The Vishal Nirmiti IPO lists on the NSE and BSE on 8 October 2026. The issue price is ₹220, the last grey market premium on our tracker is ₹2 (0.91%), and the ₹178 crore book closed at 1.71x.
How the grey market moved
The grey market premium, or GMP, is an unofficial dealer quote for a share before it lists. It is not an exchange price. A ₹2 premium points to a listing near ₹222.
The quote was ₹20 (9.09%) on 2, 3 and 4 October. It dropped to ₹2 on 5 October, the day bidding closed, and has stayed there on 6 and 7 October. We covered the fall in our earlier note on the GMP drop.
| Date | GMP | As % of ₹220 |
|---|---|---|
| 2 to 4 October | ₹20 | 9.09% |
| 5 October | ₹2 | 0.91% |
| 6 October | ₹2 | 0.91% |
| 7 October | ₹2 | 0.91% |
The grey market has not been a steady guide lately. On the last 10 mainboard listings, the final GMP was off by 10.68 percentage points on average. It overstated the listing gain six times and understated it four times. All quotes sit on the Vishal Nirmiti IPO GMP page.
What the subscription split shows
| Category | Subscribed |
|---|---|
| QIB (institutions) | 1.27x |
| NII, all | 1.81x |
| bNII (above ₹10 lakh) | 1.71x |
| sNII (₹2 lakh to ₹10 lakh) | 2.00x |
| Retail | 1.67x |
| Total | 1.71x |
Every category was covered, but none by much. At 1.71x it is the 81st most subscribed of 99 mainboard IPOs that have closed this year, against a median of 24.96x. With retail at 1.67x, roughly one retail application in two would have got a lot. That is an estimate. Allotment is a lottery once a portion is oversubscribed.
The company and the issue
Vishal Nirmiti makes pre-stressed concrete sleepers for Indian Railways and DFCCIL, and fabricates pipes for hydro power and irrigation projects. The ₹178 crore issue mixes fresh shares and an offer for sale, so part of the money goes to selling shareholders. Of the fresh money, ₹75 crore is for working capital and ₹19 crore repays term loans.
Total income was ₹344.13 crore in FY2026 and profit after tax ₹24.98 crore. Borrowing of ₹87.42 crore is close to the ₹86.34 crore net worth. The issue is priced at 23.26 times post-issue earnings.
One lot is 68 shares, so the minimum application at ₹220 was ₹14,960. MUFG Intime India is the registrar.
What happens next
Allotment was finalised on 6 October. Refunds and demat credit are due on 7 October. Trading is scheduled to start on 8 October. In 2026, 65 of the 98 mainboard IPOs opened above their issue price, with a median listing gain of 7.04%. Past debuts are on our IPO performance page.
