IPO Details
MainboardListed
Open:Tue, 26 Aug 2025
Close:Fri, 29 Aug 2025
Lot Size:148 Shares
Price Band:₹ 92 - ₹ 97
Listing:NSE, BSE
Fresh Issue:721.00 Cr
OFS:51.00 Cr
Total IPO Size:772.00 Cr
QIB : 50%
Retail : 35%
Total HNI : 15%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 26-08-2025 , Tuesday |
| Close Date | 29-08-2025 , Friday |
| Tentative Allotment | 01-09-2025 , Monday |
| Tentative Listing Date | 03-09-2025 , Wednesday |
| Retail Appl. Cut Off Time | 29-08-2025 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 29-08-2025 , Friday 04:00 PM |
| Anchor Allotment | 25-08-2025 , Monday |
| Initiation Of Refund | 02-09-2025 , Tuesday |
| Credit Of Share To Demat | 02-09-2025 , Tuesday |
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 3,97,93,813 | 386.00 Cr |
Retail | 35.00 % | 2,78,55,670 | 270.20 Cr |
Total HNI | 15.00 % | 1,19,38,145 | 115.80 Cr |
SHNI | 5.00 % | 39,79,382 | 38.60 Cr |
BHNI | 10.00 % | 79,58,763 | 77.20 Cr |
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 148 (1) | ₹ 14,356 |
Retail MAX | - | 1924 (13) | ₹ 1,86,628 |
SHNI MIN | - | 2072 (14) | ₹ 2,00,984 |
SHNI MAX | - | 10212 (69) | ₹ 9,90,564 |
BHNI MIN | - | 10360 (70) | ₹ 10,04,920 |
Financials
Profit & Loss (Values In Crore)
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
Sales | 529.18 | 791.44 | 922.36 |
Expenses | 476.51 | 690.68 | 812.18 |
Operating profit (EBITDA) | 52.67 | 100.76 | 110.19 |
Exceptional Items | 13.04 | 0.00 | 0.00 |
Profit Before Tax | 52.67 | 100.76 | 110.19 |
Tax | 11.14 | 25.93 | 32.37 |
Net Profit | 42.84 | 74.83 | 77.82 |
Basic EPS In Rs. | 2.89 | 4.92 | 4.35 |
Diluted EPS In Rs. | 2.89 | 4.92 | 4.35 |
Balance Sheet (Values In Crore)
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
Equity Share Capital | 0.29 | 0.33 | 18.36 |
Other Equity | 130.85 | 290.95 | 449.52 |
Total Equity | 131.15 | 291.28 | 467.87 |
Non-Current Liabilities | 39.37 | 13.89 | 36.31 |
Current Liabilities | 541.96 | 654.62 | 850.49 |
Total Liabilities | 581.33 | 668.51 | 886.80 |
Total Equity & Liabilities | 712.47 | 959.79 | 1,354.68 |
Non Current Assets (Fixed Asset) | 80.03 | 63.25 | 62.49 |
Current Assets | 632.44 | 896.54 | 1,292.18 |
Total Assets | 712.47 | 959.79 | 1,354.68 |
Cash Flow Statement (Values In Crore)
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
Cash Flow From Operating Activities | 5.551 | -66.477 | -129.086 |
Cash Flow From Investing Activities | -14.322 | -15.936 | -9.256 |
Cash Flow From Financing Activities | 8.754 | 82.371 | 140.612 |
Net Cash Flow | -0.017 | -0.042 | 2.27 |
Peer Comparison
| Particulars | Vikran Engineering IPO | Bajel Projects Ltd | Kalpataru Projects International Ltd | Techno Electric & Engineering Company Ltd | SPML Infra Ltd | KEC International Limited | Transrail Lighting Limited |
|---|---|---|---|---|---|---|---|
Revenue from operations Fiscal 2025 | 915.85 | 2,598.24 | 22,315.78 | 2,268.66 | 770.64 | 21,846.70 | 5,307.75 |
EPS Fiscal 2025 | 4.35 | 1.34 | 35.53 | 37.19 | 7.61 | 21.80 | 25.72 |
Closing Price as on August 14, 2025 | 0.00 | 212.72 | 1,232.10 | 1,493.50 | 279.95 | 778.55 | 790.40 |
Face Value of Share | 1.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
NAV per Equity share on March 31, 2025 | 25.49 | 57.63 | 378.80 | 321.55 | 107.43 | 200.88 | 140.11 |
P/E Ratio | 22.30 | 158.75 | 34.68 | 40.17 | 36.79 | 35.71 | 30.73 |
RoNW Fiscal 2025 | 16.63 | 2.32 | 8.77 | 11.31 | 6.22 | 10.67 | 17.36 |
Key Performance Indicators (KPIs)
| KPI | Fiscal 2023 | Fiscal 2024 | Fiscal 2025 |
|---|---|---|---|
Revenue from Operations | 524.31 | 785.95 | 915.85 |
EBITDA | 79.71 | 133.30 | 160.24 |
EBITDA Margin in % | 15.20 | 16.96 | 17.50 |
PAT | 42.84 | 74.83 | 77.82 |
PAT Margin in % | 8.10 | 9.46 | 8.44 |
ROE in % | 32.67 | 25.69 | 16.63 |
ROCE in % | 28.04 | 30.43 | 23.34 |
Net Worth | 131.14 | 291.28 | 467.84 |
Debt to Equity Ratio | 1.18 | 0.63 | 0.58 |
Fixed Assets Turnover Ratio | 57.38 | 91.00 | 101.27 |
Inventory Turnover Ratio | 10.70 | 12.80 | 11.64 |
Order Book | 2,045.79 | 2,114.80 | 2,044.32 |
Order Book to Revenue from Operations in % | 390.19 | 269.08 | 223.22 |
Revenue CAGR (%) | N/A | N/A | 3.22 |
EBITDA CAGR (%) | N/A | N/A | 4.18 |
PAT CAGR (%) | N/A | N/A | 3.48 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 721.00 Cr |
Offer for Sale | - | 51.00 Cr |
Pre-Post Share Holdings
Particulars | Pre IPO | Post IPO | ||
|---|---|---|---|---|
No. of Shares | % | No. of Shares | % | |
Promotor | 15,01,32,780 | 81.78 | 0 | 0 |
Pre IPO - Investor | 0 | 0 | 0 | 0 |
Public | 3,34,48,350 | 18.22 | 0 | 0 |
Total | 18,35,81,130 | 100 | 0 | 0 |
Contact Details
IPO Contact Details
Registered Office
401, Odyssey I.T. Park, Road No. 9, Wagle Industrial
Estate, Thane (W) – 400 604, Maharashtra
Corporate Office
401, Odyssey I.T. Park, Road No. 9, Wagle Industrial
Estate, Thane (W) – 400 604, Maharashtra
Contact Person
Kajal Sagar Rakholiya - Company Secretary and Compliance Office
Telephone
Website
Registrar to Issue Details
Registrar Name
Bigshare Services Private Limited
Contact Person
Babu Rapheal
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Pantomath Capital Advisors PrivateLimited | Amit Maheshwari | 1800 889 8711 | vikran.ipo@pantomathgroup.com | www.pantomathgroup.com |
Systematix Corporate Services Limited | Jinal Sanghvi | +91 22 6704 8000 | mb.ipo@systematixgroup.in | www.systematixgroup.in |