Vishal Nirmiti IPO GMP today is Rs -5. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
VNL
Vishal Nirmiti IPO GMP, Subscription & Allotment Status Today
Vishal Nirmiti is a civil engineering, construction, and manufacturing firm operating in 2 segments. Its manufacturing arm produces pre-stressed concrete sleepers, pre-cast barriers, and steel/penstock pipes for Indian Railways and private developers. Its services arm delivers EPC solutions for railway, irrigation, and road infrastructure. The company supports regional projects through specialized manufacturing facilities across Maharashtra, Madhya Pradesh, Gujarat, and Himachal Pradesh.
- Price Band
- ₹208.00 - ₹220.00
- Lot Size
- 68 Shares
- Bidding Closes
- 05 Oct 2026
- Listing Date
- 08 Oct 2026
Current GMP Status
₹-5
-2.27% vs upper band
Est. Listing Gain
-2.27%
Last Trend
08 Oct 2026
Listing Price
₹215.00
Retail Entry
₹14,960
IPO Details
Complete IPO information
| Current GMP | ₹-5 |
|---|---|
| Estimated Listing Gain | -2.27% |
| Price Band | ₹208.00 - ₹220.00 |
| Issue Price | Approx ₹178.00 Crores |
| Listing Price | ₹215.00 |
| Lot Size | 68 Shares |
| Issue Type | Mainboard |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Exchange | BSE, NSE |
| Retail Quota | TBA |
| Overall Subscription | 1.71x |
| Listing Date | 08 Oct 2026 |
| Minimum Investment | ₹14,960 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 0.85 | 1.07 | 1.27x |
| NII | 24.57 | 44.46 | 1.81x |
| Retail | 59.30 | 98.93 | 1.67x |
| Overall Subscription | 84.71 | 144.47 | 1.71x |
Day-wise demand
Vishal Nirmiti IPO subscription status day-wise
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 2 (01 Oct) | 0.96x | 0.01x | 0.06x | 0.05x |
| Day 4 (05 Oct) | 0.96x | 0.8x | 0.47x | 0.57x |
Subscription in times (x) at the end of each bidding day. Today's row updates through the day.
Company data
{Vishal Nirmiti}: financials, valuation & listing
Listing details
| Listing date | 08 Oct 2026 |
|---|---|
| NSE symbol | VNL |
| BSE code | 544973 |
| ISIN | INE1O5L01025 |
| Offer price | ₹208 – ₹220 |
| Face value | ₹10 |
| Listing price | ₹215 |
Valuation
| Return on equity (ROE) | 33.67% |
|---|---|
| Return on capital employed (ROCE) | 28.02% |
| EBITDA margin | 15.10% |
| PAT margin | 7.37% |
| Debt to equity | 1.01 |
| EPS | 12.61 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 33.87% |
| NAV per share | 43.61 |
Financial history
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 270.58 Cr. | 266.65 Cr. | 3.01 Cr. | 224.50 Cr. |
| 2024 | 247.93 Cr. | 243.35 Cr. | 3.45 Cr. | 242.04 Cr. |
| 2025 | 324.86 Cr. | 293.72 Cr. | 23.64 Cr. | 296.61 Cr. |
| 2026 | 344.13 Cr. | 310.35 Cr. | 24.98 Cr. | 334.92 Cr. |
Peer comparison
| Company | Income | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|---|
| GPT Infraprojects Limited | 1,289.92 Cr. | 7.70 | 14.83 | 18.25 | 41.77 |
| Indian Hume Pipe Company Limited | 1,305.57 Cr. | 26.79 | 13.86 | 9.51 | 281.76 |
Use of proceeds
| Purpose | Amount (₹ crore) |
|---|---|
| Working Capital Requirement | 75 (51.72%) |
| Repayment and/or pre-payment of certain borrowings | 19 (13.10%) |
| General Corporate Purposes | 51 (35.18%) |
Key dates
| UPI mandate deadline | 05 Oct 2026 |
|---|---|
| Allotment finalised | 06 Oct 2026 |
| Refund initiation | 07 Oct 2026 |
| Shares credited | 07 Oct 2026 |
| Mandate end date | 20 Oct 2026 |
| Anchor lock-in ends (50%) | 04 Nov 2026 |
| Anchor lock-in ends (remaining) | 03 Jan 2027 |
Grey Market Premium (GMP) data is entirely unofficial and speculative, and is influenced by market sentiment, demand and supply for IPO shares, and market rumors. While GMP can provide an indication of the expected IPO listing price, it may not always be accurate and does not guarantee the actual listing price.
