Vikran Engineering shares list 3% above IPO price, below Street expectations

Shares of Vikran Engineering, an engineering, procurement, and construction (EPC) company, made a positive debut on the Indian stock exchanges on Wednesday, listing at a 3% premium over its initial public offering (IPO) price. The stock debuted at ₹99.70 on the BSE, against its issue price of ₹97 per share, in a muted broader market, with a market capitalisation of ₹2,571.37 crore. On the NSE, Vikran Engineering shares listed at ₹99 per share, up 2% over the IPO price.

Meanwhile, the Indian equity benchmarks, the BSE Sensex and the NSE Nifty, were trading lower by 0.1% each, tracking weak cues from global peers.

The listing came below market expectations. Ahead of their debut, Vikran Engineering shares were trading at a premium in the grey market, with a grey market premium (GMP) of ₹7 over the issue price, suggesting a likely listing around ₹104, reflecting a gain of 7.22%.