Vikran Engineering and Anlon Healthcare IPOs: Key Comparisons

The primary market is currently witnessing significant activity with two initial public offerings (IPOs) open for subscription: Vikran Engineering Ltd and Anlon Healthcare Ltd. Investors are keenly evaluating these offerings, which cater to different sectors, to make informed decisions based on their respective financial metrics and expert reviews.

IPO Details and Price Bands

The Vikran Engineering IPO is valued at Rs 772 crore, featuring a fresh issue of shares worth approximately Rs 721 crore alongside an offer-for-sale (OFS) component of Rs 51 crore. The price band for this IPO is set between Rs 92 and Rs 97 per share, with a minimum lot size of 148 shares, requiring an initial investment of Rs 14,356.

Conversely, the Anlon Healthcare IPO is considerably smaller, valued at Rs 121.03 crore. It comprises around 1.33 crore equity shares priced between Rs 86 and Rs 91 per share. This IPO has a lot size of 164 shares, leading to a minimum investment of Rs 14,924.

Market Premiums and Expert Insights

In the grey market, shares of Vikran Engineering are trading at Rs 110, indicating a premium of Rs 13 or 13.4% over the issue price, suggesting expectations for modest listing gains. In contrast, Anlon Healthcare shares are quoted at Rs 96, reflecting a premium of Rs 5 or 5.49%, implying a more limited upside at listing.

Expert reviews provide further clarity on these IPOs. Anshul Jain from Lakshmishree Investment commended Vikran Engineering’s strong execution track record, particularly with government and public sector clients. He noted the company’s experienced management and exposure to a rapidly growing sector, assigning a “Subscribe” rating for long-term investors. Similarly, Shivani Nyati from Swastika Investmart highlighted Vikran as one of the fastest-growing EPC players, citing a revenue compound annual growth rate (CAGR) of 32.17% and a robust order book exceeding Rs 2,442 crore.

For Anlon Healthcare, Anand Rathi Research discussed the company’s scalable business model and its growing customer base, valuing the IPO at 19 times the expected earnings for fiscal year 2025 (FY25) and recommending a “Subscribe – Long Term” rating. Arihant Capital underscored Anlon’s diverse product portfolio and regulatory approvals, while also noting potential risks associated with long client approval cycles, valuing the IPO at 24 times FY25 earnings.

Company Background and Utilization of Funds

Vikran Engineering, based in Mumbai, is an infrastructure EPC company that provides comprehensive services from design to commissioning. As of June 30, 2025, the company had successfully executed 45 projects valued at Rs 1,920 crore across 14 states, with an additional 44 projects in progress worth Rs 5,120 crore. The proceeds from its IPO will primarily address working capital needs (Rs 541 crore) and general corporate expenses.

On the other hand, Anlon Healthcare specializes in manufacturing high-purity advanced pharmaceutical intermediates. The funds raised through its IPO will be allocated for capacity expansion, repayment of existing borrowings, working capital requirements, and general corporate purposes.

As both IPOs attract investor interest, the contrasting sectors and financial metrics present diverse opportunities for potential shareholders in the evolving market landscape.