Head-to-head
Compare Vishal Nirmiti IPO with similar IPOs
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Vishal Nirmiti is priced at ₹220 per share. With a minimum lot size of 68 shares, a retail investor applying for one lot would need approximately ₹14,960 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Vishal Nirmiti stands at ₹-5, implying an estimated listing gain of around -2.27% over the issue price if it holds until listing. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Vishal Nirmiti's IPO was subscribed 1.71x overall, with a category-wise breakdown of Retail 1.67x, QIB 1.27x, NII 1.81x.
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
30 Sept 2026
✓
Bidding Closes
05 Oct 2026
✓
Allotment
06 Oct 2026
✓
Listing
08 Oct 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 08 Oct 2026 | ₹2.00 | - | 0.91% |
| 07 Oct 2026 | ₹2.00 | - | 0.91% |
| 06 Oct 2026 | ₹2.00 | -₹18.00 | 0.91% |
| 05 Oct 2026 | ₹20.00 | - | 9.09% |
| 03 Oct 2026 | ₹20.00 | - | 9.09% |
| 02 Oct 2026 | ₹20.00 | -₹15.00 | 9.09% |
| 01 Oct 2026 | ₹35.00 | +₹29.00 | 15.91% |
| 30 Sept 2026 | ₹6.00 | +₹4.00 | 2.73% |
| 29 Sept 2026 | ₹2.00 | - | 0.91% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 68 | ₹14,960 |
| Retail Maximum | 13 Lot | 884 | ₹1,94,480 |
| S-HNI Minimum | 14 Lot | 952 | ₹2,09,440 |
| S-HNI Maximum | 66 Lot | 4,488 | ₹9,87,360 |
| B-HNI Minimum | 67 Lot | 4,556 | ₹10,02,320 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Analysis
Vishal Nirmiti IPO Details
Vishal Nirmiti IPO is a book building issue with an issue size of Approx ₹178 Crores. The IPO comprises a fresh issue of Approx ₹145 Crores and is proposed to be listed on the BSE, NSE. The IPO price band is set at ₹208 – ₹220 per equity share.
| Particular | Details |
|---|---|
| IPO Open Date | 30 Sept 2026 |
| IPO Close Date | 05 Oct 2026 |
| IPO Price Band | ₹208 – ₹220 |
| Issue Size | Approx ₹178 Crores |
| Fresh Issue | Approx ₹145 Crores |
| Issue Type | Mainboard |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Note: The above Vishal Nirmiti IPO details are based on the information provided for the issue.
Analysis
Vishal Nirmiti IPO Reservation
The Vishal Nirmiti IPO reservation is divided among qualified institutional buyers, non-institutional investors and retail investors. The retail category accounts for the largest portion of the issue, followed by the NII category and the QIB category.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| QIB (Ex. Anchor) | 80,909 Shares | 1% |
| NII Shares Offered | 23,46,364 Shares | 29% |
| Retail Shares Offered | 56,63,636 Shares | 70% |
Note: The reservation details are based on the information provided for the Vishal Nirmiti IPO.
Analysis
Vishal Nirmiti IPO Dates
The Vishal Nirmiti IPO is scheduled to open on September 30, 2026, and close on October 5, 2026. The basis of allotment is expected to be finalized on October 6, followed by refunds and demat credit on October 7. The shares are scheduled to be listed on October 8, 2026.
| Particular | Details |
|---|---|
| IPO Open Date | September 30, 2026 |
| IPO Close Date | October 5, 2026 |
| Basis of Allotment | October 6, 2026 |
| Refunds | October 7, 2026 |
| Credit to Demat Account | October 7, 2026 |
| IPO Listing Date | October 8, 2026 |
Note: The above schedule is based on the provided Vishal Nirmiti IPO dates and may be subject to change.
Analysis
Vishal Nirmiti IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 30 Sept 2026 |
| IPO Close Date | 05 Oct 2026 |
| Basis of Allotment | 06 Oct 2026 |
| Refunds | 07 Oct 2026 |
| Credit to Demat Account | 07 Oct 2026 |
| IPO Listing Date | 08 Oct 2026 |
Note: The timeline for Vishal Nirmiti IPO is tentative and subject to change.
