Vishal Nirmiti IPO

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Bidding opensCompleted

   30 September 2026

2. Bidding closesNext

   5 October 2026 in today

3. Basis of allotment

   6 October 2026

4. Refunds initiated

   7 October 2026

5. Shares credited to Demat

   7 October 2026

6. Listing on the exchange

   8 October 2026

Grey market premium

Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.

About Vishal Nirmiti

Vishal Nirmiti Ltd. is a Mumbai-based civil engineering and manufacturing company incorporated in 1994. It makes pre-stressed concrete (PSC) sleepers for Indian Railways, DFCCIL and private clients. It also fabricates mild steel pipes, liners and penstock pipes for pumped storage and hydro power projects. The company runs two segments. Manufacturing covers PSC sleepers and MS pipe products. Services covers job work contracts, pre-cast elements such as noise barriers and cable ducts, hydro-mechanical structures, construction works, wind power generation, transport, leasing and scrap sales. It also bids for EPC contracts in railway infrastructure, irrigation and civil engineering. Operations span Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. It employed 420 people as of June 30, 2026. Total income for the year ended March 31, 2026 was INR 344.13 crore with profit after tax of INR 24.98 crore.

Promoters

• Brij B Tapadiya
• Ajay Bhagwandas Tapadiya
• Pavan Vithaldas Tapadiya
• Akhil Ranchod Tapadiya
• Naveen Tapadiya
• Rajendrakumar Badrinarayan Tapadiya
• Suyash Vithaldas Tapadiya
• Vedant Tapadiya
• Keshav Tapadiya

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• Funding working capital requirements of the Company

  ₹75.00 Cr

• Repayment and/ or pre-payment, in part or full of term loans

  ₹19.00 Cr

• General Corporate Purposes

  Amount not stated

Peer comparison

The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Vishal Nirmiti is the first row.

Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• Vishal Nirmiti issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 5 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.