IPO Details and⁢ Anchor ⁤investors

Vikran Engineering’s initial public offering (IPO) has⁣ garnered significant interest from ⁣institutional investors, securing anchor investment from prominent entities including‌ Nippon India Equity Opportunities Fund, 360 One Equity Prospect Fund, Bank of India Mutual Fund, ITI Mutual Fund, SBI General insurance, and Bengal Finance & Investments Pvt Ltd. ⁢Domestic mutual funds collectively subscribed to 87.63 lakh shares, representing 36.7% of the anchor allocation.

Prior to‌ the IPO, the company received pre-IPO funding from ‍The Wealth Company (through India Inflection Opportunity ⁢Fund), ashish Kacholia, ‌and Mukul Aggarwal.

Financials of the IPO

The IPO consists of ⁣a fresh issue of ₹721 crore (7.43 crore shares) and an offer for sale of ₹51 crore (52.57 lakh‍ shares). At ‍the upper end of the price band of ₹92-97​ per share, the offering ‌is⁤ expected to raise ₹772 crore. The company intends ⁣to utilize the​ proceeds for working⁣ capital requirements and general corporate​ purposes.

Dividend Announcement and Investor Confidence

To⁣ further enhance ​investor confidence, Vikran Engineering announced a 5% dividend on profits⁣ for equity shareholders⁢ at its Annual General Meeting (AGM) on August ‌25, 2023.‍ This announcement‌ signals a commitment ⁢to shareholder returns.

IPO Subscription Details

Investors ​can‍ bid for a ‍minimum of 148 shares and in multiples of 148 thereafter. The allocation of shares will be determined through a‌ book-building process. The ‌IPO is structured with the following reservation percentages: 50% for Qualified Institutional Buyers (QIBs), 15% for Non-institutional Investors (NIIs), and 35% for retail investors.

Lead Managers

Pantomath Capital Advisors‌ and Systematix Corporate Services‍ are acting as the book-running lead managers for the IPO.