What’s Behind Vikran Engineering’s Lackluster Stock Market Debut?

Infrastructure company Vikran Engineering Ltd began trading on the BSE and NSE with only modest gains, missing the mark set by grey market buzz. The IPO, priced at ₹97 per share, opened at ₹99.70 on the BSE and ₹99 on the NSE, translating to gains of 2.78% and 2%, respectively. This was well below the expected 7% listing based on the ₹7 GMP. The IPO had seen a massive 23.59x subscription and raised ₹231.6 crore from anchor investors. Still, the listing was lukewarm, leaving investors wondering why such a strong IPO made such a soft debut.