Vishal Nirmiti shares opened at ₹215 on the NSE on 8 October 2026, 2.27% below the issue price of ₹220. The ₹178 crore Vishal Nirmiti IPO listing came three days after the book closed at 1.71x.
How the open compares with the grey market
The last grey market quote of ₹2 pointed to a listing near ₹222, and the stock opened ₹7 below that. The last grey market premium was ₹2 (0.91%), which pointed to ₹222. The open came in ₹7 below that mark. GMP is an unofficial dealer quote, not an exchange price.
The quote was ₹20 (9.09%) from 2 to 4 October and fell to ₹2 on 5 October, the day bidding closed. It stayed at ₹2 until listing. The Vishal Nirmiti IPO GMP page holds every quote.
What it meant for one lot
One lot is 68 shares. At the open price it is worth ₹14,620, so the paper result on one lot at the open was a loss of ₹340.
The subscription recap
| 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 |
That ranks 81st of 99 mainboard IPOs that have closed in 2026, where the median is 24.96x.
How recent listings did
In 2026, 65 of the 98 mainboard IPOs opened above their issue price, with a median listing gain of 7.04%. On the last 10 listings, the final GMP was off by 10.68 percentage points on average. It overstated the gain six times and understated it four times. Past debuts are on our IPO performance page.
About the company
Vishal Nirmiti makes pre-stressed concrete sleepers for Indian Railways and DFCCIL, and fabricates pipes for hydro power and irrigation work. Total income was ₹344.13 crore in FY2026 with profit after tax of ₹24.98 crore. Borrowing of ₹87.42 crore is close to its ₹86.34 crore net worth. The issue mixed fresh shares and an offer for sale. Of the fresh money, ₹75 crore is for working capital and ₹19 crore repays term loans.
How the issue was priced
The upper band of ₹220 valued the company at about ₹580.60 crore after the issue, or 23.26 times post-issue earnings. Promoter holding falls from 73.42% to 49.4% after the issue. Profit rose about 6% in FY2026 after jumping from ₹3.45 crore to ₹23.64 crore the year before.
What happens next
Shares trade on both the NSE and BSE from 8 October 2026. Refunds and demat credit were due on 7 October. MUFG Intime India was the registrar. Our earlier note on the GMP fall has the run-up.
