The Vishal Nirmiti IPO opens on Wednesday, 30 September 2026 at a price band of ₹208 to ₹220 a share. The issue is ₹178 crore. A retail lot is 68 shares, so one application at the upper band costs ₹14,960. Bidding closes on Monday, 5 October.
The grey market is quoting ₹2 a share on our tracker as of 4 PM on 29 September, which is 0.91 per cent over the upper band. On 27 September it was quoting zero. That is an unusually quiet grey market for a mainboard issue opening the next morning.
The key numbers
| Item | Detail |
|---|---|
| Price band | ₹208 to ₹220 |
| Issue size | ₹178 crore |
| Lot size | 68 shares |
| Minimum at upper band | ₹14,960 |
| Open and close | 30 September to 5 October 2026 |
| Allotment | 6 October 2026 |
| Listing | 8 October 2026, BSE and NSE |
How much of the money reaches the company
This is worth checking on every IPO. Of the ₹178 crore, ₹145 crore is a fresh issue, so that money goes to the company. The rest is an offer for sale of 15 lakh shares by the promoter Vaman Prestressing Company, and that money goes to the seller. About four out of every five rupees raised here stay with the business, which is the opposite of the split we saw in the Varmora Granito issue that listed today.
The company has said ₹75 crore of the fresh money is for working capital and ₹19 crore for repaying debt, with the balance for general corporate purposes. Saffron Capital Advisors is the merchant banker and MUFG Intime India is the registrar.
What the company does
Vishal Nirmiti is a Pune based maker of precast and prestressed concrete products. Its main line is concrete sleepers, the blocks that hold railway track in place, supplied to Indian Railways. It also makes MS liners and penstock pipes used in pumped storage hydro projects, and takes on engineering, procurement and construction work.
Revenue for the year to March 2026 was ₹338.7 crore, up 6.3 per cent. Net profit was ₹24.97 crore, up 5.66 per cent. The order book stood at ₹581.8 crore as of June 2026, of which railway sleepers were ₹306.9 crore. So the order book is a little under two years of current revenue, and railways are more than half of it. That concentration cuts both ways, and the tender cycle of one customer sets the pace.
What happens next
Bidding runs from 30 September to 5 October. Allotment is due on 6 October and the shares are expected to list on 8 October on the BSE and the NSE, which is the usual T+3 timeline, three working days from the issue closing.
Day by day subscription figures and the grey market quote will update through the week on the Vishal Nirmiti IPO page, and you can compare its premium with every other open issue on our live IPO GMP tracker. Remember that the grey market premium is an unofficial dealer quote, not an exchange price, and it changes daily.
