

Vikran Engineering Ltd's shares debuted with a nearly 3% premium on their issue price. The company's IPO, oversubscribed 23.59 times, included a ₹721 crore fresh issue. Proceeds will address working capital and general corporate needs, reflecting strong market interest in the infrastructure sector.

Shares of Vikran Engineering Ltd made an impressive debut on Wednesday, opening with a premium of almost 3% over the issue price of ₹97. The stock began trading at ₹99.70 on the BSE, marking a 2.78% rise. Eventually, it soared 4.52% to reach ₹101.39.

On the NSE, Vikran Engineering's stock opened at ₹99, up 2%. The infrastructure company's market valuation now stands at ₹2,561.06 crore. The IPO was notably oversubscribed, attracting 23.59 times the demand on its closing day last Friday.

The offering featured a fresh issue worth ₹721 crore and a promoter-led offer-for-sale totaling ₹51 crore. Funds raised are earmarked for ₹541 crore worth of working capital and other corporate purposes. Specializing in end-to-end infrastructure solutions, Vikran Engineering continues to draw significant investor interest.

(With inputs from agencies.)