Vishal Nirmiti IPO Day 2: Subscription Status, Timeline & Key Issue Details
The ₹178 crore Vishal Nirmiti IPO entered Day 2 of bidding on Thursday, October 1, 2026. The civil engineering and construction company has set the IPO price band at ₹208 to ₹220 per share. As of 10:10 A.M. on the second day of bidding, the issue had been subscribed 0.10 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 2 Subscription Status
[October 1, 2026, 10:00 A.M.]
|
Category |
Subscription (x) |
|
Qualified Institutional Buyers (QIBs) |
0.96x |
|
Non-Institutional Investors (NIIs) |
0.11x |
|
Retail Individual Investors (RIIs) |
0.09x |
|
Total |
0.10x |
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. It manufactures PSC railway sleepers and other precast and prestressed concrete products, while also undertaking infrastructure and construction projects across the railway, renewable energy, irrigation and industrial sectors.
The company operates through its Manufacturing and Services segments. Originally incorporated as Sejal Farms Private Limited, it became a public limited company in 2025 and adopted its current name. Its promoters, Brij B. Tapadiya and Ajay Bhagwandas Tapadiya, have over 45 years and 30 years of industry experience, respectively.
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 |
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