Mumbai-based EPC firm, Vikran Engineering Limited, backed by ace investors Ashish Kacholia and Mukul Agarwal, has submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore via an IPO.

What Happened: The IPO consists of a fresh issue of shares worth up to ₹900 crore and an offer for sale (OFS) of up to ₹100 crore by promoter Rakesh Ashok Markhedkar. The funds raised from the fresh issue, totalling ₹625.5 crore, will be used for the company’s working capital needs and other general corporate purposes.

Vikran Engineering offers services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis. The firm operates in various sectors including power, water and railway infrastructure. The company’s clients include NTPC and Power Grid.

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As of August 31, Vikran Engineering had carried out work in 22 states and completed 44 projects across 11 states, with 34 ongoing projects in 17 states. The company’s order book expanded from ₹ 517.34 crore in FY22 to ₹ 2114.80 crore in FY24.

Vikran Engineering’s operational revenue rose by 49.56% to ₹791.43 crore in FY24 from ₹529.18 crore in FY23. The company is supported by pre-IPO investors such as India Inflection Opportunity Fund, Ashish Kacholia, Mukul Agarwal, Negen AIF, and other family offices and high-net-worth Investors.

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