Vishal Nirmiti IPO: dates, price band, lot size and GMP
Vishal Nirmiti IPO closed on 5 Oct on the Mainboard; price band ₹208 – ₹220, lot 68 shares, GMP ₹2 (+0.9% over the upper band). Allotment 6 Oct, listing 8 Oct.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Vishal Nirmiti IPO has a price band of ₹208 – ₹220, a lot of 68 shares and a grey-market premium of ₹2 (+0.9% over the upper band) as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 30 Sep – 5 Oct 2026 |
| Price band | ₹208 – ₹220 |
| Lot size | 68 shares |
| Issue size | ₹178.00 Cr |
| Fresh issue | ₹145 Cr |
| Offer for sale | ₹33 Cr |
| GMP (unofficial) | ₹2 |
| Subscription | 1.79x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Saffron Capital Advisors Pvt.Ltd. |
| Status | Closed, listing awaited |
Timeline
- Issue opens: 30 Sep
- Issue closes: 5 Oct
- Allotment: 6 Oct
- Refunds: 7 Oct
- Demat credit: 7 Oct
- Listing: 8 Oct
GMP today
Grey-market premium ₹2 per share (0.9% over the upper band of ₹220), estimated listing price about ₹222. Unofficial, dated, not a forecast. Day-by-day GMP trend.
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 1.33x |
| NII | 1.89x |
| sNII | 2.1x |
| bNII | 1.79x |
| Retail | 1.75x |
| Total | 1.79x |
Last updated 5 Oct 2026, 5:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹580.6 Cr |
| P/E (pre-issue) | 17.45x |
| P/E (post-issue) | 23.26x |
| Fresh issue (shares) | 65,90,909 |
| Offer for sale (shares) | 15,00,000 |
| Total shares offered | 80,90,909 |
| Promoter holding pre-issue | 73.42% |
| Promoter holding post-issue | 49.4% |
| Promoters | Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya, Keshav Tapadiya |
| Lead managers | Saffron Capital Advisors Pvt.Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | vishalnirmiti.ipo@in.mpms.mufg.com |
| Company website | vishalnirmiti.com |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 68 | ₹14,960 |
| Retail (maximum) | 14 | 952 | ₹2,09,440 |
| sNII (minimum) | 14 | 952 | ₹2,09,440 |
| bNII (minimum) | 67 | 4,556 | ₹10,02,320 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | 1% | 80,909 | Not more than 1% of the Offer Size |
| NII (HNI) | 29% | 23,46,364 | Not less than 29% of the Offer Size |
| sNII | 9.7% | 7,82,391 | |
| bNII | 19.3% | 15,63,973 | |
| Retail | 70% | 56,63,636 | Not less than 70%of the Net Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 30 Sep | 1.00x | 0.01x | 0.02x | 0.00x | 0.06x | 0.06x |
| Day 2 · 1 Oct | 1.00x | 0.84x | 0.32x | 1.10x | 0.49x | 0.60x |
| Day 3 · 5 Oct | 1.33x | 1.89x | 2.10x | 1.79x | 1.75x | 1.79x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹12.61 |
|---|---|
| EPS (post-issue) | ₹9.46 |
| P/E (pre-issue) | 17.45x |
| P/E (post-issue) | 23.26x |
| RoNW | 33.87% |
| RoCE | 28.02% |
| RoE | 33.67% |
| PAT margin | 7.37% |
| EBITDA margin | 15.1% |
| Price / book | 5.04x |
| NAV per share | ₹43.61 |
| Debt / equity | 1.01 |
| Market cap (upper band) | ₹580.6 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 | +12.9% |
| Total Income | 344.13 | 324.86 | 247.93 | +5.9% |
| Profit After Tax | 24.98 | 23.64 | 3.45 | +5.7% |
| EBITDA | 51.13 | 46.48 | 23.14 | +10% |
| NET Worth | 86.34 | 61.12 | 38.12 | +41.3% |
| Reserves and Surplus | 66.98 | 59.76 | 36.76 | +12.1% |
| Total Borrowing | 87.42 | 88.05 | 91.75 | −0.7% |
About Vishal Nirmiti
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.
