Vikran Engineering IPO Subscribed 5.24x on Day 2

New Delhi, Aug 28 (PTI) The initial public offer of infrastructure company Vikran Engineering Ltd received 5.24 times subscription on the second day of share sale on Thursday.

The IPO got bids for 30,76,74,240 shares against 5,87,39,128 shares on offer, as per NSE data.

The category for non-institutional investors garnered 11.03 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 5.23 times. Qualified Institutional Buyers (QIBs) part received 91 per cent subscription.

The domestic equity markets were closed on Wednesday on account of Ganesh Chaturthi.

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

The Rs 772-crore initial public offering (IPO) will conclude on Friday.

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

The 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.