Vishal Nirmiti IPO Day 3: GMP at 9%; Check subscription, key details and analyst view
In the grey market, the IPO is currently commanding a premium of Rs 20, or 9.09%, over the upper end of its price band, indicating expectations of a premium listing.
By Kumar Gaurav, ETMarkets.com | Updated:
ETMarkets.com
The three-day subscription window for the initial public offering (IPO) of Vishal Nirmiti is set to close today. The Rs 178-crore public issue, which opened for subscription on September 30, 2026, comprises a fresh issue and an offer for sale (OFS).
In the grey market, the IPO is currently commanding a premium of Rs 20, or 9.09%, over the upper end of its price band, indicating expectations of a premium listing.
On Day 2, the Vishal Nirmiti IPO was subscribed 57% overall against the 84.71 lakh shares on offer.
Read more:Orient Cables shares to list today; GMP signals 45% premium over issue price
With the IPO set to close today, the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date.
The company has fixed the IPO price band at Rs 208-220 per share. The lot size is 68 shares, meaning retail investors will need to invest a minimum of Rs 14,960 at the upper end of the price band.
Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.
Read more: AceVector shares to list today; Check GMP ahead of debut
The retail investor portion was subscribed 47% against the 59.29 lakh shares reserved for the category.
The Non-Institutional Investors (NII) portion was subscribed 80% against the 24.56 lakh shares on offer.
The Qualified Institutional Buyers (QIB) portion was subscribed 96% against the 84,710 shares reserved for the category.
ALSO READ: Valuations of IT stocks already capture most of AI disruption risk: Chintan Haria
Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 240.
GMP note: Grey market premiums are unofficial indicators and can change before listing based on market conditions and investor sentiment. They should not be considered a reliable indicator of the actual listing price or future performance of the shares.
The brokerage highlighted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle.
Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue.
Of the total Rs 94 crore in net proceeds, Rs 75 crore has been earmarked for working capital requirements, while Rs 19 crore will be used for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be utilised for general corporate purposes.
It provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors.
The business is divided into two segments: manufacturing and services.
The manufacturing segment comprises the PSC sleeper division, which manufactures PSC sleepers for rail projects primarily awarded by public-sector clients such as Indian Railways and its subsidiaries, including DFCCIL, as well as private-sector clients such as ISC Projects Private Limited.
The MS pipes division manufactures large-diameter MS pipes, MS liners and penstock pipes for pumped storage projects on behalf of private clients across multiple industries, including general infrastructure and engineering, hydropower projects, lift irrigation and water supply projects of various sizes, as per client requirements.
The company also manufactures precast concrete elements such as noise barriers and cable ducts.
Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26, compared with Rs 325 crore in FY25. The company's profit after tax (PAT) also increased 6% year-on-year to Rs 25 crore in FY26 from Rs 24 crore in FY25.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
In the grey market, the IPO is currently commanding a premium of Rs 20, or 9.09%, over the upper end of its price band, indicating expectations of a premium listing.
On Day 2, the Vishal Nirmiti IPO was subscribed 57% overall against the 84.71 lakh shares on offer.
Read more:Orient Cables shares to list today; GMP signals 45% premium over issue price
Vishal Nirmiti IPO: Key details
The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore.With the IPO set to close today, the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date.
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The company has fixed the IPO price band at Rs 208-220 per share. The lot size is 68 shares, meaning retail investors will need to invest a minimum of Rs 14,960 at the upper end of the price band.
Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.
Read more: AceVector shares to list today; Check GMP ahead of debut
Vishal Nirmiti IPO subscription status
On Day 2, the IPO was subscribed 57% overall against the 84.71 lakh shares on offer.ADVERTISEMENT
The retail investor portion was subscribed 47% against the 59.29 lakh shares reserved for the category.
The Non-Institutional Investors (NII) portion was subscribed 80% against the 24.56 lakh shares on offer.
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The Qualified Institutional Buyers (QIB) portion was subscribed 96% against the 84,710 shares reserved for the category.
ALSO READ: Valuations of IT stocks already capture most of AI disruption risk: Chintan Haria
Vishal Nirmiti IPO GMP today
The grey market premium (GMP) for the Vishal Nirmiti IPO stood at Rs 20, or 9.09%, over the upper end of the price band.Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 240.
GMP note: Grey market premiums are unofficial indicators and can change before listing based on market conditions and investor sentiment. They should not be considered a reliable indicator of the actual listing price or future performance of the shares.
Analyst view on Vishal Nirmiti IPO
According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper end of the price band. This implies a post-issue market capitalisation of approximately Rs 5,806 million.The brokerage highlighted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle.
Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue.
Objects of the issue
The company proposes to use the net proceeds from the fresh issue to fund working capital requirements, repay and/or pre-pay term loans, and meet general corporate purposes.Of the total Rs 94 crore in net proceeds, Rs 75 crore has been earmarked for working capital requirements, while Rs 19 crore will be used for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be utilised for general corporate purposes.
About Vishal Nirmiti
Vishal Nirmiti, promoted by Brij B Tapadiya, is a civil engineering, manufacturing and construction company primarily engaged in the manufacturing and dealing of pre-stressed concrete (PSC) sleepers for railways, precast and pre-stressed concrete products for various applications. The company is also involved in the fabrication and erection of MS pipes, MS liners and penstock pipes for pumped storage projects (PSPs).It provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors.
The business is divided into two segments: manufacturing and services.
The manufacturing segment comprises the PSC sleeper division, which manufactures PSC sleepers for rail projects primarily awarded by public-sector clients such as Indian Railways and its subsidiaries, including DFCCIL, as well as private-sector clients such as ISC Projects Private Limited.
The MS pipes division manufactures large-diameter MS pipes, MS liners and penstock pipes for pumped storage projects on behalf of private clients across multiple industries, including general infrastructure and engineering, hydropower projects, lift irrigation and water supply projects of various sizes, as per client requirements.
The company also manufactures precast concrete elements such as noise barriers and cable ducts.
Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26, compared with Rs 325 crore in FY25. The company's profit after tax (PAT) also increased 6% year-on-year to Rs 25 crore in FY26 from Rs 24 crore in FY25.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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