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Vishal Nirmiti Ltd

IPO Details · GMP · Subscription · Financials

✅ Listed NSE & BSE Mainboard Live Chart
Issue Price
₹220
Per Share
GMP
+₹8
+3.64% Grey Market
Est. Listing
₹228
Expected Price
Min. Application
₹29,920
2 lots × 68 shares
IPO Issue Details
Issue Price / Price Band₹220 per share (Fixed Price)
Face Value₹10 Per Share
Lot Size68 Shares per Lot
Total Issue Size80,90,909 shares (agg. up to ₹178 Cr)
Issue TypeBookbuilding IPO
Sale Type / CategoryFresh capital cum OFS
Exchange / PlatformNSE & BSE
IPO TypeMainboard
Subscription OpenWed, 30 Sep 2026
Subscription CloseMon, 05 Oct 2026
Anchor AllotmentTue, 29 Sep 2026
Basis of AllotmentTue, 06 Oct 2026
Initiation of RefundsWed, 07 Oct 2026
Credit of Shares to DematWed, 07 Oct 2026
Listing DateThu, 08 Oct 2026
UPI Mandate Deadline5:00 PM on 05 Oct 2026 (Day 3)
Application & Investment Details
Retail — Min (1 Lots)₹14,960 — 68 shares
Retail — Max (13 Lots)₹194,480 (13 Lots)
HNI — Min (3 Lots)₹44,880 — 204 shares
EPS (Pre-IPO)₹12.61
EPS (Post-IPO)₹9.46
P/E Ratio (Pre-IPO)17.45x
P/E Ratio (Post-IPO)23.26x
Pre-IPO Promoter Holding1,98,00,000 shares
Post-IPO Promoter Holding2,63,90,909 shares
Fresh Issue Shares65,90,909 shares (agg. up to ₹145 Cr)
Offer for Sale Shares15,00,000 shares of ₹10 (agg. up to ₹33 Cr)
About Vishal Nirmiti Ltd

Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.Business Segments:Manufacturing segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects.Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertiseAs of June 30, 2026, the Company employed 420 employees in various departments.Competitive Strengths:Execution capabilities with industry experience and strong operating systems, providing comprehensive solution.Dedicated focus on railway infrastructure development and manufacture of PSC sleepersDeeply entrenched, long term relationships with customersExperienced Management Team driving the growth of the Company

Objects of the Issue

Vishal Nirmiti Ltd proposes to utilise the net proceeds from the Issue for the following objects:

1
Funding working capital requirements of the Company
75.00
2
Repayment and/ or pre-payment, in part or full of term loans
19.00
3
General Corporate Purposes
Shareholding & Lock-in
Pre-IPO Promoter Holding 1,98,00,000 shares
Post-IPO Promoter Holding 2,63,90,909 shares
Check AllotmentCheck Status →
Vishal Nirmiti Ltd — Live Price LIVE
₹220.00
INR · BSE
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Issue ₹220.00 GMP: +₹8 (+3.64%) Live Price
Quick Facts
GMP Signal🟢 Positive
StatusListed
Issue Price₹220
GMP+₹8
Est. Listing₹228
Lot Size68 shares
Min Amount₹29,920
Listing Date08 Oct 2026
Disclaimer: GMP is unofficial and unregulated. It does not guarantee actual listing price.
Listing Performance
Issue Price₹220
Listing Date08 Oct 2026
Listing Price—
Listing Gain/Loss—%
52-Week High—
52-Week Low—
Issue Structure & Reservation
Category Shares Offered % Issue Amount (₹ Cr)* Subscription
QIB (Ex Anchor) 80,909 — ₹1.78 Cr 1.33x
NII / HNI 2,346,364 — ₹51.62 Cr 1.89x
Retail (RII) 5,663,636 — ₹124.60 Cr 1.75x
TOTAL 8,090,909 100.00% ₹178.00 Cr 1.79x
* Based on ₹220.00 (upper price band)
Day-wise Subscription
QIB
1.33x
NII / HNI
1.89x
Retail
1.75x
Total
1.79x
Subscribed
Lot Size & Investment Details
Lot Size
68
Shares
Issue Price
₹220.00
Per Share
Min Investment
₹14,960
1 Lot
Category Lots Shares Amount (₹)
Retail (Min) 1 68 ₹14,960
Retail (Max) 13 884 ₹194,480
sNII (Min) 14 952 ₹209,440
bNII (Min) 68 4,624 ₹1,017,280
Company Financials — Restated Consolidated (Amount in ₹ Crore)
Particulars31 Mar 202631 Mar 202531 Mar 2024
Revenue from Operations 344.13 324.86 247.93
EBITDA 51.13 46.48 23.14
Profit After Tax (PAT) 24.98 23.64 3.45
Net Worth 86.34 61.12 38.12
Total Assets 334.92 296.61 242.04
Reserves & Surplus 66.98 59.76 36.76
Total Borrowings 87.42 88.05 91.75
Key Ratios & Valuation
Issue Price ₹220
Face Value ₹10 Per Share
P/BV 5.04
RoE 33.67
RoCE 28.02
RoNW 33.87
PAT Margin (%) 7.37
EBITDA Margin (%) 15.10
Debt / Equity 1.01
Company Details
Company
Vishal Nirmiti Ltd
Exchange
NSE & BSE
IPO Type
Mainboard IPO
Issue Type
Bookbuilding IPO
Face Value
₹10 Per Share
Script Code
N/A
Address
303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort Mumbai, Maharashtra, 400001
Book Running Lead Managers
Saffron Capital Advisors Pvt.Ltd
Book Running Lead Manager (BRLM)