Vishal Nirmiti Limited will open its initial public offering (IPO) on September 30, 2026. The issue will close on October 5, 2026. The company has fixed the price band at ₹208 to ₹220 per equity share of face value ₹10 each. Investors can bid for a minimum of 68 equity shares and in multiples of 68 shares thereafter. The IPO comprises a fresh issue of equity shares aggregating up to ₹145 crore and an offer for sale of up to 15,00,000 equity shares by promoter group selling shareholder Vaman Prestressing Company Private Limited.
The offer for sale will aggregate ₹31.20 crore at the floor price of ₹208 per share and ₹33 crore at the cap price of ₹220 per share. At the cap price, the total offer size will be ₹178 crore. The company proposes to utilise ₹75 crore of the net proceeds from the fresh issue towards funding working capital requirements and ₹19 crore towards repayment or pre-payment of term loans.
Vishal Nirmiti is engaged in civil engineering, manufacturing and construction activities. Its manufacturing business includes the production and sale of pre-stressed concrete (PSC) sleepers for railways, along with precast and pre-stressed concrete products for various applications. The company also undertakes fabrication and erection of mild steel pipes, MS liners and penstock pipes for pumped storage projects.
Its services business provides engineering, procurement, infrastructure and construction services for railway infrastructure, irrigation and other civil engineering and infrastructure projects. The company operates across sectors including railways, renewable power and industrial infrastructure.
The IPO is being made through the book-building process under the Securities Contracts (Regulation) Rules, 1957, and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. Under the issue structure, not more than 1% of the offer will be available for allocation to Qualified Institutional Buyers (QIBs). Five per cent of the QIB portion will be available for allocation to mutual funds, with the remaining portion available to QIB bidders, including mutual funds, subject to valid bids.
Not less than 29% of the offer will be available to Non-Institutional Bidders, with the portion divided between applicants with application sizes of more than ₹2 lakh and up to ₹10 lakh and those with application sizes above ₹10 lakh, subject to the applicable regulations. Not less than 70% of the offer will be available for allocation to Retail Individual Bidders.
All investors are required to participate through the Application Supported by Blocked Amount (ASBA) process. Retail Individual Bidders can also participate through the UPI mechanism in accordance with applicable regulations. The equity shares of Vishal Nirmiti are proposed to be listed on the Main Board of BSE Limited and the National Stock Exchange of India Limited. Saffron Capital Advisors Private Limited is the sole Book Running Lead Manager to the issue, while MUFG Intime India Private Limited is the Registrar to the Offer.
