The public offering of ₹178.00 cr. by Vishal Nirmiti has been structured as a book built issue consisting of a fresh issue of 65.91 lakh shares worth ₹145.00 cr. along with an offer for sale (OFS) of 15.00 lakh shares aggregating to ₹33.00 cr. The subscription window opens on 30-September-2026 and ends on 5-October-2026. The basis of allotment is expected to be finalized on 6-October-2026, leading to a provisional dual listing on both the NSE & BSE platforms on 8-October-2026.
The shares are offered in the price bracket of ₹208 to ₹220 per share, with the minimum bid lot set at 68 shares. Retail investors require an initial capital of ₹14,960 to apply for a single lot based on the upper price limit. Saffron Capital Advisors Pvt. Ltd. acts as the sole book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. Ltd. oversees the operations as Registrar. Investors can consult the official Red Herring Prospectus (RHP) for complete details.
Vishal Nirmiti IPO Allotment Status
| Company Name | Allotment Date | Listing Date | Registrar (Check Link) |
|---|---|---|---|
| Vishal Nirmiti | Tue, Oct 6, 2026 | Thu, Oct 8, 2026 | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Vishal Nirmiti IPO Overview
| Details | Descriptions |
|---|---|
| IPO Date | 30 Sep to 5 Oct, 2026 |
| Listing Date | Thu, Oct 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹208 to ₹220 |
| Lot Size | 68 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 80,90,909 shares (agg. up to ₹178 Cr) |
| Fresh Issue | 65,90,909 shares (agg. up to ₹145 Cr) |
| Offer For Sale | 15,00,000 shares of ₹10 (agg. up to ₹33 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,98,00,000 shares |
| Share Holding Post Issue | 2,63,90,909 shares |
Vishal Nirmiti IPO Schedule
| Details | Description |
|---|---|
| IPO Open Date | Wed, Sep 30, 2026 |
| IPO Close Date | Mon, Oct 5, 2026 |
| Tentative Allotment | Tue, Oct 6, 2026 |
| Initiation of Refunds | Wed, Oct 7, 2026 |
| Credit of Shares to Demat | Wed, Oct 7, 2026 |
| Tentative Listing Date | Thu, Oct 8, 2026 |
Vishal Nirmiti Lot Size Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
| Retail (Max) | 13 | 884 | ₹1,94,480 |
| S-HNI (Min) | 14 | 952 | ₹2,09,440 |
| S-HNI (Max) | 66 | 4488 | ₹9,87,360 |
| B-HNI (Min) | 67 | 4556 | ₹10,02,320 |
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 80,909 | 1.00% | NA |
| NII (HNI) | 23,46,364 | 29.00% | NA |
| − bNII > ₹10L | 15,63,973 | 19.33% | 1,642 |
| − sNII < ₹10L | 7,82,391 | 9.67% | 821 |
| Retail | 56,63,636 | 70.00% | 83,288 |
| Total | 80,90,909 | 100.00% |
Vishal Nirmiti IPO – GMP Trend
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* |
|---|---|---|---|---|
| 30-Sep 19:02 | ₹220 | ₹10 (4.55%) ▲ | ₹230 | ₹680 |
| 29-Sep 21:37 | ₹220 | ₹6 (2.73%) ▲ | ₹226 | ₹408 |
| 28-Sep 23:37 | ₹220 | ₹2 (0.91%) ─ | ₹222 | ₹136 |
Overview of Vishal Nirmiti
Established in 1994, Vishal Nirmiti Limited (formerly known as Sejal Farms Private Limited) is an established civil engineering, manufacturing and construction enterprise. The firm specializes in the production of Pre-Stressed Concrete (PSC) Railway Sleepers, Special Pre-Cast Concrete Structures and Fabrication and Installation of Finished Mild Steel (MS) Pipe, Liner and Penstock Pipe Assemblies for Pumped Storage Projects (PSP). Beyond manufacturing, the company provides comprehensive engineering, procurement and construction (EPC) services spanning railway networks, irrigation systems, renewable energy and large industrial infrastructure projects.
