Vikran Engineering's IPO Journey: A Mixed Start on the Stock Exchange

Vikran Engineering's IPO closed with shares dipping over 1% below the issue price, despite initial gains. The IPO was oversubscribed by 23.59 times, raising Rs 772 crore. Proceeds are earmarked for working capital and corporate purposes. The company provides comprehensive engineering services on a turnkey basis.

Vikran Engineering's initial public offering (IPO) showed a volatile start as shares ended more than 1% below their issue price, finishing at Rs 95.64 on the BSE and Rs 95.71 on the NSE.

The IPO attracted substantial interest, being subscribed 23.59 times, raising a staggering Rs 772 crore, set within a price band of Rs 92-97 per share. Despite this massive subscription, stocks began with gains but eventually settled at a discount on their first trading day.

The Mumbai-based firm plans to use Rs 541 crore from the fresh issue for working capital and the remainder for general corporate purposes, bolstering its comprehensive engineering service offerings.

(With inputs from agencies.)