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VNL · NSE,BSE · manufacturing
Vishal Nirmiti IPO closed on 05 Oct 2026 with 1.45x overall subscription . The basis of allotment is finalised on 06 Oct 2026 , and the stock will list on 08 Oct 2026 on NSE,BSE . The IPO price band was ₹208-₹220.
Vishal Nirmiti IPO tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates.
| Event | Date |
|---|---|
| IPO Open Date | 30 Sep 2026 |
| IPO Close Date | 05 Oct 2026 |
| Basis of Allotment | 06 Oct 2026 |
| Initiation of Refunds | 07 Oct 2026 |
| Credit of Shares to Demat | 07 Oct 2026 |
| Listing Date | 08 Oct 2026 |
Issue Size
8,090,909 shares
(aggregating up to ₹178.00 Cr)
Issue Price
₹208 – ₹220
Face Value
₹10/share
Market Lot
68 shares
Retail Min Investment
₹14,960
Listing At
NSE,BSE
Sale Type
both
Fresh Issue
6,590,909 shares
(aggregating up to ₹145 Cr)
Offer for Sale
1,500,000 shares
(aggregating up to ₹33 Cr)
Issue Type
book building
Open Date
30 Sep
Close Date
05 Oct
Allotment
06 Oct
Listing
08 Oct
Last updated: 10 hours ago
| Date | IPO Issue Price (₹) | GMP (₹) | Est. Listing Price (₹) | Est. Profit Amount (₹) | Est. Profit % | Last Updated |
|---|---|---|---|---|---|---|
| 05 Oct 2026 Latest | ₹220 | ₹5 | ₹225 | ₹5 |
2.27%
|
2:01 PM |
| 05 Oct 2026 | ₹220 | ₹5 | ₹225 | ₹5 |
2.27%
|
1:30 PM |
Showing the 2 most recent GMP entries.
View full GMP historyLatest snapshot: 05 Oct 2026
| Category | Subscribed (x) |
|---|---|
| QIB | 1.08x |
| NII | 1.6x |
| bNII (bids above ₹10L) | 1.63x |
| sNII (bids below ₹10L) | 1.54x |
| Retail Investors | 1.4x |
| Total | 1.45x |
Showing the latest subscription snapshot.
View full subscription historyBrij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya are the company promoters.
New to lot sizes and investment limits? Read our guide on IPO lot size and minimum investment.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
| Retail (Max) | 13 | 884 | ₹194,480 |
| S-HNI (Min) | 14 | 952 | ₹209,440 |
| S-HNI (Max) | 66 | 4,488 | ₹987,360 |
| B-HNI (Min) | 67 | 4,556 | ₹1,002,320 |
Want to understand how IPO shares are divided between investor categories? Read our guide on IPO reservation structure.
| Category | Shares Offered |
|---|---|
| QIB Shares Offered | 80,909 (1.00%) |
| NII (HNI) Shares Offered | 2,346,364 (29.00%) |
|
•
bNII > ₹10L
|
1,563,973 (19.33%) |
|
•
sNII < ₹10L
|
782,391 (9.67%) |
| Retail Shares Offered | 5,663,636 (70.00%) |
| Total Shares Offered | 8,090,909 (100.00%) |
The company has been around since 1994, though back then it went by a different name entirely — Sejal Farms Private Limited. It rebranded to Vishal Nirmiti in 2005 when it pivoted to infrastructure work, and converted to a public limited company in September 2025 ahead of its planned listing.
What does it actually do? Mostly railway sleepers. The company makes Pre-Stressed Concrete (PSC) sleepers for Indian Railways, along with large diameter Mild Steel pipes used in hydro and irrigation projects. Manufacturing brings in over 75% of its revenue — the rest comes from construction and engineering services.
On the numbers front, FY25 was a decent year. Revenue hit ₹318.51 crore, up 31% from the year before. EBITDA doubled to ₹46.48 crore, and profit after tax jumped from ₹2.44 crore to ₹23.63 crore. That's a sharp turnaround by any measure.
Standalone · ₹ in Crores
| Particulars | FY 2024 | FY 2025 | FY Mar 2026 |
|---|---|---|---|
| Total Revenue | 247.93 | 324.86 | 344.13 |
| Profit After Tax (PAT) | 3.45 | 23.64 | 24.98 |
| EBITDA | 23.14 | 46.48 | 51.13 |
| Total Assets | 242.04 | 296.61 | 334.92 |
| Net Worth | 38.12 | 61.12 | 86.34 |
| Reserves & Surplus | 36.76 | 59.76 | 66.98 |
| Total Borrowing | 91.75 | 88.05 | 87.42 |
Revenue & Profit Trend
Key ratios per fiscal period
| Particulars | Mar 2026 |
|---|---|
| RoE Return on Equity Shows how much profit the company makes on the money shareholders have put in. 15% to 20% is healthy in most industries. | 33.67% |
| RoCE Return on Capital Employed Shows the profit earned on all the money used, shareholder funds plus loans. Matters most for factory and infrastructure heavy companies. | 28.02% |
| RoNW Return on Net Worth Shows the profit earned on the company's own net worth. Steady or rising over 3 years is a good sign. | 33.87% |
| PAT Margin Profit After Tax Margin Out of every ₹100 of sales, how much the company keeps after paying all costs, loan interest and tax. | 7.37% |
| EBITDA Margin Earnings Before Interest, Tax, Depreciation and Amortisation Margin Profit from the main business as a share of sales, before loan interest and tax. Compare it with other companies in the same industry. | 15.1% |
| Debt / Equity Debt to Equity How much the company has borrowed against what shareholders own. Above 1x means the loans are bigger than shareholder funds. | 1.01x |
| P/BV Price to Book Value Tells you if the IPO price is above what the company actually owns. 1x to 3x is usually seen as reasonable. | 5.04x |
Issue-level · at the upper price band
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS Earnings Per Share Profit the company earns on each share. Post-IPO EPS is usually lower because the issue adds new shares. | ₹12.61 | ₹9.46 |
| P/E Price to Earnings Tells you if the IPO price is fair for what the company earns. Compare it with listed companies in the same sector. | 17.45x | 23.26x |
| Market Cap Market Capitalisation What the whole company is valued at, at the upper price band. Post-IPO counts the new shares the issue creates. | ₹436 Cr | ₹581 Cr |
The basis of allotment for Vishal Nirmiti IPO was finalised on 06 Oct 2026. You can check your allotment status using your PAN number or application number on the MUFG Intime India Pvt.Ltd portal or BSE.
The Vishal Nirmiti IPO is expected to open in Sep 2026, subject to SEBI approval. Final dates will be updated once announced officially.
The price band for Vishal Nirmiti IPO is ₹208.00 - ₹220.00 per share.
As per market sources, Vishal Nirmiti IPO GMP is currently ₹5.00. GMP is tracked daily in the grey market. GMP indicates unofficial demand but does not guarantee listing gains.
The subscription status for Vishal Nirmiti IPO stands at 1.45x overall.
The listing date for Vishal Nirmiti IPO is 08 Oct 2026.
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