Vishal Nirmiti IPO
Updated 26 Sept 2026, 6:50 pm.
Minimum investment (Retail)
₹14,960
1 lot · 68 shares at the upper price band
Price band
₹208–220
Latest GMP
₹0
0.0% of the ₹220 upper band
Est. listing price
₹220
Issue size
₹178 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 26 Sept 2026, 6:50 pm | ₹0 | ₹220 |
| 26 Sept 2026, 6:45 pm | ₹0 | ₹220 |
| 26 Sept 2026, 1:50 pm | ₹0 | ₹220 |
| 26 Sept 2026, 1:45 pm | ₹0 | ₹220 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹208–220
- Issue size
- ₹178 Cr
- Lot size
- 68
- Opens
- 30 Sept 2026
- Closes
- 5 Oct 2026
- Allotment
- 6 Oct 2026
- Listing
- 8 Oct 2026
- Est. listing price
- ₹220
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹14,960 (1 lot · 68 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹145 Cr
- Offer for sale
- ₹33 Cr
- Listing at
- BSE, NSE
- Refunds
- 7 Oct 2026
- Shares credited
- 7 Oct 2026
- Promoter holding
- 73.42% before · 49.4% after
- Lead managers
- Saffron Capital Advisors Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 26 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 30 Sep to 5 Oct, 2026 |
|---|---|
| Listing Date | Thu, Oct 8, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹208 to ₹220 |
| Lot Size | 68 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 80,90,909 shares (agg. up to ₹ 178 Cr) |
|---|---|
| Fresh Issue | 65,90,909 shares (agg. up to ₹ 145 Cr) |
| Offer for Sale | 15,00,000 shares of ₹ 10 (agg. up to ₹ 33 Cr) |
| Share Holding Pre Issue | 1,98,00,000 shares |
| Share Holding Post Issue | 2,63,90,909 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 30, 2026
- IPO Close
- Mon, Oct 5, 2026
- Allotment
- Tue, Oct 6, 2026
- Refund
- Wed, Oct 7, 2026
- Credit of Shares
- Wed, Oct 7, 2026
- Listing
- Thu, Oct 8, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 1% of the Offer Size |
| Retail | Not less than 70%of the Net Offer |
| NII | Not less than 29% of the Offer Size |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 68 | ₹14,960 |
| Retail (Max) | 13 | 884 | ₹1,94,480 |
| S-HNI (Min) | 14 | 952 | ₹2,09,440 |
| S-HNI (Max) | 66 | 4488 | ₹9,87,360 |
| B-HNI (Min) | 67 | 4556 | ₹10,02,320 |
Investors can bid for a minimum of 68 shares and in multiples thereof.
IPO Subscription Details
About Vishal Nirmiti Ltd.
Incorporated in 1994, Vishal Nirmiti Limited (formerly Sejal Farms Private Limited) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of Mild Steel (MS) pipes, liners, and penstock pipes for Pumped Storage Projects (PSPs).
The company also provides engineering, procurement, and construction (EPC) services for railway infrastructure, irrigation, and civil engineering projects across sectors such as railways, renewable power, and industrial infrastructure.
Business Segments:
Manufacturing segment: Includes PSC sleeper manufacturing for Indian Railways, DFCCIL, and private clients, as well as MS pipes, MS liners, and penstock pipes for hydro power, lift irrigation, water supply, and infrastructure projects.
Services segment: Covers job work contracts for MS pipes, liners, penstock pipes, pre-cast and pre-stressed elements (such as noise barriers and cable ducts), hydro-mechanical structures, as well as construction works, power generation through windmills, transportation, leasing, and sale of scrap.
VNL has a pan-India presence with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha, and Karnataka and is led by a highly experienced promoter group with over four decades of domain expertise
Competitive Strengths:
Execution capabilities with industry experience and strong operating systems, providing comprehensive solution.
Dedicated focus on railway infrastructure development and manufacture of PSC sleepers
Deeply entrenched, long term relationships with customers
Experienced Management Team driving the growth of the Company
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 334.92 | 296.61 | 242.04 |
| Total Income | 344.13 | 324.86 | 247.93 |
| Profit After Tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| NET Worth | 86.34 | 61.12 | 38.12 |
| Reserves and Surplus | 66.98 | 59.76 | 36.76 |
| Total Borrowing | 87.42 | 88.05 | 91.75 |
| Amount in ₹ Crore |
Vishal Nirmiti Ltd.'s revenue increased by 6% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
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View More »
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding working capital requirements of the Company | 75.00 |
| 2 | Repayment and/ or pre-payment, in part or full of term loans | 19.00 |
| 3 | General Corporate Purposes | — |
| Total | 94.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 47.21% |
| ROCE | 30.32% |
| Debt/Equity | 1.43 |
| RoNW | 47.63% |
| PAT Margin | 7.42% |
| EBITDA Margin | 14.59% |
| NAV | 30.87 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| Market Cap at Offer Price | - | ₹580.60 Cr |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group73.42%
- Public26.58%
Post IPO
- Promoter and Promoter Group49.4%
- Public50.60%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 73.42% | 49.4% |
| Public | 26.58% | 50.60% |
| Total | 100% | 100% |
Company Promoters: Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya.
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Vaman Prestressing Co.Pvt.Ltd. | Promoter | 15,00,000 | 33.00 |
| Total | — | 15,00,000 | 33.00 |
Vishal Nirmiti IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
vishalnirmiti.ipo@in.mpms.mufg.com
IPO Lead Manager(s)
Saffron Capital Advisors Pvt.Ltd.
Contact Details
Vishal Nirmiti Ltd. Address
303, 17 Elphinstone House,
Marzban Road, New Empire Cinema,
Fort
Mumbai, Maharashtra , 400001
+91 20 27299915
ipo@vishalnirmiti.com
Vishal Nirmiti IPO in the news
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Vishal Nirmiti: common questions
Answered from this issue's own record.
