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Urban Company IPO 2025: Subscription Buzz and Profit Milestone
IPO research, Markets - August 28, 2025

IPO Watch: Vikran Engineering, Anlon Healthcare GMPs Signal Strong Gains

IPO Watch: Vikran Engineering, Anlon Healthcare GMPs Signal Strong Gains

An In-Depth Analysis of Grey Market Sentiment and Subscription Trends for Two Highly Anticipated IPOs in August 2025

Introduction
The Indian IPO market has been abuzz with activity in August 2025, with Vikran Engineering and Anlon Healthcare emerging as key offerings capturing investor interest. As these IPOs progressed through their subscription windows, the grey market premiums (GMPs) associated with them have become a key indicator for potential listing gains. This article delves into the details of the GMPs, subscription data, and key highlights for both IPOs, providing investors with insights to navigate the upcoming listings slated for early September.

Vikran Engineering IPO: Market Sentiment and Subscription
Vikran Engineering, a prominent player in the Engineering, Procurement, and Construction (EPC) sector, launched its IPO with a price band set between ₹92 and ₹97 per share, aiming to raise approximately ₹772 crore. The IPO includes a fresh issue worth ₹721 crore and an offer-for-sale of ₹51 crore by promoters.

Grey Market Premium (GMP) Trends
The grey market premium for Vikran Engineering’s IPO showcases robust investor enthusiasm. As of August 27-28, 2025, GMP hovered around ₹10-₹13 per share, which translates to an approximate 10-13% premium over the upper price band of ₹97. This suggests the IPO could list around ₹107-₹110 per share, indicating solid listing gains for investors seeking short-term profits.
Earlier in August, Vikran’s GMP peaked at ₹25 per share, underscoring the volatility and shifting investor expectations in the grey market. However, the trend stabilized closer to ₹10-₹13 as the subscription window progressed.

Subscription Status
On Day 2 of bidding, Vikran Engineering’s IPO was subscribed approximately 2.5 to 4 times overall, depending on the data source. Non-Institutional Investors (NIIs) led the charge with subscriptions soaring over 6-8 times, retail investors contributed about 4 times, and Qualified Institutional Buyers (QIBs) lagged slightly with around 60-70% subscription levels.
The subscription momentum positions Vikran Engineering favorably as it closes its bid window on August 29, 2025, with allotment finalization slated for September 1 and listings planned for September 3 on NSE and BSE.

Anlon Healthcare IPO: Comparative Grey Market Outlook
While Vikran Engineering’s IPO garnered significant GMP attention, Anlon Healthcare also attracted market participation, though with relatively lower grey market premiums and subdued subscription activity in comparison.
Most recent data point towards Anlon Healthcare’s GMP hovering below ₹5-₹7, signaling modest listing gains versus Vikran Engineering’s stronger premium range. This difference can be attributed to Vikran Engineering’s sector mix, stronger investor confidence, and the EPC sector’s growth prospects compared to Anlon Healthcare’s business profile.

What Does GMP Indicate for Investors?
The grey market premium serves as an informal gauge of an IPO’s demand and expected listing performance. A higher GMP usually indicates strong demand for the shares and the likelihood of listing above the issue price, translating into immediate profits for investors.
For Vikran Engineering, the GMP around 10-13% signals attractive potential gains, bolstered by:
• Strong fundamentals and steady growth in the EPC sector.
• ₹916 crore FY25 revenue base with improving profitability.
• Diversified business footprint spanning power, water, and railway infrastructure.
For Anlon Healthcare, the GMP’s relatively modest range suggests a more cautious investor approach, potentially offering steadier returns with lower listing price volatility.

Key Dates and Technical Details
Investors should note the following key dates for both IPOs:
• Closing Date: August 29, 2025
• Allotment Date: September 1, 2025
• Refunds and Credit to Demat: September 2, 2025
• Listing Date: September 3, 2025
The minimum investment for retail investors varies depending on the lot size, with Vikran Engineering requiring a minimum bid of 148 shares (~₹14,356 at upper price band).

Risk Factors and Market Volatility
While GMPs provide useful guidance, they are unofficial and can fluctuate with changing market sentiments and news. IPO investors should consider factors such as sector dynamics, financial health, management quality, and market conditions before placing bids.
Since the grey market is unregulated, its prices don’t always mirror actual listing outcomes. Prudent investors view GMP as one of several tools to gauge IPO interest but rely on detailed fundamental analysis for investment decisions.

