Vikran Engineering IPO
Vikran Engineering Limited (VIKRAN) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 03 September 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +7.8% (likely range -10% to +17%), day's high +13.4%, chance of a gain 50%. Actual: +2.1% at the open, +4.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 1,67,82,608 | 32,64,46,412 | 19.5x | |
| NII (HNI) total | 1,25,86,956 | 73,73,70,484 | 58.6x | |
| Big NII (above ₹10 lakh) | 83,91,304 | 55,98,15,180 | 66.7x | |
| Small NII (₹2-10 lakh) | 41,95,652 | 17,75,55,304 | 42.3x | |
| Retail | 2,93,69,564 | 32,21,02,612 | 11.0x | |
| Total | 5,87,39,128 | 1,38,59,19,508 | 23.6x |
Bids on NSE and BSE together, as published by NSE, as of 29 Aug 2025, 07:00 PM. Shares offered exclude the anchor portion. 19% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Vikran Engineering's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| India PesticidesJun 2021 | 42.9x | 51.9x | 11.3x | 29.0x | ₹817 Cr | +18.2% | +24.3% |
| IRM ENERGY LIMITEDOct 2023 | 44.7x | 48.3x | 9.29x | 27.1x | ₹545 Cr | -5.5% | -4.2% |
| J G ChemicalsMar 2024 | 32.1x | 46.3x | 17.4x | 27.8x | ₹256 Cr | -5.4% | -3.3% |
| Indogulf CropsciencesJun 2025 | 33.3x | 48.4x | 14.8x | 26.0x | ₹208 Cr | 0.0% | +1.8% |
| RateGain Travel TechnologiesDec 2021 | 8.42x | 42.0x | 8.08x | 17.4x | ₹1,336 Cr | -15.3% | -9.9% |
| Valiant LaboratoriesOct 2023 | 20.8x | 73.6x | 16.1x | 29.8x | ₹152 Cr | +15.8% | +21.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Pantomath Capital Advisors | 19 | +20.0% | 79% |
| Systematix Corporate Services | 11 | +11.4% | 45% |
Offer documents (NSE)
Frequently asked
What is the Vikran Engineering IPO price band and lot size? ₹92.0–97.0 per share, with a lot of 148 shares, so the smallest retail bid is ₹14,356.
How many times has it been subscribed? 23.6x overall: QIB 19.5x, NII 58.6x, retail 11.0x.
How did it list? It opened at ₹99.0, +2.1% against the issue price of ₹97.0, and closed its first day -1.3%.
