Vishal Nirmiti IPO
GMP, Subscription, Price, Dates & Financial Details
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing and construction company engaged in railway infrastructure, renewable power, irrigation and industrial infrastructure projects. The Company primarily manufactures Pre-Stressed…
Open Date
Wed, 30 Sep 2026
Close Date
Mon, 05 Oct 2026
Price Band
₹ 208 – 220
Lot Size
68
Issue Size
₹ 178.00 Cr
Minimum Investment
₹ 14,960 (68 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Vishal Nirmiti IPO is set to open its Initial Public Offering (IPO) for subscription on September 30, 2026. According to the Red Herring Prospectus (RHP), the IPO is a book-built issue with a total issue size of ₹178.00 Crore, comprising a fresh issue of 65.91 Lakh equity shares aggregating to ₹145.00 Crore and an offer for sale (OFS) of 15.00 Lakh equity shares aggregating to ₹33.00 Crore by the existing shareholders.
The Vishal Nirmiti IPO will open for subscription on September 30, 2026, and close on October 05, 2026. The basis of allotment is expected to be finalized on October 06, 2026, while the shares are tentatively scheduled to be listed on the NSE and BSE on October 08, 2026.
The company has fixed the price band at ₹208 to ₹220 per share, with a lot size of 68 shares. Retail investors will require a minimum investment of ₹14,960 (based on the upper price band) to apply for one lot.
MUFG Intime India Pvt Ltd is the registrar to the issue. Saffron Capital Advisors Private Limited IPO Lead Manager are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Vishal Nirmiti IPO, investors should carefully review the company's financial performance, business model, IPO objectives, and risk factors disclosed in the offer documents. Investors should also ensure that they submit their applications before the subscription window closes on October 05, 2026.
Vishal Nirmiti IPO Timeline (Tentative)
- IPO Open Date
- Wed, 30 Sep 26
- IPO Close Date
- Mon, 05 Oct 26
- Basis of Allotment
- Tue, 06 Oct 26
- Initiation of Refunds
- Wed, 07 Oct 26
- Credit of Shares to Demat
- Wed, 07 Oct 26
- Listing Date
- Thu, 08 Oct 26 — BSE & NSE
Open Date
30 September 2026
Close Date
05 October 2026
Basis Of Allotment
06 October 2026
Listing Date
08 October 2026
IPO Subscription
Check Live Subscription →The Vishal Nirmiti IPO subscription Data Unavailable. Subscription data will be available once biddings start. Bidding is open from 10:00 AM to 5:00 PM on 30 September 2026
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 0 shares, representing 70% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 0 shares (1%), while Non-Institutional Investors (NIIs) receive 0 shares (29%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 0 | 1% |
| Retail Investors | 0 | 70% |
| Non-Institutional | 0 | 29% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Revenue | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| Net Worth | 86.34 | 61.12 | 38.12 |
| Reserve & Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowings | 87.42 | 88.05 | 91.75 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Vishal Nirmiti Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 33.67 | 47.21 | 9.37 |
| ROCE % | 28.02 | 30.32 | 14.6 |
| Debt / Equity | 1.01 | 1.43 | 2.38 |
| RoNW % | 33.87 | 47.63 | 9.48 |
| Pat Margin % | 7.37 | 7.42 | 1.42 |
Peers Comparison
No Peer Comparision Available
About Vishal Nirmiti Limited
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing and construction company engaged in railway infrastructure, renewable power, irrigation and industrial infrastructure projects. The Company primarily manufactures Pre-Stressed Concrete (PSC) sleepers for Indian Railways, DFCCIL and private customers, along with pre-cast and pre-stressed concrete products and Mild Steel (MS) pipes, liners and penstock pipes for hydro power, irrigation, water supply and other infrastructure projects.
The Company operates through two key segments—Manufacturing and Services. The Manufacturing segment includes PSC sleepers and MS pipes, liners and penstock pipes, while the Services segment covers EPC and job work contracts, fabrication and erection of MS pipes and hydro-mechanical structures, precast and pre-stressed concrete solutions, construction activities, transportation, leasing, wind power generation and scrap sales. Manufacturing contributes more than 75% of the Company's total revenue.
Vishal Nirmiti has a pan-India presence with operational facilities across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. The Company is supported by an experienced promoter and management team with over four decades of industry experience and has established long-term relationships with its customers.
