Vishal Nirmiti IPO 2026: GMP Today, Subscription Status, Price Band and Key IPO Details

Vishal Nirmiti IPO: Latest Update

Vishal Nirmiti IPO is currently open for subscription and will remain available until October 5, 2026. The company is looking to raise ₹178 crore through a combination of a fresh issue and an offer for sale. The price band has been fixed at ₹208 to ₹220 per share, with investors required to apply for a minimum of 68 shares.

The IPO has attracted attention in the grey market as well. As of October 2, the latest reported GMP is around ₹20, although grey market premiums are unofficial and can change quickly.

Vishal Nirmiti IPO Details

The IPO schedule and issue structure have been reported by multiple market sources.

Vishal Nirmiti IPO GMP Today

Vishal Nirmiti IPO GMP is reported at around ₹20 as of October 2, 2026. Based on the upper price band of ₹220, this indicates an unofficial estimated price of around ₹240 if the GMP remains unchanged.

The implied premium is roughly 9.09% over the upper issue price. However, GMP is not an official exchange indicator and should not be treated as a guarantee of the actual listing price.

Vishal Nirmiti IPO Subscription Status

The latest available Day 2 figures, as of October 1 at 5 PM, showed the IPO subscribed 0.57 times overall. QIB subscription stood at 0.96x, NII at 0.80x and retail subscription at 0.47x.

The subscription figures can change throughout the final bidding day, so investors should check the latest exchange-reported numbers before the issue closes.

What Does Vishal Nirmiti Do?

Vishal Nirmiti is a civil engineering, construction and manufacturing company with operations linked to infrastructure projects. Its manufacturing activities include pre-stressed concrete railway sleepers, precast and prestressed concrete products, as well as MS pipes, MS liners and penstock pipes.

The company also undertakes engineering, procurement, infrastructure and construction-related work for sectors including railways, renewable power and industrial infrastructure.

Order Book and IPO Fund Utilisation

As of June 2026, Vishal Nirmiti reported an order book of approximately ₹581.8 crore. Railway sleeper projects and infrastructure services involving MS pipes and liners form significant portions of the order book.

From the fresh issue proceeds, the company plans to use approximately:

• ₹75 crore for working capital requirements
• ₹19 crore for repayment of debt
• Remaining amount for general corporate purposes

The company had outstanding borrowings of around ₹87.4 crore as of March 2026.

Vishal Nirmiti Financial Performance

The company reported revenue of approximately ₹338.7 crore in FY2026, compared with ₹318.5 crore in FY2025. Profit after tax increased from ₹23.6 crore to approximately ₹24.97 crore during the same period.

The financial numbers show the company's recent operating scale, while its business remains exposed to infrastructure orders, tender activity and working-capital requirements.

Vishal Nirmiti IPO Timeline

The current IPO schedule places the proposed stock-market listing on October 8, 2026.

Key Points to Track

Vishal Nirmiti's IPO combines exposure to railway infrastructure, precast concrete manufacturing and infrastructure engineering services. Investors tracking the issue may want to watch the final subscription numbers, changes in the unofficial GMP, the company's order execution and its working-capital requirements as the IPO progresses.

The IPO closes on October 5, 2026, with allotment expected on October 6 and listing scheduled for October 8, subject to the applicable process.