Vikran Engineering's IPO Launches After Rs 231.6 Crore Anchor Investment Boost

On Monday, Vikran Engineering announced it secured Rs 231.6 crore from anchor investors ahead of its IPO opening. The subscription, set between August 26-29, includes a mix of fresh shares and an offer-for-sale by the promoter. Proceeds will fund working capital needs and other corporate purposes.

Vikran Engineering, a prominent name in the Engineering, Procurement & Construction (EPC) sector, on Monday announced successful mobilization of Rs 231.6 crore from anchor investors, just a day before its initial public offering (IPO) opens for subscription.

The anchor investors' portion includes major participants such as Bank of India Mutual Fund, SBI General Insurance, and Societe Generale, totaling over 2.38 crore equity shares allotted at Rs 97 each. The IPO, aiming to raise Rs 772 crore, is set for public subscription from August 26 to 29, with a set price band of Rs 92-97 per share.

The proceeds from the fresh issue of approximately Rs 721 crore will help Vikran Engineering, based in Mumbai, meet working capital needs while promoting general corporate purposes. Backed by significant pre-IPO investments, the company's revenue witnessed a notable rise, signaling strong growth potential.

(With inputs from agencies.)