Vikran Engineering IPO: Filed DRHP to SEBI

Vikran Engineering Private Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI to prepare for its upcoming public issue. This upcoming IPO is offering a fresh issue worth up to Rs 900 crore of equity shares and an offer for sale of up to Rs 100 crore of equity shares.

The total aggregate size of a public issue will be up to Rs 1000 crore, and the total no. of equity shares that will be issued by the company has not yet been disclosed.

This IPO will follow the book-building process, with not more than 50% of the offer reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for retail investors.

Vikran Engineering IPO open date and close date have not been announced yet, and the price band, lot size will be revealed soon by the company. The Shares to be offered through the Red Herring Prospectus are proposed by the company to be listed on the BSE and NSE.

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About Vikran Engineering Limited

Vikran Engineering Limited, incorporated in 2015 and headquartered in Thane, Maharashtra, is one of the leaders in the EPC arena, executing infrastructure projects. It was founded by Rakesh Markhedkar, who has over 34 years of industry experience, and at a very fast pace had developed its presence across 22 states in India with a cumulative order book crossing ₹5000 Crores. Vikran Engineering is engaged in the sectors of Power Transmission, Solar Energy, Water Supply, and Civil Infrastructure. The company is particularly focused on high-voltage projects - up to 765kV substations. The aim of Vikran is to diversify itself into private infrastructure and other international markets, especially the African continent, through sustainable growth.

Vikran Engineering IPO Objectives

The amount of net proceeds from the fresh issue will be used for funding the working capital requirements of the company while the rest of the fund will be used towards general corporate purposes.

Financials of Vikran Engineering Limited

The financials for the company during the period ended March 31, 2024, compared to March 31, 2023, show a solid performance:

1. Assets increased from Rs 712.47 crores in March 2023 to Rs 959.79 crores in March 2024, a 34.68% increase.
2. Revenue increased from Rs 524.31 crores to Rs 785.95 crores, a 49.87% increase.
3. Profit After Tax (PAT) increased from Rs 48.84 crores in March 2023 to Rs 74.83 crores in March 2024, a 74.68% increase.
4. Total Borrowing increased from Rs 154.92 crores to Rs 183.39 crores, an 18.36% increase.

Lead managers and Registrar of Vikran Engineering IPO

The IPO is managed by Pantomath Capital Advisors Private Limited and Systematix Corporate Services Limited, which is the book-running lead manager of this public issue. The company has appointed Bigshare Services Private Limited as the registrar for this public issue.

Promoters of Vikran Engineering

Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markehdkar are the identifiable promoters (s) of the company. They collectively held 81.78% of the company's shares. However, post-IPO changes in their shareholding have not yet been disclosed in the prospectus filed by the company with SEBI. To read full DRHP click here.

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