Infra EPC Firm Vikran Engineering Files Draft Papers For Rs 1,000 Cr IPO

Infra EPC Firm Vikran Engineering Files Draft Papers For Rs 1,000 Cr IPO

Business oi-PTI

Infrastructure EPC company Vikran Engineering has filed a draft prospectus with markets regulator Sebi to mop-up Rs 1,000 crore through an Initial Public Offering (IPO). The proposed IPO is a mix of fresh issue of shares up to Rs 900 crore and an Offer For Sale (OFS) of up to Rs 100 crore by the promoter, the draft prospectus showed.

Proceeds from the fresh issue to the extent of Rs 625.5 crore will be used for funding the working capital requirements of the company; and general corporate purposes. The Mumbai-based company is backed by pre-IPO investors such as India Inflection Opportunity Fund and Ashish Kacholia. Vikran Engineering is one of the fast-growing Indian Engineering, Procurement & Construction (EPC) companies and provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

As of August 31, 2024, it had executed work across 22 states & completed 44 projects across 11 states with 34 ongoing projects across 17 states. The company’s order book grew to Rs 2,114.80 crore in FY24 from Rs 517.34 crore in FY22. On the financial front, Vikran Engineering’s revenue from operations increased by 49.56 per cent to Rs 791.43 crore for fiscal 2024 from Rs 529.18 crore in the preceding fiscal and profit after tax surged by 74.67 per cent to Rs 74.83 crore for fiscal 2024 from Rs 42.84 crore in the previous financial year. Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers for the issue.

(PTI)

Story first published: Tuesday, October 1, 2024, 15:52 [IST]

Original news source Credit: www.goodreturns.in

You must be logged in to post a comment Login