Vishal Nirmiti IPO Day 2: Subscribed 0.29x; Retail demand rises to 0.24x
- Vishal Nirmiti IPO subscribed 0.29x by end of Day 2
- Retail demand rises to 0.24x from 0.06x on Day 1
- QIB subscription remains flat at 0.96x
- sHNI category jumps to 0.56x
- Price band is ₹208.00 - ₹220.00
*this image is generated using AI for illustrative purposes only.
Vishal Nirmiti IPO saw improved retail traction on Day 2, with overall subscription rising to 0.29x. While QIB interest held steady at 0.96x, retail bids picked up pace, contributing to the marginal increase in total demand.
Subscription Status
The issue recorded a cumulative subscription of 0.29x as of the end of Day 2. This represents a slight improvement from the 0.05x seen at the close of Day 1. The momentum was primarily driven by Non-Institutional Investors and Retail categories, while Qualified Institutional Buyers maintained their initial level of interest without additional commitments.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 30-09-2026 | 0.96x | 0.02x | 0.00x | 0.06x | 0.05x |
| Day 2 | 01-10-2026 | 0.96x | 0.10x | 0.56x | 0.24x | 0.29x |
Category-wise Breakdown
Qualified Institutional Buyers (QIBs) remained the most subscribed category, holding a flat 0.96x throughout the first two days. Among Non-Institutional Investors, the sHNI segment saw a significant jump to 0.56x, while bHNI bids rose to 0.10x. Retail investors also increased their participation, moving from 0.06x on Day 1 to 0.24x on Day 2. Employee subscription remained at 0x.
Intra-day Timeline on 01-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.96x | 0.07x | 0.17x | 0.23x |
| 12:15 | 0.96x | 0.10x | 0.24x | 0.29x |
Offer Details
The Vishal Nirmiti IPO is priced between ₹208.00 and ₹220.00 per share. The minimum bid quantity is set at 68 shares. The issue size ranges from ₹14,960 crore to ₹5,00,000 crore based on the final price band selection.
- Price Band: ₹208.00 - ₹220.00
- Issue Size: ₹14,960 crore - ₹5,00,000 crore
- Min Bid Qty: 68 shares
- Open Date: 2026-09-30
- Close Date: 2026-10-05
About the Company
Vishal Nirmiti Limited is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing Pre-Stressed Concrete (PSC) sleepers for railways, precast and prestressed concrete products, and fabrication of Mild Steel (MS) Pipes, MS Liners, and Penstock Pipes for Pumped Storage Projects (PSP). The company operates two segments — Manufacturing and Services — across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, Punjab, and Karnataka.
Key clients include Indian Railways, Larsen & Toubro Limited, KEC International Limited, and Kalpataru Projects International Limited. As of June 30, 2026, the company holds an order book of ₹58,176.82 lakhs.
Financial Highlights
Revenue from operations grew at a CAGR of 18.09% from FY2024 to FY2026. Net profit witnessed significant growth during this period.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 338.68 | 318.52 | 242.88 |
| Profit Before Tax (₹ Cr) | 33.78 | 31.48 | 4.58 |
| Total Profit (₹ Cr) | 24.98 | 23.64 | 3.45 |
| Total Assets (₹ Cr) | 334.92 | 296.61 | 242.04 |
Objects of the Issue
The company intends to utilize the net proceeds for:
- Working Capital Requirements: ₹75.00 crore to meet fund-based working capital needs.
- Repayment of Term Loans: ₹19.00 crore towards repayment or pre-payment of existing term loans.
- General Corporate Purposes: Balance proceeds for strategic initiatives, business development, and capital expenditure.
Risk Factors
- Government Dependence: The company derives substantial revenue from government authorities including Indian Railways and DFCCIL, making it vulnerable to policy changes.
- Customer Concentration: Top 5 customers accounted for over 85% of revenue in recent fiscals, with Indian Railways alone contributing over 40%.
- Working Capital Needs: Estimated working capital requirement for Fiscal 2027 is ₹16,441.46 lakhs, a significant increase from previous years.
Will the final Day 3 subscription figures be sufficient to avoid a potential IPO withdrawal or price band revision given the current low demand?
How might the significant jump in sHNI interest to 0.56x influence retail investor sentiment and final day bidding behavior?
What impact will the persistent lack of incremental QIB interest have on the stock's post-listing institutional support and price stability?
17
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
