Vishal Nirmiti IPO
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Vishal Nirmiti IPO details
Schedule of Vishal Nirmiti
| Issue open date | 30 Sep 2026 |
| Issue close date | 05 Oct 2026 |
| UPI mandate deadline | 05 Oct 2026 (5 PM) |
| Allotment finalization | 06 Oct 2026 |
| Refund initiation | 07 Oct 2026 |
| Share credit | 07 Oct 2026 |
| Listing date | 08 Oct 2026 |
| Mandate end date | 20 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 04 Nov 2026 |
| Lock-in end date for anchor investors (remaining) | 03 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Vishal Nirmiti
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.
Financials of Vishal Nirmiti
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 178 |
| Fresh Issue – Proceeds go to the company | 145 |
| Offer for sale – Proceeds go to the existing investors | 33 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Working Capital Requirement | 75 (51.72%) |
| Repayment and/or pre-payment of certain borrowings | 19 (13.10%) |
| General Corporate Purposes | 51 (35.18%) |
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.
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.
Allotment Status for Vishal Nirmiti
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Vishal Nirmiti
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on October 05, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 0.85 | 1.07 | 1.27x |
| NII | 24.57 | 44.46 | 1.81x |
| Retail | 59.30 | 98.93 | 1.67x |
| Total | 84.71 | 144.47 | 1.71x |