Business Segments:
VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise
Objects of the issue
- Funding working capital requirements of the Company — ₹75 Cr
- Repayment and/ or pre-payment, in part or full of term loans — ₹19 Cr
- General Corporate Purposes
Net proceeds: ₹94 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Vishal Nirmiti Limited (issuer) | 12.61 | 12.61 | 43.61 | — | 33.87% | — | Restated |
| Gpt Infraprojects Ltd. | 7.7 | 7.7 | 41.77 | 14.83x | 18.25% | 2.78 | — |
| Indian Hume Pipe Co.Ltd. | 26.79 | 26.79 | 281.76 | 13.86x | 9.51% | 1.32 | — |
Financial information of the Company has been derived from the Restated Financial Statements All the financial information for listed industry peers mentioned above on a standalone/consolidated basis and is sourced from the annual reports/ financial results as available of the respective company for Fiscal 2026 submitted to stock exchanges or on company's website as available on www.bseindia.com and www.nseindia.com.
Strengths (per the offer document)
- After due discussion and negotiations, contracts are duly awarded to the parties — The major sleeper manufacturing governmental tenders bid and won by us for the six months period ended on September 30, 2025 and Fiscals 2025, 2024 and 2023 include: For the six months Fiscal 2025…
- Expected Growth in Demand ( In mIllion Units) — 323.8 309.8 297.8 287.6 278.9 271.4 FY 2025 FY 2026E FY 2027E FY 2028E FY 2029E FY 2030E Our expertise and track record in manufacturing and delivering PSC sleepers enables us to better our position…
- Deeply entrenched, long term relationships with customers — We maintain deeply entrenched, long-term relationships with key clients, built on consistent delivery, technical excellence, and trust developed over years of collaboration.
- Experienced Management Team driving the growth of the Company — We are led by our Promoters and the management team which has experience in the businesses which we operate.
- Strong Order Book & financial performance — As on September 30, 2025, the consolidated Order Book of the Company is ₹ 44,231.22 lakhs.
Risk factors (as disclosed by the company)
- Our business and revenues in the manufacturing segment for PSC sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded… — sleepers.
- We depend significantly on a certain number of customers for our business and revenue
- We rely on suppliers for our raw materials under our manufacturing segment
- A substantial increase in our profitability in the recent past has been contributed by the increase in the revenue and the higher margins in the services…
- Our business is based on periodic purchase orders raised by our customers based on their requirements from time to time
- Most of our projects are awarded to us through a competitive bidding process involving governmental authorities
- Our business is dependent on and will continue to depend on our Manufacturing Facilities
- We are subject to strict quality requirements, regular inspections and audits
From the RHP (strengths pages 220–225, risk factors page 27). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Vishal Nirmiti IPO GMP today and trend
- Vishal Nirmiti IPO subscription status, day by day
- Vishal Nirmiti IPO allotment status and how to check
Frequently asked questions
When does the Vishal Nirmiti IPO open and close?
The issue is scheduled for 30 Sep – 5 Oct 2026.
What is the Vishal Nirmiti IPO price band?
The price band is ₹208 – ₹220 per share with a lot size of 68 shares.
How big is the Vishal Nirmiti IPO?
The total issue size is ₹178.00 Cr, of which ₹145 Cr is a fresh issue and ₹33 Cr an offer for sale.
What is the Vishal Nirmiti IPO GMP today?
The grey-market premium reported today is ₹2 per share. GMP is an unofficial, unregulated indicator and not a prediction of the listing price.
When will Vishal Nirmiti list?
The tentative listing date is 8 Oct on the main board.
How do I apply for the Vishal Nirmiti IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Vishal Nirmiti · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Vishal Nirmiti · as filed · nsearchives.nseindia.com
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 6 Oct · in.mpms.mufg.com
- NSE public issues page · listing 8 Oct · nseindia.com
- BSE public issues page · listing 8 Oct · bseindia.com
- Vishal Nirmiti company website · vishalnirmiti.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 6 Oct, 08:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Vishal Nirmiti IPO”, https://buyunlistedshares.com/ipo/vishal-nirmiti-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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