IPO details · Updated
Vishal Nirmiti
- Price Band
- ₹208 – ₹220
- Lot Size
- 68 shares
- Min. Investment
- ₹14,960
- Issue Size
- ₹178 Cr
- Offer Dates
- 30 Sept – 5 Oct 2026
- Listing
- 8 Oct 2026
Issue Details
- Total Issue Size
- ₹178 Cr
- 80,90,909 shares
- Fresh Issue
- ₹145 Cr
- 65,90,909 shares
- Offer for Sale
- ₹33 Cr
- 15,00,000 shares
- Face Value
- ₹10 per share
- Issue Type
- Book-built IPO
- Listing At
- NSE, BSE
- Shares Pre-Issue
- 1,98,00,000
- Shares Post-Issue
- 2,63,90,909
IPO Timeline
Offer opens
30 Sept 2026
Offer closes
5 Oct 2026
Allotment
6 Oct 2026
Listing
8 Oct 2026
Subscription Status
Times subscribed by investor category
| Category | Offered | Bids | Subscribed |
|---|---|---|---|
| QIB | 80,908 | 1,07,608 | 1.33x |
| NII | 23,46,364 | 44,34,628 | 1.89x |
| HNIs 2+ | 15,64,243 | 28,04,184 | 1.79x |
| HNIs 10+ | 7,82,121 | 16,41,724 | 2.10x |
| Retail | 56,63,637 | 99,11,365 | 1.75x |
| Total | 80,90,909 | 1,44,53,601 | 1.79x |
Application-wise breakup(approx. no. of applications)
| Category | Max allottees | Applied | Times |
|---|---|---|---|
| HNIs 2+ | 1,643 | 615 | 0.37x |
| HNIs 10+ | 822 | 1,725 | 2.10x |
| Retail | 83,289 | 1,45,755 | 1.75x |
| Total applications | 1,48,095 | ||
Counts applications, not shares — the table above counts shares, so the multiples differ. Estimated from bid quantities.
NSE & BSE · updated 6/10/2026, 9:30:24 am
Lot Size & Investment
1 lot = 68 shares
Retail (min)
1 lot · 68 shares
Retail (max)
13 lots · 884 shares
S-HNI (min)
14 lots · 952 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 68 | ₹14,960 |
| Small HNI (S-HNI) | 14 | 952 | ₹2,09,440 |
| Big HNI (B-HNI) | 67 | 4,556 | ₹10,02,320 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Total Income | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| Net Worth | 86.34 | 61.12 | 38.12 |
| Reserves & Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
Key Performance Indicators
| Period | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS (₹) | 12.61 | 11.94 | 1.74 |
| P/E (pre-issue) | 17.45 | — | — |
| P/E (post-issue) | 23.25 | — | — |
About Vishal Nirmiti
Incorporated in June 1994 as Sejal Farms and renamed Vishal Nirmiti in 2025, the company works in civil engineering, manufacturing and construction for railway and infrastructure projects. It makes pre-stressed concrete sleepers for railways along with precast concrete products, and fabricates and erects MS pipes, MS liners and penstock pipes for pumped storage schemes. Manufacturing, covering PSC sleepers, large-diameter MS pipes and precast items such as noise barriers and cable ducts, contributed about 75 per cent of revenue in Fiscal 2026. The balance comes from sub-contracted job work on pipes, liners, penstocks and precast elements.
Company Information
Strengths (from RHP)
- The company has delivered railway and infrastructure contracts over three decades of operation.
- PSC sleeper manufacturing is an approved, specification-driven product line with limited competition.
- Customer relationships in the railway and infrastructure sectors are long established.
Key risks (from RHP)
- Most work comes from government railway and infrastructure projects, so order flow follows public spending.
- A small number of customers account for a large share of revenue.
- Cement, steel and other inputs are bought from a limited set of suppliers at prices the company does not control.
- Book running lead managers
- Saffron Capital Advisors Private Limited
- Registered office
- 303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort, Mumbai, Maharashtra, 400001
Official Documents
Opens the source filing in a new tab
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Disclaimer: Data on OpenIPO is for information only and is not investment advice. OpenIPO is not a SEBI-registered entity. GMP figures are unofficial estimates and may change. Verify all details against the company RHP and the official registrar before investing.