Vikran Engineering's ₹721 cr IPO has been subscribed 7.23x on the final day, with strong retail (6.6x) and NII (17x) demand. Grey market premium held at ₹13. SEBI-registered analyst Aditya Hujband rated it 'Apply,' citing a ₹24,424 million order book, PSU client base, and growth momentum, though risks remain from govt. dependence and execution challenges.