Vikran Engineering IPO garners 23.59 times subscription

New Delhi, Aug 29 (PTI) The initial public offer of infrastructure company Vikran Engineering Ltd received 23.59 times subscription on the last day of share sale on Friday.

The Rs 772-crore IPO got bids for 1,38,59,17,880 shares against 5,87,39,128 shares on offer, as per NSE data.

The portion meant for non-institutional investors garnered 58.58 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 19.45 times. Retail Individual Investors (RIIs) portion fetched 10.97 times subscription.

Vikran Engineering on Monday mobilised Rs 231.6 crore from anchor investors.

The price band has been fixed at Rs 92-97 per share.

The initial public offer (IPO) is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter.

The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes.

Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers, while Bigshare Services is the registrar of the issue.

The company's shares will be listed on the BSE and the NSE. PTI SUM SUM SHW