IPO profile
Vishal Nirmiti Limited
VNL · NSE
- Price band
- ₹208 - ₹220
- Subscription
- 1.18x
Application & Issue Details
- Minimum Quantity
- 68 shares
- Minimum Application
- ₹14,960
- Issue Size
- Rs. 178 Cr
- Face Value
- Not available
- Issue Price
- ₹220
Company Overview
Vishal Nirmiti is a civil engineering, construction, and manufacturing firm operating in 2 segments. Its manufacturing arm produces pre-stressed concrete sleepers, pre-cast barriers, and steel/penstock pipes for Indian Railways and private developers. Its services arm delivers EPC solutions for railway, irrigation, and road infrastructure. The company supports regional projects through specialized manufacturing facilities across Maharashtra, Madhya Pradesh, Gujarat, and Himachal Pradesh.
Important Dates
- Open Date
- 30 Sept 2026
- Close Date
- 5 Oct 2026
- Allotment Date
- Not available
- Listing Date
- 8 Oct 2026
Issue Timeline
- Issue open date
- Issue close date
- UPI mandate deadline
- Allotment finalization
- Refund initiation
- Share credit
- Listing date
- Mandate end date
- Lock-in end date for anchor investors (50%)
- Lock-in end date for anchor investors (remaining)
Subscription
- QIB
- 1.20x
- NII
- 1.35x
- Retail
- 1.12x
- Total
- 1.18x
Updated 25 Oct 2026, 12:31 pm · source: nse
Actual Listing Performance
- Listing Date
- 8 Oct 2026
- Actual Listing Price
- ₹215
- Gain/Loss Per Share
- -₹5
- Gain/Loss Per Lot
- -₹340
- Listing Gain/Loss %
- -2.27%
- Measured Against
- ₹220
- Lot Size
- 68 shares
Historical result from the reported listing price, compared with the issue price. Excludes brokerage, taxes and charges.
Company Strengths & Risks
Reported strengths
- Diversified across railway sleepers, steel pipes, and EPC works.
- Advanced in-house pipe welding and coating manufacturing plants.
- Over 95% of operational revenue generated from repeat clients.
- Multi-state manufacturing footprint spanning four Indian states.
- Experienced promoter group with deep infrastructure expertise.
Key risks
- High revenue dependence on Indian Railways and state tenders.
- Top 5 clients account for over 85% of total operating revenue.
- Substantial working capital needs funded by short-term loans.
- Business relies on purchase orders without long-term contracts.
- Indebtedness exposes the business to debt servicing and covenants.
Company strengths and risks are informational summaries. Review the offer document for complete disclosures.
Documents & Coverage
IPO data last updated 25 Oct 2026, 12:31 pm IST · GMP: ipoalerts · subscription: nse · listing price: NSE/BSE
This page is for informational and educational purposes only. It is not investment advice and not a recommendation to buy, sell, or apply for this IPO. GMP and subscription figures are unofficial/may change. Please make your own independent decision.