Vishal Nirmiti IPO entered its second day of bidding on Thursday, with the Rs 178-crore public issue open for subscription for three days. The IPO comprises a fresh issue and an offer for sale (OFS). In the grey market, the issue is commanding a premium of Rs 35, or 16%, over the upper end of its price band, signalling expectations of a premium listing.

On Day 1, the Vishal Nirmiti IPO was subscribed 5% overall against the 84.71 lakh shares on offer. The retail investor portion was subscribed 6% against the 59.29 lakh shares reserved for the category.

The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. The IPO will close on October 5, while the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date.

The company has fixed the IPO price band at Rs 208-220 per share. The lot size is 68 shares, meaning retail investors will need to invest a minimum of Rs 14,960 at the upper end of the price band.

Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.

Vishal Nirmiti IPO Subscription Status

On Day 1, the IPO was subscribed 5% overall against the 84.71 lakh shares on offer.

The retail investor portion was subscribed 6% against the 59.29 lakh shares reserved for the category.

The Non-Institutional Investors (NII) portion was subscribed 1% against the 24.56 lakh shares on offer.

The Qualified Institutional Buyers (QIB) portion was subscribed 96% against the 84,710 shares reserved for the category.

Vishal Nirmiti IPO GMP Today

The grey market premium (GMP) for the Vishal Nirmiti IPO stood at Rs 35, or 16%, over the upper end of the price band.

Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 255.

GMP note: Grey market premiums are unofficial indicators and can change before listing based on market conditions and investor sentiment. They should not be considered a reliable indicator of the actual listing price or future performance of the shares.

Analyst View on Vishal Nirmiti IPO

According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper end of the price band. This implies a post-issue market capitalisation of approximately Rs 5,806 million.

The brokerage highlighted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle.

Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue.

The company proposes to use the net proceeds from the fresh issue to fund working capital requirements, repay and/or pre-pay term loans, and meet general corporate purposes.

Of the total Rs 94 crore in net proceeds, Rs 75 crore has been earmarked for working capital requirements, while Rs 19 crore will be used for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be utilised for general corporate purposes.

Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26, compared with Rs 325 crore in FY25.

The company's profit after tax (PAT) also increased 6% year-on-year to Rs 25 crore in FY26 from Rs 24 crore in FY25.

Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities.

The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as mild steel (MS) pipes, liners and penstock pipes used in pumped storage projects (PSPs).

Vishal Nirmiti also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure.

The company has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. It is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, Vishal Nirmiti had 420 employees.

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