Vishal Nirmiti's ₹178.00 crore initial public offering (IPO) opened for public subscription today, September 30, 2026, with a price band of ₹ 220 to ₹ 280 per share. As of 10:10 A.M. on the first day of bidding, the issue had been subscribed 0.00 times.

The IPO will remain open until October 5, 2026. The basis of allotment is expected to be finalised on October 6, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE on October 8, 2026.

Vishal Nirmiti IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: Up to ₹178.00 crore
Fresh Issue: Up to ₹145.00 crore
Offer for Sale (OFS): Up to ₹33.00 crore
Face Value: ₹10 per equity share
Price Band: ₹280 to ₹220 per share
Lot Size: 68 shares
Minimum Investment Amount (Retail Investor): ₹14,960 (68 shares at the upper price)
Listing: BSE, NSE
Book Running Lead Managers: Saffron Capital Advisors Private Limited
Registrar: MUFG Intime India Private Limited

Vishal Nirmiti IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Event	Date
Subscription Opening Date	30 September 2026
Subscription Closing Date	5 October 2026
Basis of Allotment Date	6 October 2026
Refund Initiation Date	7 October 2026
Credit of Shares	7 October 2026
Listing on BSE and NSE	8 October 2026

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

Vishal Nirmiti IPO Day 1 Subscription Status

[September 30, 2026, 10:00 A.M.]

Category	Subscription (x)
Qualified Institutional Buyers (QIBs)	0.00x
Non-Institutional Investors (NIIs)	0.00x
Retail Individual Investors (RIIs)	0.00x
Total	0.00x

Utilisation of IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

Funding working capital requirements of the company
Repayment and or pre-payment, in part or full, of term loans availed by the company
General corporate purposes.

About Vishal Nirmiti Limited

Established in 2012, Vishal Nirmiti Limited is engaged in civil engineering, manufacturing and construction activities. The company manufactures Pre-Stressed Concrete (PSC) railway sleepers and other precast and prestressed concrete products, and undertakes fabrication and erection of MS pipes, MS liners and penstock pipes for Pumped Storage Projects. It also provides engineering, procurement, infrastructure and construction services for railway, renewable energy, irrigation and industrial projects.

The company operates through Manufacturing and Services segments. Originally incorporated as Sejal Farms Private Limited, it underwent several name changes before becoming Vishal Nirmiti Limited in 2025 following its conversion into a public limited company. Its promoters include Brij B. Tapadiya, with over 45 years of industry experience, and Ajay Bhagwandas Tapadiya, with more than 30 years of experience in railway sleeper manufacturing and infrastructure.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	338.68	318.52	242.88
EBITDA	51.13	46.48	23.14
Profit After Tax (PAT)	24.98	23.64	3.45