The company informed the exchanges that it allotted 2,38,76,287 equity shares at Rs 97 apiece to a group of 14 anchor investors. The anchor book featured a mix of domestic mutual funds, insurance companies, global fund houses and alternative investment funds.
Marquee participants included Nippon India Equity Opportunities Fund, 360 One Equity Opportunity Fund, Bank of India Mutual Fund, ITI Mutual Fund, SBI General Insurance and Bengal Finance & Investments Pvt Ltd. Domestic mutual funds collectively received 87.63 lakh shares, accounting for 36.7% of the anchor allocation.
This comes after the company had earlier secured backing from The Wealth Company (via India Inflection Opportunity Fund) and investors Ashish Kacholia and Mukul Aggarwal through a pre-IPO placement.
The IPO comprises a fresh issue of Rs 721 crore (7.43 crore shares) and an offer for sale of Rs 51 crore (52.57 lakh shares). At the upper end of the Rs 92–97 price band, the offering will fetch Rs 772 crore. Proceeds will be used to fund working capital requirements and for general corporate purposes.
In a move aimed at boosting investor confidence, Vikran Engineering also announced at its Annual General Meeting (AGM) on August 25 that it will distribute a 5% dividend on profits to equity shareholders.Investors can bid for a minimum of 148 shares and in multiples thereafter. Allocation will be made through the book-building process, with 50% reserved for Qualified Institutional Buyers, 15% for Non-Institutional Investors, and 35% for retail investors.
Pantomath Capital Advisors and Systematix Corporate Services are the book-running lead managers to the issue.
