As of 11:47 AM today, the initial public offering (IPO) of Vishal Nirmiti Limited has been subscribed 1.13 times, with bids for 9,582,560 shares placed against the total shares available, based on provisional data from the exchange.
The IPO, which opened for subscription on Wednesday, September 30, 2026, is aimed at raising Rs 178 crore and will remain available for investors until October 5, 2026.
This offering includes a fresh issue of 6.591 million shares valued at Rs 145 crore, alongside an offer for sale (OFS) of 1.5 million shares totaling Rs 33 crore.
The price band for the IPO has been set between Rs 208 and Rs 220 per share, with a minimum lot size of 68 shares. Retail investors must invest at least Rs 14,960 if they choose to purchase at the upper price limit.
Share allotments are anticipated to be finalized on October 6, with listings expected on the NSE and BSE on October 8, 2026.
Saffron Capital Advisors Pvt Ltd serves as the book-running lead manager for the IPO, while MUFG Intime India Pvt Ltd is acting as the registrar.
The issue has allocated no more than 1 percent of the total offer size for qualified institutional buyers (QIBs). Retail investors will receive at least 70 percent of the net offer, with non-institutional investors (NIIs) receiving a minimum of 29 percent.
Originally founded in 1994 as Sejal Farms Private Limited, Vishal Nirmiti Limited is engaged in civil engineering, manufacturing, and construction. The company specializes in producing pre-stressed concrete (PSC) sleepers for railways and various concrete products, including mild steel (MS) pipes, liners, and penstock pipes intended for pumped storage projects (PSPs).
In addition to manufacturing, the company offers engineering, procurement, and construction (EPC) services for projects in railway infrastructure, irrigation, and broader civil engineering sectors, covering areas such as renewable energy and industrial infrastructure.
Vishal Nirmiti’s manufacturing operations supply PSC sleepers to Indian Railways, the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL), and private sector clients. The company also produces MS pipes and related products for hydropower and irrigation projects, as well as infrastructure needs.
Within its services division, the company manages contracts for job work involving MS pipes and pre-cast concrete elements, including structures like noise barriers and cable ducts, along with hydro-mechanical structures and general construction work. The firm is also involved in power generation via wind energy, as well as the transportation and sale of scrap materials.
Vishal Nirmiti operates across multiple states, including Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka, and is backed by a promoter group with over four decades of industry experience.
Financially, Vishal Nirmiti reported a total income of Rs 344.13 crore for the fiscal year ending March 31, 2026, up from Rs 324.86 crore the previous year. The profit after tax (PAT) increased to Rs 24.98 crore, compared to Rs 23.64 crore in FY25.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to Rs 51.13 crore in FY26, from Rs 46.48 crore in FY25 and Rs 23.14 crore in FY24. Its net worth also grew to Rs 86.34 crore in FY26, significantly up from Rs 61.12 crore in FY25. As of March 31, 2026, total borrowings stood at Rs 87.42 crore, slightly down from Rs 88.05 crore the previous year.
The funds raised from this IPO are intended to support the company’s working capital needs, facilitate the repayment and/or pre-payment of term loans, and address general corporate purposes.
