The Vishal Nirmiti IPO entered its second day of bidding on Thursday with 30% overall subscription as of 11:50 am on October 1, according to NSE data. The retail investor portion was subscribed 24% against the 59.29 lakh shares reserved for the category, while the Non-Institutional Investors (NII) portion was subscribed 41% against 24.56 lakh shares. The Qualified Institutional Buyers (QIB) portion was subscribed 96% against 84,710 shares reserved for the category. The IPO, which opened for subscription on September 30, will remain open until October 5, with proceeds proposed for funding working capital requirements, loan repayment, and general corporate purposes. The basis of allotment is expected to be finalised on October 6.
The grey market premium has surged significantly to ₹35 or 16% over the upper price band, signalling expectations of a premium listing for Vishal Nirmiti shares. Based on the upper price band of ₹220 and the prevailing GMP, the implied estimated listing price is around ₹255, representing a substantial premium over the issue price. This represents a significant improvement from the earlier ₹2 GMP reported on September 28, which had risen to ₹9 by the first day of bidding. The grey market data indicates strengthening market sentiment for the railway infrastructure company's public offering, though grey market premiums are unofficial indicators and can change depending on market conditions and investor sentiment.
The Vishal Nirmiti IPO comprises a fresh issue of 65.91 lakh shares aggregating to ₹145 crore and an offer for sale of 15 lakh shares worth ₹33 crore. Of the total ₹94 crore in net proceeds, ₹75 crore has been earmarked for working capital requirements, while ₹19 crore will be used for repayment and/or pre-payment of term loans. The price band has been fixed at ₹208-₹220 per share, with the lot size of 68 shares requiring a minimum investment of ₹14,960 at the upper price band. The issue is managed by Saffron Capital Advisors Pvt Ltd as the book-running lead manager and MUFG Intime India Pvt Ltd as the registrar. The IPO will close on October 5, while the shares are proposed to list on both NSE and BSE exchanges on October 8.
Vishal Nirmiti Ltd, incorporated in 1994, operates as a civil engineering, manufacturing and construction company engaged in manufacturing and dealing in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication of mild steel (MS) pipes, MS liners and pre-stressed pipes for pumped storage projects. The company also provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure projects. 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.
Vishal Nirmiti reported a 6% increase in total income to ₹344 crore in FY26, compared with ₹325 crore in FY25, as reported by Moneycontrol. The company's profit after tax (PAT) also rose 6% year-on-year to ₹25 crore in FY26 from ₹24 crore in FY25. Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue, highlighting the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle.
