Vikran Engineering Ltd. on Tuesday applied with the market regulator for the maiden public issue of shares amounting to Rs 1,000. The initial public offering, or IPO, consists of a fresh issue of up to Rs 900 crore and an offer-for-sale of Rs 100 crore, according to the draft red herring prospectus submitted to the Securities and Exchange Board of India.
Chairman and Managing Director Rakesh Ashok Markhedkar is the sole promoter offloading shares each via the OFS route.
The proceeds from the fresh issue to the extent of Rs 625.5 crore will be used for funding working capital requirements for fiscal 2025 and 2026. The rest will be deployed for general corporate purposes.
The IPO will be managed by Pantomath Capital Advisors Pvt. Ltd. and Systematix Corporate Services Ltd.
About Vikran Engineering
Mumbai-based Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis. It has presence across multiple sectors, including power, water, and railway infrastructure.
As of Aug. 31, the company has completed 44 projects across 11 states with a total executed contract value of Rs 1,895.8 crore, according to the DRHP. It has 34 ongoing projects across 17 states, aggregating orders of Rs 3,957 crore.
Notable clients include NTPC Ltd., Power Grid Corp., and Eastern Central Railway.
The company reported revenue from operations of Rs 786 crore and net profit of Rs 74.8 crore in the financial year 2023-24. The share of power transmission/distribution and water infrastructure each make up nearly half of the total income.
As of Aug. 31, 2024, the company has a debt of nearly Rs 180 crore.
Vikran Engineering is backed by pre-IPO investors such as Pantomath Group affiliate India Inflection Opportunity Fund and ace investor Ashish Kacholia, among others.
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