The business operates through two key operational segments:
• Manufacturing Division: Dedicated to the production of PSC sleepers for Indian Railways, DFCCIL and private sector customers, as well as high durable MS pipes, liners and penstock structures used in hydroelectric power plants, lift irrigation schemes and municipal water supply networks.
• Services Division: Provides specialized contract execution for MS piping, pre-cast components (including acoustic noise barriers and cable conduits), hydro-mechanical engineering, civil construction, wind power generation, equipment leasing, logistics and industrial scrap management.
Driven by a leadership team with over 40 years of domain expertise, Vishal Nirmiti maintains a strong nationwide footprint with active operational facilities in Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. As of June 30, 2026, the organization relies on a skilled workforce of 420 employees across various core departments.
Key Competitive Strengths:
- Proven execution capabilities: Deep industry experience backed by a structured operating framework that provides end-to-end engineering solutions.
- Specific Railway Infrastructure Focus: Strong domain leadership in manufacturing of PSC sleepers for major rail network expansion.
- Long-term customer relationships: Established track record of trust and multi-year partnerships with key industrial and government stakeholders.
- Experienced Leadership: An experienced promoter group and management team strategically guide the expansion of the company.
Company Financials
Vishal Nirmiti Financial Information (Restated Standalone)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Total Income | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| Net Worth | 86.34 | 61.12 | 38.12 |
| Reserves and Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
Key Performance Indicator (KPI)
The market cap. of Vishal Nirmiti IPO is for Pre IPO ₹435.60 Cr., & for Post IPO ₹580.60 Crores.
KPI as of Mar 31, 2025
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 33.67% |
| ROCE | 28.02% |
| Debt/Equity | 1.01 |
| RoNW | 33.87% |
| PAT Margin | 7.37% |
| EBITDA Margin | 15.10% |
| NAV | 43.61 |
| Price to Book Value | 5.04 |
IPO Valuation & Shareholding Structure
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 12.61 | 9.46 |
| P/E (x) | 17.45 | 23.26 |
| Company Promoters: | Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya. | |
| Promoter and Promoter Group | 73.42% | 49.4% |
| Public | 26.58% | 50.60% |
| Total | 100% | 100% |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 1.00 | 80,909 | 80,920 |
| NII | 0.01 | 23,46,364 | 22,100 |
| bNII (> ₹10L) | 0.00 | 15,63,973 | 4,692 |
| sNII (< ₹10L) | 0.02 | 7,82,391 | 17,408 |
| Retail | 0.06 | 56,63,636 | 3,60,128 |
| Total | 0.06 | 80,90,909 | 4,63,148 |
Vishal Nirmiti IPO Objectives
| Objects of the Issue | Expected Amount (₹ in cr.) |
|---|---|
| Funding working capital requirements of the Company | 75.00 |
| Repayment and/ or pre-payment, in part or full of term loans | 19.00 |
| General Corporate Purposes | – |
| Total | 94.00 |
Vishal Nirmiti IPO Contact Details
- Vishal Nirmiti Ltd.
- 303, 17 Elphinstone House,
- Marzban Road, New Empire Cinema,
- Fort
- Mumbai, Maharashtra, 400001
- +91 9823877359
- ipo@vishalnirmiti.com
- Website: https://www.vishalnirmiti.com/
Vishal Nirmiti IPO Registrar
MUFG Intime India Pvt.Ltd.
| Details | Descriptions |
|---|---|
| Phone: | 022-49186000 |
| Email: | vishalnirmiti.ipo@in.mpms.mufg.com |
| Website: | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Vishal Nirmiti IPO FAQs
When Vishal Nirmiti IPO become available?
The IPO will open on Wed, Sep 30, 2026.
What is the minimum lot size for the Vishal Nirmiti IPO?
The minimum lot size is 68 shares.
When will the shares for the Vishal Nirmiti IPO be allotted?
The allotment is expected to be finalized on Tue, Oct 6, 2026
What is the expected listing date for the Vishal Nirmiti IPO?
The tentative listing date is Thu, Oct 8, 2026.
How can I apply for the Vishal Nirmiti IPO?
You can apply online through your bank or a broker using either the UPI or ASBA payment methods.
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