Vikran Engineering shares end about 1 pc lower in muted market debut

New Delhi, Sep 3 (PTI) Shares of infrastructure company Vikran Engineering on Wednesday ended with a discount of over 1 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. During the day, it hit a high of Rs 101.73 and a low of Rs 93.26. The stock later ended at Rs 95.64, a discount of 1.40 per cent.

At the NSE, the stock listed at Rs 99, up 2 per cent. It later gave up early gains and ended at Rs 95.71, a decline of 1.32 per cent.

The company's market valuation stood at Rs 2,466.66 crore.

The initial public offering of Vikran Engineering Ltd received 23.59 times subscription on the closing day of the 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. PTI SUM SUM BAL BAL