Conclusion
Vikran Engineering’s IPO stands out as a potentially rewarding investment opportunity with a grey market premium signaling listing gains between 10% and 13%. Its robust subscription numbers underscore strong investor appetite. Anlon Healthcare’s IPO, though promising, is witnessing more moderate investor sentiment as reflected in its lower GMPs.
As both IPOs prepare for listing in early September, investors are advised to weigh the grey market signals alongside comprehensive company fundamentals and broader market trends to make well-informed choices.

 

 

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Urban Company IPO 2025: Subscription Buzz and Profit Milestone
Market News - June 13, 2025

Pre-IPO Momentum Builds: Oswal Pumps Raises ₹416 Crore from Anchor Investors

Pre-IPO Momentum Builds: Oswal Pumps Raises ₹416 Crore from Anchor Investors

The Haryana-based pump manufacturer finalizes anchor placements as it prepares for its IPO, aiming to raise ₹1,387 crore through fresh issue and OFS.

₹416 Crore Anchor Investment Powers Oswal Pumps’ IPO Journey

Haryana-based water pump manufacturer Oswal Pumps has successfully raised ₹416.2 crore from prominent anchor investors just before launching its highly anticipated initial public offering (IPO). This key milestone comes as the company gears up to open its IPO for public subscription starting June 13, 2025.

An official release from the company revealed that 67,78,533 shares were issued to anchors at ₹614 per unit, gearing up for the IPO.

Major Mutual Fund Participation Highlights Confidence

Among the total shares allocated to anchor investors, approximately 29,62,821 shares—representing 43.71% of the total anchor portion—were taken up by 11 domestic mutual fund houses operating through 15 different schemes. This significant level of participation from well-known mutual fund players underscores the strong confidence institutional investors have in Oswal Pumps’ business prospects and growth trajectory.

The anchor book also saw involvement from several renowned global and domestic institutions, adding weight to the credibility and attractiveness of this upcoming offering.

IPO Details: Fresh Issue and Offer for Sale

This IPO package blends a ₹890 crore fresh equity infusion with promoter Vivek Gupta’s exit of 81 lakh shares. The issue is slated to open on June 13, 2025, and will remain open for subscription until June 17, 2025.

Oswal Pumps has set the price band for its IPO in the range of ₹584 to ₹614 per share. At the ceiling of the proposed price range, the IPO has the potential to raise approximately ₹1,387.34 crore in total proceeds. This infusion of capital is expected to support the company’s long-term business goals, including expansion and strengthening its market footprint.

Prominent Institutions Lead the Offering

A group of prominent financial institutions—comprising IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth—are steering the IPO as lead managers. MUFG Intime India has been appointed as the official registrar to the issue, responsible for managing investor records and allotments.

With a carefully structured offering process, Oswal Pumps aims to attract a diversified pool of investors ranging from large institutional participants to retail investors.

Investor Bidding Structure and Lot Size

For retail participants, the IPO will be accessible through a minimum bid of 24 equity shares, with further investments to be made in multiples of 24 thereafter. The offering follows the standard book-building process, ensuring fair price discovery and balanced investor allocation.

As per the distribution framework, no more than half of the net issue is designated for institutional investors, with at least 15% reserved for affluent individual bidders and a minimum of 35% specifically allocated for retail participants.

This structure ensures a wide participation base, offering both seasoned institutions and everyday retail investors an opportunity to participate in the company’s growth story.

Market Outlook and Strategic Use of Funds

Oswal Pumps plans to deploy the proceeds from its fresh issue primarily toward funding growth initiatives, business expansion, and improving operational efficiency. Additionally, a portion of the funds may be allocated for debt reduction and other general corporate purposes, as outlined in its regulatory documents.

As one of India’s leading manufacturers of pumps and related solutions, Oswal Pumps has built a reputation for quality and innovation. By leveraging the fresh infusion of capital from this IPO, the company aims to further strengthen its competitive edge in domestic and international markets.

Final Thoughts

Oswal Pumps’ pre-IPO success with anchor investors signals a robust start to its journey into the public markets. The ₹416 crore already secured reflects strong institutional backing, while the planned ₹1,387 crore total issue highlights the company’s ambitious growth aspirations.

With a diversified investor structure, strategic use of proceeds, and a growing market for high-quality pump solutions, Oswal Pumps is positioning itself as a formidable player in its industry. The positive response from mutual funds and institutional investors suggests high expectations for the IPO’s overall performance once it opens for public subscription.

