Vishal Nirmiti

Vishal Nirmiti's board approved purchase of approximately 40 acres at Gosainsar, Bikaner in Rajasthan for expansion of its M.S. pipe-related project, along with capital expenditure of Rs 12 crore for modernisation of sleeper and infrastructure sites including allied machinery. The board also approved purchase of nine accommodation units at Khalapur in Raigad for about Rs 2.61 crore for staff deployed at project sites and leasing out its pre-cast manufacturing unit at Nadiad in Kheda, Gujarat. The company made prestressed concrete sleepers for railways and large-diameter steel pipes for water, irrigation and pumped-storage hydro schemes, and operated a pre-cast facility at Nadiad for high-speed rail work. Manufacturing accounted for about three-quarters of revenue, with subcontract and job-work services rising to about 24% in the year to March 2026. Revenue in that year was Rs 338.68 crore, with borrowings of Rs 87.42 crore against equity of Rs 86.78 crore. Its order book stood at Rs 442.31 crore for the half year to September 2025.

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** Shares of India's Vishal Nirmiti VSHA.NS fall 7.2% to 204.25 rupees in trading debut

** Stock listed at 215 rupees on both NSE and BSE at a discount of about 2.3% to its IPO price of 220 rupees

** The civil engineering, manufacturing and construction company had set a price band of 208-220 rupees/ share for its 1.78 billion rupees ($18.40 million) IPO

** Shares were open for subscription on September 30 and closed on October 5, with the public issue being subscribed 1.71 times

** Non-institutional investors were subscribed 1.81 times, retail individual investors were subscribed 1.67 times, while the qualified institutional buyers portion received 1.33 times subscription

** VSHA plans to use proceeds for working capital requirements, loan repayment, and general corporate purposes

($1 = 96.7525 Indian rupees)

(Reporting by Anushka Rajvedi in Bengaluru)

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