Vishal Nirmiti IPO
Vishal Nirmiti IPO Listing Day Performance
Vishal Nirmiti listed on BSE & NSE on 08 October 2026 at ₹215.00, a 2.27% discount to the issue price of ₹220. A retail investor allotted one lot of 68 shares lost ₹340 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹2 (+0.9%) |
| GMP-implied listing | ₹222 |
| Actual listing | ₹215.00 |
| Difference | −₹7 (−3.2%) |
Demand going into listing
| Subscribed overall | 1.79× |
| QIB | 1.33× |
| NII | 1.89× |
| Retail | 1.75× |
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 | Final |
|---|---|---|---|---|
| QIB | 0.96x | 0.96x | 0.96x | 1.33x |
| NII | 0.01x | 0.80x | 0.80x | 1.89x |
| bNII > ₹10L | 0.00x | 1.05x | 1.05x | 1.79x |
| sNII 2-10L | 0.02x | 0.31x | 0.31x | 2.10x |
| Retail | 0.06x | 0.47x | 0.47x | 1.75x |
| Total | 0.05x | 0.57x | 0.57x | 1.79x |
Financial Analysis
Financial Data
Financial Performance
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 270.58 | 247.93 | 324.86 | 344.13 |
| Expense | 266.65 | 243.35 | 293.72 | 310.35 |
| Profit (PAT) | 3.01 | 3.45 | 23.64 | 24.98 |
| Total Assets | 224.50 | 242.04 | 296.61 | 334.92 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Vishal Nirmiti This IPO | 12.61 | - | 33.87 | 43.61 | - |
| GPT Infraprojects Limited | 7.70 | 14.83 | 18.25 | 41.77 | 1,289.92 Cr |
| Indian Hume Pipe CompanyLimited | 26.79 | 13.86 | 9.51 | 281.76 | 1,305.57 Cr |
Strengths & Risks
- Strong return on equity — 34%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Elevated leverage — debt/equity of 1.01.
From this issue's live data. Not investment advice — read the RHP.
Company Information
Vishal Nirmiti at a glance
From the company's description: “Incorporated in 1994, Vishal Nirmiti is one of the leading civil engineering, manufacturing, and construction companies that manufacture 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,…”
Vishal Nirmiti is raising ₹178 crore through an IPO on the BSE and NSE mainboard. Of that, ₹145 crore is a fresh issue — new shares, with the money going to the company — and ₹33 crore is an offer for sale by existing shareholders, who keep those proceeds; 81% of the issue therefore reaches the business. Main stated uses of the fresh money: Funding Working Capital Requirements (₹75 crore) and Repayment and/ or pre-payment, in part or full of term loans (₹19 crore).
Revenue went from ₹271 crore in 2023 to ₹344 crore in 2026, up 27% over 3 years. Profit after tax went from ₹3.01 crore to ₹24.98 crore, a net margin of 7.3% in the latest year. The path was not a straight line: revenue dipped in between before recovering.
Debt stands at 1.01 times equity.
Written from the issue's offer-document figures shown on this page. Not investment advice.
Company Contact Information
Vishal Nirmiti Ltd., 303, 17 Elphinstone House,, Marzban Road, New Empire Cinema,, Fort, Mumbai, Maharashtra, 400001
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding Working Capital Requirements | 75.00 |
| Repayment and/ or pre-payment, in part or full of term loans | 19.00 |
| General Corporate Purpose | - |
Resources & Documents
Vishal Nirmiti IPO - Quick Take
Vishal Nirmiti has set a price band of Rs 208–Rs 220 per share for an issue size of Rs 178 crore. The stock listed with a 2.27% discount versus its issue price on October 08, 2026.
The issue is promoted by Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav… with Saffron Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding Working Capital Requirements (Rs 75 crore) and repayment and/ or pre-payment, in part or full of term loans (Rs 19 crore).
On fundamentals, the company is posting revenue growth of 5.9%, a profit margin of 7.3%, return on equity of 33.7% in its most recent reported period. Listed peers in this segment include GPT Infraprojects Limited (P/E 14.83x) and Indian Hume Pipe CompanyLimited (P/E 13.86x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Vishal Nirmiti IPO: Lead Manager & Registrar Track Record
How the firm running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out Vishal Nirmiti itself, so they describe what came before it.
- Vishal Nirmiti listed at −2.3% on day one; the median of 113 listings was +7% (better than 18% of them).
- Subscribed 1.79x against a median of 20.56x across 111 issues (higher than 16%).
- Average listing-day move across all 114 Mainboard listings we track: +13.6%.
| Firm | Other IPOs | Listed at / above issue | Avg move | Median |
|---|---|---|---|---|
| Saffron Capital Advisors Pvt.Ltd. Lead manager | First we track | — | — | — |
| MUFG Intime India Pvt. Ltd. Registrar | 65 43 MB · 22 SME | 76% 47 of 62 | Check allotment → | |
A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.
Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.
Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.
Frequently Asked Questions
Vishal Nirmiti IPO GMP — What It Means
Its last GMP before listing was 0.9%. Of the 40 Mainboard IPOs we have tracked with a final GMP under 10%, 27 listed above, 6 flat and 7 below the issue price; Vishal Nirmiti listed 2.3% below its issue price.
See the full Vishal Nirmiti GMP history and trend, or learn how grey market premium works and how reliable it is.
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