Vikran Engineering shares debut with nearly 3% premium at Rs 99.70

New Delhi: Shares of infrastructure company Vikran Engineering Ltd Wednesday listed with a premium of nearly 3 per cent against the issue price of Rs 97.

The stock started trading at Rs 99.70, up 2.78 per cent from the issue price on the BSE. Later, it climbed 4.52 per cent to Rs 101.39.

At the NSE, the stock listed at Rs 99, up 2 per cent.

The company's market valuation stood at Rs 2,561.06 crore.

The initial public offering of Vikran Engineering Ltd received 23.59 times subscription on the closing day of share sale on Friday last week.

The price band for the offer was Rs 92-97 per share.

The initial public offering (IPO) was 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.