Vishal Nirmiti Limited IPO: Date, GMP, Price Band & Subscription

MAINBOARD LISTED · updated 16 Oct 2026, 9:27 pm IST · हिंदी में पढ़ें

Compiled by the Xflot IPO desk from NSE and BSE issue data, RHP, the registrar, grey-market quotes (unofficial) · Updated 16 Oct 2026, 09:17 pm IST · How we source each figure

A forecast is a guess about an outcome, scored on listing day. Not a recommendation — how it works.

Valuation at the band

From the company's RHP dated 2026-09-24, every input checked against the document; prices from the exchange. Figures side by side — not a view on whether the price is right.

P/E against the listed peers the company names

Who is bidding

The exchange's own category-wise book, as at 07 Oct 2026. Most sites show four categories; NSE publishes twenty-one, including mutual funds separately.

Where the book is building

Cumulative shares bid at each price point, against 84,71,153 on offer. An issue subscribed at the floor is a different thing from one subscribed at the ceiling, and the headline multiple cannot tell them apart.

Cut-off bids: 59,70,264 shares — applications that accept whatever price is finally set.

Vishal Nirmiti Limited since listing

Daily closing price on NSE from the listing day — last close ₹150.17, −31.7% against the issue price of ₹220.

Vishal Nirmiti Limited IPO GMP — day by day

Subscription status

Vishal Nirmiti Limited IPO lot size

At the upper band. Retail bids are capped at ₹2 lakh; small NII is above ₹2 lakh up to ₹10 lakh; big NII above ₹10 lakh. Retail and small-NII bidders may bid at the cut-off price.

Vishal Nirmiti Limited IPO dates

"Expected" dates follow SEBI's T+3 timetable from the closing day, skipping weekends and market holidays; the exchange's or the company's own date replaces each one as soon as it is published.

Documents and links

About this issue

From the prospectus

Over 3 reported periods (FY2024 to FY2026), revenue moved +39%, and the latest period was profitable at ₹2,497.5 L. Figures are as stated in the company's RHP dated 2026-09-24, in ₹ lakh.

What the company does

Vishal Nirmiti is a civil engineering, manufacturing and construction company. It makes pre-stressed concrete (PSC) sleepers for railways and other precast concrete products, and fabricates and erects mild steel pipes, liners and penstock pipes for pumped storage projects. It also provides engineering, procurement and construction services for railway, irrigation, renewable power and industrial projects. Its customers include zonal divisions of Indian Railways, DFCCIL and large contractors. It has units in Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Delhi, Punjab and Karnataka, and reported revenue from operations of ₹33,867.73 lakh in Fiscal 2026.

Promoters

The promoters are nine members of the Tapadiya family: Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya. The promoters hold 37.51% and the promoter group 35.91% before the offer. Promoter group company Vaman Prestressing Company Private Li

What the money is for

• Funding working capital requirements of the company — ₹7,500 L
• Repayment or pre-payment, in part or full, of term loans availed by the company — ₹1,900 L

Fresh issue ₹14,500 L

Risks the company itself lists

• Sales of pre-stressed concrete sleepers to government authorities and government-related entities such as Indian Railways and DFCCIL made up 42.61%, 47.30% and 58.09% of revenue in Fiscal 2026, 2025 and 2024, so the business depends on government policy and bu
• A limited number of customers, including railway zones and large contractors, account for most of the revenue, and a drop in their orders would reduce revenue and profitability.
• Work is won through tenders that involve cost estimation, and failing to secure bids would hurt the business.
• Customers place periodic purchase orders rather than long-term commitments, so they can reduce or stop purchases.
• Operations and revenue are concentrated in certain states, which exposes the company to regional risks.
• The company has had negative cash flows from investing and financing activities in the past.

Listed peers named in the document

GPT Infraprojects Limited — P/E 14.83x — Listed peer named in the Basis for Offer Price; P/E on the July 23, 2026 closing price and Fiscal 2026 EPS. · Indian Hume Pipe Company Limited — P/E 13.86x — Listed peer named in the Basis for Offer Price; P/E on the July 23, 2026 closing price and Fiscal 2026 EPS.

Lead managers: Saffron Capital Advisors Private Limited.

Source: the RHP filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.

Allotment status and registrar for Vishal Nirmiti Limited →

Frequently asked questions