Vishal Nirmiti IPO Opens September 30: Price Band Set at ₹208 to ₹220

Mumbai | 28 September 2026 

Vishal Nirmiti Limited, a civil engineering, manufacturing and construction company, will open its IPO for public subscription on Wednesday, 30 September 2026, at a price band of ₹208 to ₹220 per share. The issue closes on Monday, 5 October 2026. The company has raised the fresh issue size to ₹145 crore from the ₹125 crore it planned earlier. 

What Is the Price Band and Lot Size for the Vishal Nirmiti IPO? 

The Vishal Nirmiti IPO price band is fixed at ₹208 to ₹220 per share. The lot size for an application is 68 shares. 

At the upper end of the price band, a retail investor applying for the minimum one lot needs ₹14,960. 

What Is the Issue Structure of the Vishal Nirmiti IPO? 

The ₹178 crore issue has two parts: 

• A fresh issue of 65.91 lakh shares worth ₹145 crore, with the money going to the company. 

• An offer for sale (OFS) of 15 lakh shares worth ₹33 crore by promoter entity Vaman Prestressing Company Private Limited, with the money going to the seller. 

The company filed its draft red herring prospectus (DRHP), the first draft of its offer document, in December 2025. The Securities and Exchange Board of India (SEBI) approved it in April 2026. 

After the issue, the promoter group’s holding will fall to 49.4% from 73.42%. Saffron Capital Advisors Private Limited is the merchant banker, and MUFG Intime India Private Limited is the registrar. The shares will list on the BSE and NSE. 

What Does Vishal Nirmiti Do? 

Incorporated in 1994, Vishal Nirmiti (formerly Sejal Farms Private Limited) makes pre-stressed concrete (PSC) sleepers for Indian Railways, the Dedicated Freight Corridor Corporation of India Limited (DFCCIL) and private clients. 

It also makes precast and pre-stressed concrete products. It builds and installs mild steel (MS) pipes, MS liners and penstock pipes for pumped storage projects (PSPs). The company offers engineering, procurement and construction (EPC) services for railways, renewable power, irrigation and industrial infrastructure projects. 

As of June 2026, its order book stood at ₹581.8 crore. This included: 

• ₹306.9 crore from PSC sleepers for railways. 

• ₹146.8 crore from infrastructure services involving MS pipes and MS liners. 

How Has Vishal Nirmiti Performed Financially? 

Vishal Nirmiti’s total income and profit after tax (PAT) both rose 6% in the financial year ended 31 March 2026 (FY26). PAT rose to ₹24.98 crore from ₹23.64 crore a year earlier. 

EBITDA stands for earnings before interest, tax, depreciation and amortisation. 

How Will Vishal Nirmiti Use the IPO Proceeds? 

Vishal Nirmiti will use the net proceeds of the fresh issue as follows: 

• ₹75 crore to fund working capital needs. 

• ₹19 crore to repay or prepay term loans, in part or in full. 

• The remaining amount for general corporate purposes. 

The company had total borrowings of ₹87.42 crore as of 31 March 2026. 

What Are the Key Dates for the Vishal Nirmiti IPO? 

The table below lists the tentative schedule from opening through to listing. 

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