The Vishal Nirmiti IPO got a slow response on its second day, with the issue subscribed 19 per cent as of 10:34 am on Thursday, October 1, 2026. While retail interest remained low at 13 per cent, the QIB portion showed strong momentum, reaching near full subscription at 96 per cent.
Vishal Nirmiti IPO Day 2: The Vishal Nirmiti IPO is seeing a slow response on the second day of bidding. On Thursday, October 1, 2026, the issue was subscribed only 19 per cent as of 10:34 am. According to the NSE data, the IPO received bids for 15,72,092 shares against 84,71,153 shares offered for subscription so far. However, the Qualified Institutional Buyer (QIB) portion has been almost fully subscribed.
At 10:34 am, the retail investor portion was subscribed 13 per cent. Retail investors bid for 7,53,100 shares against 59,29,808 shares reserved for the category.
The portion for non-institutional investors (NIIs) was subscribed 30 per cent. The category received bids for 7,38,072 shares against 24,56,635 shares offered.
The qualified institutional buyers (QIB) portion was subscribed 96 per cent. QIBs bid for 80,920 shares against 84,710 shares reserved for them.
Vishal Nirmiti IPO is a book-building issue worth Rs 178 crore. It includes a fresh issue of 65.91 lakh shares worth Rs 145 crore and an offer for sale (OFS) of 15 lakh shares worth Rs 33 crore.
The IPO opened for subscription on September 30 and will close on October 5, 2026. The allotment is expected to be finalised on October 6.
The shares are proposed to list on both the NSE and BSE. The tentative listing date is October 8, 2026.
The price band has been fixed at Rs 208 to Rs 220 per share. The lot size is 68 shares. Retail investors need to invest a minimum of Rs 14,960 at the upper price band.
The total issue size is 80,90,909 shares. Of this, 80,909 shares are reserved for QIBs. Another 23,46,364 shares are allocated to NIIs. Retail individual investors have a reservation of 56,63,636 shares.
Saffron Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue. MUFG Intime India Pvt. Ltd. is the registrar.
Vishal Nirmiti plans to use the IPO proceeds for working capital needs. It also plans to repay or pre-pay part of its term loans. The company has estimated Rs 75 crore for working capital requirements and ₹19 crore for repayment or pre-payment of term loans. The remaining amount is planned for general corporate purposes.
Vishal Nirmiti reported revenue of Rs 344.13 crore for the financial year ended March 31, 2026. Revenue stood at Rs 324.86 crore in FY25. The company's profit after tax increased to Rs 24.98 crore in FY26 from Rs 23.64 crore in FY25. EBITDA rose to Rs 51.13 crore from Rs 46.48 crore during the same period.
Vishal Nirmiti Limited was incorporated in 1994. The company is involved in civil engineering, manufacturing and construction activities. It manufactures and deals in Pre-Stressed Concrete (PSC) sleepers for railways. It also makes pre-cast and pre-stressed concrete products.
The company is also involved in the fabrication and erection of Mild Steel pipes, liners and penstock pipes for Pumped Storage Projects.
Vishal Nirmiti also provides engineering, procurement and construction (EPC) services. Its projects cover railway infrastructure, irrigation and civil engineering. The company serves sectors including railways, renewable power and industrial infrastructure.