Vishal Nirmiti’ initial public offering (IPO) is set to open for subscription on September 30, 2026. According to the Red Herring Prospectus (RHP), the ₹178.00 crore book-built issue comprises a fresh issue of 65.91 lakh equity shares aggregating up to ₹145.00 crore and an offer for sale (OFS) of 15.00 lakh equity shares aggregating up to ₹33.00 crore by its existing shareholders.

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 Category-wise Investment Limits

The application size for each category is as follows -

Category	Investment Range
Qualified Institutional Buyers (QIBs)	Not more than 1% of the Net Issue
Non-Institutional Investors (NIIs)	Not less than 29% of the Net Issue
Retail Individual Investors (RII)	Not less than 70% of the Net Issue

The minimum investment amount for each category, based on the upper price band of ₹220 per share, is as follows -

Investor Category	Lots	Shares	Investment Amount (Approx.)
Retail (Minimum)	1	68	₹14,960
Retail (Maximum)	13	884	₹1,94,480
sNII (Minimum)	14	952	₹2,09,440
bNII (Minimum)	67	4556	₹10,02,320

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

Incorporated in 2012, Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company engaged in manufacturing Pre-Stressed Concrete (PSC) railway sleepers, precast and prestressed concrete products, and fabrication and erection of MS Pipes, MS Liners and Penstock Pipes for Pumped Storage Projects. The Company also provides engineering, procurement, infrastructure and construction services for railway, renewable power, irrigation and industrial projects.

Its operations are divided into Manufacturing and Services segments. The Company was originally incorporated as Sejal Farms Private Limited and underwent multiple name changes before becoming Vishal Nirmiti Limited in 2025, following its conversion into a public limited company. The business is led by promoters with extensive industry experience, including Brij B. Tapadiya, who has over 45 years of experience, and Ajay Bhagwandas Tapadiya, who has over 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