The Vikran Engineering IPO, which opened for subscription on August 26, has now entered its second day of bidding. The issue is priced in a band of Rs 92 to Rs 97 per equity share. With the IPO set to close on August 29, let’s take a look at the grey market premium (GMP) trend, subscription numbers and the key details investors should track.
Vikran Engineering IPO: Subscriptions numbers so far
The IPO was subscribed 4.16 times overall so far on Day 2. Retail investors, as of now, was subscribed 4.24 times, while non-institutional investors (NII) came in with 8.66 times subscription. Meanwhile, the qualified institutional buyers (QIB) portion subscribed only 0.66 times so far.
Vikran Engineering IPO: Grey market premium buzz
The unofficial market often seen as a gauge for listing performance. Vikram Engineering shares in the grey market at the time of writing stood at Rs 10. This points to a potential listing price of around Rs 107 per share. This is roughly 10% higher than the upper price band. Yet, volatility has been evident, as GMP over the past 11 sessions has ranged from Rs 0 to Rs 21.
Vikran Engineering IPO: Fund-raising plan and utilisation
The IPO aims to raise Rs 772 crore, which includes a fresh issue of Rs 721 crore and an offer-for-sale of Rs 51 crore by the promoters.
Of the proceeds, around Rs 541 crore will go towards meeting working capital requirements. Furthermore, the remainder will be set aside for general corporate purposes.
Vikran Engineering IPO: Key dates investors should note
The bidding window will close on August 29, followed by the allotment finalisation on September 1. The listing is scheduled for September 3 on both the NSE and BSE.
Vikran Engineering IPO: Key players of the issue
The IPO is being managed by Pantomath Capital Advisors as the book-running lead manager, while Bigshare Services is serving as the registrar.
