The Rs 178 crore Vishal Nirmiti IPO comprises a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale (OFS) of 15 lakh shares worth Rs 33 crore.
The IPO opened for subscription on September 30, 2026, and closed on October 5, 2026. The issue received an overall subscription of 1.79 times. The retail portion was subscribed 1.75 times, while the non-institutional investor (NII) category was subscribed 1.89 times. The qualified institutional buyers (QIB) portion received 1.33 times subscription.
The basis of allotment was finalised on October 6, and the shares are scheduled to list on both the NSE and BSE on October 8.
The company had fixed the IPO price band at Rs 208-220 per share. With a lot size of 68 shares, retail investors were required to invest a minimum of Rs 14,960 at the upper end of the price band.
Saffron Capital Advisors Pvt Ltd is the book-running lead manager for the issue, while MUFG Intime India Pvt Ltd is the registrar to the issue.
Vishal Nirmiti IPO GMP Today
The Vishal Nirmiti IPO is commanding a grey market premium (GMP) of Rs 2, or 1%, over the upper price band of Rs 220 per share. Based on the prevailing GMP, the estimated listing price works out to around Rs 222 per share, implying a potential listing gain of 1% over the issue price.GMP note: The grey market premium is an unofficial indicator and may fluctuate before listing depending on market conditions and investor sentiment. It should not be considered a reliable indicator of the actual listing price or the future performance of the shares.
Objects of the Issue
The company proposes to use the net proceeds from the fresh issue to fund working capital requirements, repay and/or pre-pay term loans, and meet general corporate purposes. Of the total Rs 94 crore in net proceeds, Rs 75 crore has been earmarked for working capital requirements, while Rs 19 crore will be used for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be utilised for general corporate purposes.Vishal Nirmiti Financial Performance
Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26, compared with Rs 325 crore in FY25. The company's profit after tax (PAT) also increased 6% year-on-year to Rs 25 crore in FY26 from Rs 24 crore in FY25.About Vishal Nirmiti
Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities. The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as mild steel (MS) pipes, liners and penstock pipes used in pumped storage projects (PSPs).Vishal Nirmiti also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure. The company has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. It is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, Vishal Nirmiti had 420 employees.
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