Analysis
Vishal Nirmiti IPO Objects of the Issue & Utilisation of Proceeds
The proceeds from the Vishal Nirmiti IPO are proposed to be utilised primarily for meeting the company's working capital requirements and reducing its outstanding term loan obligations. The issue proceeds also include an allocation for general corporate purposes.
| Purpose | Crores |
|---|---|
| Funding Working Capital Requirements | ₹75.00 |
| Repayment and/ or pre-payment, in part or full of term loans | ₹19.00 |
| General Corporate Purpose | ₹- |
Note: The utilisation details above are based on the information provided for the Vishal Nirmiti IPO.
Analysis
Vishal Nirmiti Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Working Capital Requirement | 75 (51.72%) |
| Repayment and/or pre-payment of certain borrowings | 19 (13.10%) |
| General Corporate Purposes | 51 (35.18%) |
Note: Objectives are as specified in the DRHP/RHP documents of Vishal Nirmiti.
Analysis
Vishal Nirmiti IPO Company Financial Report
The Vishal Nirmiti financial report presents the company's revenue, expenses, profit after tax (PAT), and asset position across the reported periods. The company recorded growth in revenue and PAT in 2025 and continued its financial performance in 2026.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹270.58 | ₹266.65 | ₹3.01 | ₹224.50 |
| 2024 | ₹247.93 | ₹243.35 | ₹3.45 | ₹242.04 |
| 2025 | ₹324.86 | ₹293.72 | ₹23.64 | ₹296.61 |
| 2026 | ₹344.13 | ₹310.35 | ₹24.98 | ₹334.92 |
Note: Amounts are presented in ₹ Crores based on the financial figures provided for Vishal Nirmiti.
Analysis
Vishal Nirmiti Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 270.58 Cr. | 266.65 Cr. | 3.01 Cr. | 224.50 Cr. |
| 2024 | 247.93 Cr. | 243.35 Cr. | 3.45 Cr. | 242.04 Cr. |
| 2025 | 324.86 Cr. | 293.72 Cr. | 23.64 Cr. | 296.61 Cr. |
| 2026 | 344.13 Cr. | 310.35 Cr. | 24.98 Cr. | 334.92 Cr. |
Note: Financial numbers for Vishal Nirmiti are in ₹ Crores unless stated otherwise.
Analysis
Vishal Nirmiti Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 33.67% |
| ROCE | 28.02% |
| EBITDA Margin | 15.10% |
| PAT Margin | 7.37% |
| Debt to Equity Ratio | 1.01 |
| Earning Per Share (EPS) | 12.61 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 33.87% |
| Net Asset Value (NAV) | 43.61 |
Note: Valuation KPIs for Vishal Nirmiti are computed for FY2026.
Analysis
Vishal Nirmiti IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| GPT Infraprojects Limited | 7.70 | 14.83 | 18.25 | 41.77 | 1,289.92 Cr. |
| Indian Hume Pipe Company Limited | 26.79 | 13.86 | 9.51 | 281.76 | 1,305.57 Cr. |
Note: Peer group comparisons for Vishal Nirmiti are sourced from DRHP filings.
FAQ
Vishal Nirmiti IPO FAQs
Vishal Nirmiti IPO price band is Rs 208.00 to Rs 220.00. Check the latest issue price, lot size and GMP together before applying.
Vishal Nirmiti IPO open date is 30 Sept 2026, close date is 05 Oct 2026, and listing date is 08 Oct 2026.
Vishal Nirmiti IPO lot size is 68 shares. The minimum retail investment is Rs 14,960.
Vishal Nirmiti is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Vishal Nirmiti IPO subscription status currently shows Retail 1.67x, QIB 1.27x, NII 1.81x, Overall 1.71x.
Vishal Nirmiti is a civil engineering, construction, and manufacturing firm operating in 2 segments. Its manufacturing arm produces pre-stressed concrete sleepers, pre-cast barriers, and steel/penstock pipes for Indian Railways and private developers. Its services arm delivers EPC solutions for railway, irrigation, and road infrastructure. The company supports regional projects through specialized manufacturing facilities across Maharashtra, Madhya Pradesh, Gujarat, and Himachal Pradesh.
Vishal Nirmiti IPO issue size is TBA and the expected allotment date is 06 Oct 2026.
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