Vishal Nirmiti shares debuted on NSE and BSE today, October 8, 2026, listing at ₹215 per share, representing a 2.27% discount to the ₹220 issue price. The ₹178-crore IPO achieved 1.71 times subscription during its three-day bidding period from September 30 to October 5, with the grey market premium (GMP) indicating a ₹2 premium ahead of listing. According to Goodreturns, the stock opened at ₹215 on both exchanges and remained at that level around 9:55 AM IST, indicating no major movement from the opening price. The shares are scheduled to list on both exchanges at 10:00 AM today, with the company's market capitalisation standing at ₹567.40 crore on BSE. Refunds for unsuccessful applicants began on October 7 and successful allotments were credited to Demat accounts on the same day.
The retail investor portion was subscribed 1.67 times against 59.29 lakh shares reserved for the category, while the Non-Institutional Investors (NII) portion achieved 1.81 times subscription against 24.56 lakh shares. The Qualified Institutional Buyers (QIB) portion showed the strongest demand at 1.33 times subscription against 84.71 lakh shares reserved for this category, excluding anchor investors. The IPO was priced in the ₹208-220 per share band with a lot size of 68 shares, requiring a minimum investment of ₹14,960 at the upper price band. The subscription figures represent the final allocation after the allotment process was completed on October 6, with the IPO receiving 1,44,46,736 bids against 80,90,909 shares on offer. Following the issue, the company's total number of shares increased from 1,98,00,000 shares to 2,63,90,909 shares.
Investors who received the Vishal Nirmiti IPO allotment lost ₹5 per share at the listing price, taking the value of their investment to ₹14,905 as per the opening price on NSE. A lot consists of 68 shares and costs ₹14,960, making the discount equivalent to 2.27% of the issue price. The IPO comprises a fresh issue of ₹145 crore and an offer for sale (OFS) of ₹33 crore by promoter Vaman Prestressing Company. The IPO is priced in the ₹208-220 per share band with a lot size of 68 shares, requiring a minimum investment of ₹14,960 at the upper price band. According to the IPO schedule, the company plans to use around ₹75 crore from the net proceeds towards working capital requirements and ₹19 crore towards repayment or prepayment of term loans. The estimated listing price of Vishal Nirmiti IPO was likely to be ₹222, which is 0.91% higher than the IPO price of ₹220. Saffron Capital Advisors Pvt Ltd serves as the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.
Vishal Nirmiti, incorporated in 1994, is a civil engineering, manufacturing and construction firm involved in the manufacturing and dealing of pre-stressed concrete sleepers for railways, pre-cast and prestressed concrete products for various applications, and fabrication and erection of mild steel pipes, MS liners and penstock pipes for pumped storage projects. As reported by The Economic Times, the company also provides engineering, procurement, construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors like railways, renewable power and industrial sectors. The company has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. As of June 30, 2026, Vishal Nirmiti had 420 employees and is led by a promoter group with more than four decades of domain experience.
According to latest financial data, Vishal Nirmiti reported a 6% increase in total income to ₹344 crore in FY26, compared with ₹325 crore in FY25. The company's profit after tax (PAT) also rose 6% year-on-year to ₹25 crore in FY26 from ₹24 crore in FY25. The IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to ₹145 crore and an OFS of 15 lakh shares worth ₹33 crore. The grey market premium (GMP) witnessed mixed trends during the subscription period, with the unlisted premium standing at ₹6 as of September 29, rising as high as ₹20 on October 3 before settling at ₹2. The basis of allotment was finalised on October 6, 2026, with the company earmarking ₹75 crore for working capital requirements and ₹19 crore for loan repayment from the total proceeds of ₹94 crore. The remaining proceeds will be used for general corporate purposes.
