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