For investors seeking opportunities in India’s manufacturing sector, especially within infrastructure-related industries, Oswal Pumps’ offering may present a compelling option for both short-term market activity and long-term value creation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Weak Listing, Strong Recovery Indicates Investor Confidence in Aegis Vopak IPO
Market News - June 3, 2025

Weak Listing, Strong Recovery Indicates Investor Confidence in Aegis Vopak IPO

Weak Listing, Strong Recovery Indicates Investor Confidence in Aegis Vopak IPO

 

Aegis Vopak Terminals Ltd, a prominent player in India’s liquid and gas logistics sector, made its debut on the stock exchanges on June 2, 2025. In contrast to what the market had anticipated, the stock debuted on the National Stock Exchange (NSE) at ₹220 a share, which was 6.38% less than its issue price of ₹235. However, what initially seemed like a disappointing debut turned into a swift recovery story. By the end of the trading session, the stock had risen to ₹242, closing about 3% above the IPO price and around 10% higher than its listing value.

IPO Details and Subscription Response

With a fresh issue of around 11.91 crore shares, the company’s IPO was available from May 28 to May 30 with the goal of raising ₹2,800 crore. Notably, there was no offer-for-sale component, ensuring that all proceeds went directly into the company for growth and operational expansion.
Investor interest in the IPO was moderate overall. Institutional investors were the primary source of the issue’s 2.09 subscriptions. Qualified Institutional Buyers (QIBs) subscribed their allotted portion 3.3 times, signaling strong belief in the company’s fundamentals. In contrast, retail investors subscribed just 0.77 times, while non-institutional investors came in at 0.56 times—indicating more caution from smaller players in the market.

Pre-Listing Expectations and Grey Market Indications

In the days leading up to the listing, the grey market premium (GMP) was signaling a flat to negative listing, with some reports even suggesting a slight discount of ₹1-₹2. Market experts attributed this lackluster sentiment to concerns over the valuation, especially in a market that has seen mixed IPO performances in recent months.
The discounted listing did not come as a surprise, but the rapid rebound after listing caught many off guard. Within hours, the stock began gaining momentum, driven largely by institutional buying and long-term investor confidence in the company’s growth strategy.

Company Profile and Strategic Objectives

Aegis Vopak Terminals is a joint venture between Aegis Logistics of India and Royal Vopak, a global tank storage company with its main office located in the Netherlands. The combined entity manages strategic liquid and gas storage facilities across seven key ports in India. These facilities play a crucial role in handling petroleum, chemicals, and LPG—sectors expected to witness long-term demand growth.
The IPO’s proceeds would be used to finance capital projects, such as the expansion of existing terminals and the purchase of new facilities, such the proposed cryogenic LPG terminal in Mangalore. A portion will also be directed towards reducing existing debt, which in turn is expected to strengthen the company’s balance sheet and operational leverage.

Industry Position and Growth Outlook

Aegis Vopak is well-represented in India’s expanding energy logistics market. With increasing demand for cleaner fuels and industrial chemicals, the company is well-placed to capitalize on sectoral tailwinds. It offers a strong value proposition by combining local operational knowledge from Aegis with global best practices from Vopak.
Furthermore, the company’s efficient asset base, measured in terms of low capital expenditure per tonne and high tank turnover rates, adds to its appeal for long-term investors. Its ability to scale operations in tandem with demand gives it an edge over many smaller, fragmented competitors in the same industry.

Analyst Reactions and Market Sentiment

Market analysts remain divided in their short-term views. Some remain cautious due to the stock’s high valuation multiples compared to industry peers. However, most experts agree that the company’s fundamentals are strong and its long-term growth story remains intact.
Brokerage firms have largely issued ‘Hold’ or ‘Long-term Buy’ recommendations, suggesting that while near-term volatility may persist, the company offers strong upside over a longer investment horizon. The swift post-listing recovery has reinforced that view, especially as broader market sentiment continues to remain sensitive to global macroeconomic cues.

Conclusion

Aegis Vopak Terminals’ IPO journey is a clear example of how short-term listing pressures don’t necessarily reflect a company’s long-term value. While the shares debuted at a discount, the market quickly corrected course, recognizing the company’s strategic importance and operational strength.
The IPO not only brings additional capital into the company for expansion but also signals investor faith in India’s growing energy logistics infrastructure. For investors with a medium to long-term view, Aegis Vopak presents an opportunity aligned with India’s energy transition and industrial growth story.

 

 

 

 

 

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