As of June 30, 2026, the Company had an order book of ₹581.77 crore and employed 420 personnel. Its integrated manufacturing and execution capabilities, focus on railway infrastructure, established customer relationships and experienced management team form key strengths of its business.
Vishal Nirmiti IPO Promoters
Brij B Tapadiya
Ajay Bhagwandas Tapadiya
Pavan Vithaldas Tapadiya
Akhil Ranchod Tapadiya
Naveen Tapadiya
Rajendrakumar Badrinarayan Tapadiya
Suyash Vithaldas Tapadiya
Vedant Tapadiya
Keshav Tapadiya
Promoters Holding
Holding Pre Issue
73.42%
Holding Post Issue
49.40%
Vishal Nirmiti IPO Objective
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
Funding Working Capital Requirements of the Company
Repayment and/ or pre-payment, in part or full of term loans
General Corporate Purposes
Vishal Nirmiti Limited Address / Contact Details
Vishal Nirmiti Ltd.
303, 17 Elphinstone House,
Marzban Road, New Empire Cinema,
Fort Mumbai, Maharashtra, 400001
Phone: +91 20 27299915
Email: ipo@vishalnirmiti.com
Website: www.vishalnirmiti.com
IPO Snapshot
Vishal Nirmiti IPO Lot Size
The Vishal Nirmiti IPO has a lot size of 68 shares. Retail investors require a minimum investment of ₹14,960 by applying for 1 lot (68 shares). The maximum application allowed for the retail category is 13 lots (884 shares), requiring an investment of ₹1,94,480.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 68 | 14,960.00 |
| Retail (Max) | 13 | 884 | 194,480.00 |
| S-HNI (Min) | 14 | 952 | 209,440.00 |
| S-HNI (Max) | 66 | 4,488 | 987,360.00 |
| B-HNI (Min) | 67 | 4,556 | 1,002,320.00 |
Issue Reservation
- QIB — 1%
- RII — 70%
- NII — 29%
Book Running Lead Managers
- Saffron Capital Advisors Private Limited IPO Lead Manager
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Vishal Nirmiti IPO?
Vishal Nirmiti IPO is a Book-building IPO with a total issue size of ₹178 crore. The Vishal Nirmiti IPO price band is ₹208 to 220 per share. The Vishal Nirmiti IPO subscription opens on Wed, Sep 30, 2026, and closes on Mon, Oct 5, 2026. The Vishal Nirmiti IPO will be listed on the BSE,NSE. MUFG Intime India Pvt Ltd is the registrar for the Vishal Nirmiti IPO.
When will the Vishal Nirmiti IPO open for subscription?
The Vishal Nirmiti IPO opens on Wed, Sep 30, 2026 and closes on Mon, Oct 5, 2026
What is Vishal Nirmiti IPO Price Band?
Vishal Nirmiti IPO Price Band is ₹208 to 220 per share.
What is Vishal Nirmiti IPO Lot Size?
Vishal Nirmiti IPO lot size is 68 shares, Retail investors need a minimum investment of ₹14960 based on the upper price band
What is the minimum investment for Vishal Nirmiti IPO?
The minimum investment for Vishal Nirmiti IPO is ₹14960, based on one lot of 68 shares at the upper price band of ₹220 per share.
How to apply for Vishal Nirmiti IPO?
Investors can apply for the Vishal Nirmiti IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Oct 5, 2026. The application amount remains blocked until the Vishal Nirmiti IPO allotment is finalized.
What is Vishal Nirmiti IPO Issue Size?
Vishal Nirmiti IPO issue size is ₹178 crores.
What is the Vishal Nirmiti IPO Allotment Date?
Vishal Nirmiti IPO allotment date is Tue, Oct 6, 2026.
Who is the Vishal Nirmiti IPO Registrar?
The registrar for Vishal Nirmiti IPO is MUFG Intime India Pvt Ltd. Investors can go to MUFG Intime India Pvt Ltd website to check Vishal Nirmiti IPO allotment status, refund processing, and other IPO-related information.
Who is the Vishal Nirmiti IPO Lead Manager?
The book-running lead managers (BRLMs) for the Vishal Nirmiti IPO are Saffron Capital Advisors Private Limited IPO Lead Manager. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Vishal Nirmiti IPO Red Herring Prospectus (RHP).