Vishal Nirmiti IPO Subscription Continues on Day 3
Vishal Nirmiti IPO entered its third day of bidding on October 2, 2026. The issue opened on September 30 and will remain open until October 5. The IPO is raising approximately ₹178 crore through a combination of a fresh issue and an offer for sale.
The company has fixed the IPO price band at ₹208 to ₹220 per share. The shares are proposed to list on both BSE and NSE on October 8, subject to completion of the allotment process.
Vishal Nirmiti IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | September 30, 2026 |
| IPO Close Date | October 5, 2026 |
| Price Band | ₹208 – ₹220 |
| Issue Size | ₹178 Cr |
| Fresh Issue | ₹145 Cr |
| Offer for Sale | ₹33 Cr |
| Face Value | ₹10 |
| Lot Size | 68 Shares |
| Minimum Investment | ₹14,960 |
| Allotment Date | October 6, 2026 |
| Refund/Demat | October 7, 2026 |
| Listing Date | October 8, 2026 |
| Listing | BSE & NSE |
| Registrar | MUFG Intime India |
| Lead Manager | Saffron Capital Advisors |
The fresh issue proceeds will go to the company, while the OFS component involves shares being sold by an existing shareholder. NSE's issue information confirms the ₹145 crore fresh issue, up to 15 lakh shares in the OFS and the ₹208–₹220 price band.
Vishal Nirmiti IPO GMP Today
The latest GMP reported on October 2, 2026 is around ₹20 per share, down from ₹35 reported on October 1. At the upper price band of ₹220, the current GMP indicates an unofficial premium of about 9.09%.
Based on ₹20 GMP, the indicative price would be around ₹240 per share. However, GMP is an unofficial grey-market indicator and can change quickly during the remaining subscription period.
| Particular | Latest Update |
|---|---|
| IPO Price Band | ₹208 – ₹220 |
| GMP | ₹20 |
| Indicative Price | ₹240 |
| GMP Trend | Down from ₹35 |
| GMP Status | Unofficial |
Vishal Nirmiti IPO Subscription Status
By the end of October 1, the IPO was subscribed 0.57 times overall. The QIB portion was subscribed 0.96 times, the NII category 0.80 times and the retail category 0.47 times.
| Investor Category | Subscription |
|---|---|
| QIB | 0.96x |
| NII | 0.80x |
| Retail | 0.47x |
| Overall | 0.57x |
The Day 2 response was stronger than the opening day, when the issue had closed at only around 0.05x overall subscription. The company will now be closely tracked for the final bidding response on October 5.
What Does Vishal Nirmiti Do?
Vishal Nirmiti is a civil engineering, manufacturing and construction company incorporated in 1994. Its manufacturing operations include pre-stressed concrete railway sleepers, precast and pre-stressed concrete products, MS pipes, MS liners and penstock pipes.
The company also provides EPC services for railway infrastructure, irrigation, renewable power and other industrial infrastructure projects. Its railway-related business is an important part of its operating profile.
As of June 2026, the company's order book stood at approximately ₹581.8 crore, including around ₹306.9 crore of PSC sleeper orders and ₹146.8 crore from infrastructure services involving MS pipes and liners.
Vishal Nirmiti Financial Performance
The company reported growth in both total income and profit during FY2026. Total income increased to ₹344.13 crore, compared with ₹324.86 crore in FY2025. PAT increased to ₹24.98 crore from ₹23.64 crore.
| Particular | FY2025 | FY2026 |
|---|---|---|
| Total Income | ₹324.86 Cr | ₹344.13 Cr |
| EBITDA | ₹46.48 Cr | ₹51.13 Cr |
| PAT | ₹23.64 Cr | ₹24.98 Cr |
| Net Worth | ₹61.12 Cr | ₹86.34 Cr |
| Borrowings | ₹88.05 Cr | ₹87.42 Cr |
The company also reported an order book significantly larger than its FY2026 revenue base, providing visibility for upcoming project execution. At the same time, the business requires substantial working capital to support its infrastructure and manufacturing activities.
Use of Vishal Nirmiti IPO Funds
The company plans to deploy a significant portion of the fresh issue proceeds toward working capital requirements and debt repayment.
Around ₹75 crore has been earmarked for working capital, while ₹19 crore is intended for repayment or prepayment of certain borrowings. The remaining amount will be used for general corporate purposes.
| Particular | Amount |
|---|---|
| Working Capital | ₹75 Cr |
| Debt Repayment / Prepayment | ₹19 Cr |
| General Corporate Purposes | Balance Amount |
Vishal Nirmiti IPO Key Points
Vishal Nirmiti's IPO combines exposure to railway infrastructure, precast concrete manufacturing, steel pipe fabrication and EPC services. The company has an order book of around ₹581.8 crore as of June 2026, while FY2026 total income stood at ₹344.13 crore.
The key factors to monitor during the remaining IPO period include subscription across investor categories, movement in the unofficial GMP, execution of the existing order book, working-capital requirements and the company's borrowing position.
Vishal Nirmiti IPO Timeline
The IPO opened on September 30 and will close on October 5, 2026. The basis of allotment is expected on October 6, refunds and demat credit are scheduled for October 7, and the shares are expected to list on October 8 on BSE and NSE.
With the IPO now in its third day, the final subscription figures and the movement in GMP will be the key updates to watch before the issue closes.
Note: GMP is an unofficial market indicator and is not a guaranteed listing price. Investors should consider the company's financial performance, order book, debt, working-capital requirements, valuation and risk factors along with the IPO subscription data.
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