About Vishal Nirmiti Ltd IPO
Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of up to 65.91 lakh equity shares aggregating to Rs 145 crore and an Offer for Sale (OFS) of up to 15 lakh equity shares aggregating to Rs 33 crore. The Equity Shares are proposed to be listed on the NSE and BSE. Saffron Capital Advisors Private Limited is acting as the Book Running Lead Manager, while MUFG Intime India Private Limited is the Registrar to the Issue.
The Company is promoted by Brij B Tapadiya, Ajay Bhagwandas Tapadiya, Pavan Vithaldas Tapadiya, Akhil Ranchod Tapadiya, Naveen Tapadiya, Rajendrakumar Badrinarayan Tapadiya, Suyash Vithaldas Tapadiya, Vedant Tapadiya and Keshav Tapadiya.
The proceeds from the fresh issue are proposed to be used primarily for funding the Company’s working capital requirements, repayment and/or pre-payment of certain term loans, and general corporate purposes. The proceeds from the OFS will be received by the selling shareholder, Vaman Prestressing Company Private Limited.
About Vishal Nirmiti Limited
Vishal Nirmiti Limited (VNL) is an engineering, manufacturing and construction company engaged in the production of Pre-Stressed Concrete (PSC) railway sleepers, precast and prestressed concrete products, Mild Steel (MS) Pipes, MS Liners and Penstock Pipes, along with infrastructure and construction services. The Company serves projects across railways, renewable power, irrigation, hydro power and industrial infrastructure.
VNL operates through two principal business segments:
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Manufacturing: Manufacturing of PSC sleepers primarily for railway projects; large-diameter MS Pipes, MS Liners and Penstock Pipes for Pumped Storage Projects and other infrastructure applications; and precast concrete products including noise barriers and cable ducts.
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Services: Execution of job-work and construction contracts involving MS Pipes, MS Liners, Penstock Pipes and precast/prestressed concrete products, along with hydro-mechanical works and other infrastructure-related activities. The segment also includes transportation, leasing, power generation through windmills and sale of manufacturing scrap.
The Company has operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka.
The Company has an established presence in the railway infrastructure segment, with PSC sleepers supplied for projects involving Indian Railways and its subsidiaries, including Indian Railways and Dedicated Freight Corridor Corporation of India Limited (DFCCIL), in addition to private-sector customers.
The Company was incorporated in 1994 and subsequently underwent changes in its name and corporate status before becoming a public limited company in 2025, under the name Vishal Nirmiti Limited.
As of June 30, 2026, the Company had a workforce of 420 employees across various departments.
Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of up to 65.91 lakh equity shares aggregating to Rs 145 crore and an Offer for Sale (OFS) of up to 15 lakh equity shares aggregating to Rs 33 crore. The Equity Shares are proposed to be listed on the NSE and BSE. Saffron Capital Advisors Private Limited is acting as the Book Running Lead Manager, while MUFG Intim
Vishal Nirmiti IPO Subscription Breakdown
| Investory Category | Subscription Percentage | Amount Raised (₹ Crores) |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 1% | 84,711.53 crores |
| Non-Institutional Investors (NIIs) | 29% | 24,56,634.37 crores |
| Retail Individual Investors (RIIs) | 70% | 59,29,807.1 crores |
Vishal Nirmiti IPO Strengths & Weaknesses
The Company has capabilities across PSC sleepers, MS Pipes, MS Liners, Penstock Pipes and precast and prestressed concrete products, supported by experience in procurement, production, quality control and project execution.
With around 20 years of experience in PSC sleeper manufacturing, the Company serves railway infrastructure requirements and manufactures sleepers for broad-gauge and standard-gauge applications.
The Company has developed relationships with railway authorities, infrastructure contractors and other customers, with repeat engagements.
The Company is supported by Promoters and senior management with substantial experience in railway sleeper manufacturing, infrastructure, manufacturing operations and project execution.
In addition to railway infrastructure, the Company has exposure to hydro power, pumped storage, irrigation, water supply and other infrastructure applications, providing diversification across end-use sectors.
Vishal Nirmiti IPO Important Dates & Issue Details
| Allotment Date | Listing Date | Refund Date |
|---|---|---|
| 06 Oct '26 | 08 Oct '26 | 07 Oct '26 |
| Issue Composition: | |
|---|---|
| Face Value | ₹10 per share |
| Total Issue Size | 84,71,153 shares (aggregating up to ₹14,960 crores) |
| Fresh Issue | 6,59,090.9 shares (aggregating up to ₹65,90,909 crores) |
| Offer for Sale | 1,50,000 shares of ₹10 (aggregating up to ₹15,00,000 crores) |
| Issue Type | Book Building IPO |
| Post-Issue Shareholding Pattern: | |
|---|---|
| Pre-Issue Shareholding | 73.42 shares |
| Post-Issue Shareholding | 49.4 shares |
Vishal Nirmiti IPO Lot Size and Investment Details
| Minimum Lot Size | 68 shares |
| Maximum Lot Size (Retail) | 2,244 shares |
The lot size of Vishal Nirmiti ipo has been designed to ensure broad participation while maintaining optimal price discovery.
How to Apply for Vishal Nirmiti IPO
- Log in to your Choice account
- Select IPO
- Enter the number of lots and your price
- Verify UPI ID
- Complete the transaction on your UPI app
Vishal Nirmiti IPO Contact & Registrar Details
Contact Details
Address
303, 17 Elphinstone House, Marzban Road, New Empire Cinema, Fort Mumbai
Phone Number
Registrar Details
Registrar Name
MUFG Intime India Pvt.Ltd.
Phone Number
Vishal Nirmiti Lead Manager(s)
| Book Running Lead Manager(s) |
|---|
| Saffron Capital Advisors Pvt.Ltd. |
