Vishal Nirmiti IPO ends with 1.71 times subscription

The initial public offer of Vishal Nirmiti received bids for 1,44,46,804 shares as against 84,71,153 shares on offer. The issue was subscribed 1.71 times.

The qualified institutional buyers' (QIB) portion was subscribed 1.27 times, while the non-institutional investors' (NII) category was subscribed 1.81 times. The retail individual investors' (RII) segment was subscribed 1.67 times.

The issue opened for bidding on 30 September 2026 and closed on 5 October 2026. The price band of the IPO is fixed between Rs 208 and 220 per share.

The offer comprised a fresh issue of equity shares of Rs 10 face value, aggregating to Rs 145 crore and an offer for sale (OFS) of 1500000 equity shares by the promoters/promoter group. Of the net proceeds from the fresh issue, the company intends to use Rs 75 crore for funding incremental working capital requirements; Rs 19 crore for repayment and/or prepayment, in part or in full, of term loans; and the balance towards general corporate purposes.

Aggregated outstanding borrowings as of the end of March 31, 2026, stood at Rs 87.4170 crore.

Vishal Nirmiti is a civil engineering, manufacturing and construction company engaged in manufacturing pre-stressed concrete (PSC) sleepers for railways, precast and pre-stressed concrete products, and MS pipes, MS liners and penstock pipes for pumped storage and other infrastructure projects. The company also provides engineering, procurement, construction and related services across railway, renewable power, irrigation and industrial infrastructure sectors, with Indian Railways being its largest customer.

The firm reported a consolidated net profit of Rs 24.98 crore and sales of Rs 338.68 crore for the twelve months ended on 31 March 2026.

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