Vishal Nirmiti IPO opens today: Should you subscribe? Check price band, reviews, fresh GMP & more

The initial public offering (IPO) of Vishal Nirmiti opens for subscription on Wednesday, September 30. The railway infra player is selling its shares in the price band of Rs 208-220 per shares and investors can apply for a minimum of 68 equity shares and its multiples thereafter. The issue shall close for subscription on Monday, October 05.

The Rs 178 crore IPO of Vishal Nirmiti includes a fresh share sale of Rs 145 crore and an offer-for-sale (OFS) of up to 15 lakh equity shares worth Rs 33 crore by its promoter group entity. The net proceeds from the issue shall be utilized towards funding of working capital requirement, repayment of debt and general corporate purposes.

Incorporated in 1994, Mumbai-based Vishal Nirmiti (formerly Sejal Farms) is a civil engineering, manufacturing, and construction company primarily engaged in manufacturing and dealing of pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication and erection of mild steel pipes, liners and penstock pipes for pumped storage projects.

Vishal Nirmiti reported a net profit of Rs 24.98 crore with a revenue of Rs 344.13 crore for the financial year ended on March 31, 2026. The company clocked a bottomline of Rs 23.64 crore with a revenue of Rs 324.86 crore for the fiscal year 2024-25. At the current valuations, Vishal Nirmiti is commanding a market capitalization slightly above Rs 580 crore.

The company has reserved at least 70 per cent shares for retail, while non-institutional investors will have 29 per cent shares reserved for them. Qualified institutional bidders (QIBs) will have only one per cent shares reserved for them. Last heard, it was commanding a grey market premium (GMP) of Rs 2 per share, suggesting a muted listing gain for the investors.

Saffron Capital Advisors is the sole book running lead manager and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, October 08. Here's what a host of brokerage firms have to say about the IPO of Vishal Nirmiti:

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Vishal Nirmiti is valued at 23.2 times FY26 P/E and 13.1 times FY26 EV/EBITDA. Considering the company's established position in railway infrastructure manufacturing, strong execution capabilities, improving profitability and visible growth opportunities from India's infrastructure capex cycle the IPO appers to be fully priced, said Anand Rathi with a 'subscribe' for long-term rating.

SBI Securities
Rating: Neutral
Vishal Nirmiti is a specialized manufacturer of PSC sleepers and high-pressure MS pipes, operating an aggregate installed capacity of 11,00,124 PSC sleeper units per annum as of FY26. It delivered a revenue, EBITDA and PAT CAGR of 18.1 per cent, 48.6 per cent and 169.2 per cent, respectively, during the FY24–FY26 period, said SBI Securities.

"Growth will be driven by the execution of its executable order book standing at Rs 582 crore as of June 2026, and ongoing capital expenditure in railway track renewals and water pipelines. The issue looks fairly valued. Hence, we assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing," it said.

BP Equities
Rating: Subscribe
Vishal Nimriti trades a premium valuations, compared to its peers but its superior margins margin profile reflects its specialised manufacturing focus and relatively higher-margin product mix, said BP Equities. "Given the combination of stronger margins, specialised products and order visibility, we assign a 'subscribe' rating to the issue," it said.

Ventura Securities
Rating: Subscribe
Supported by 32 years of group heritage, Vishal Nirmiti operates manufacturing facilities across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Odisha, and Punjab. Execution capabilities are anchored by ISO accreditations, alongside automated forming, welding, and coating technologies, said Ventura with a 'subscribe' rating for the issue.

Master Capital Services
Rating: Subscribe for long-term
Vishal Nirmiti operates has presence across railway infrastructure, renewable power, irrigation and industrial projects provides exposure to the expected growth in India’s infrastructure and construction ecosystem. Investors may consider the IPO as a potential long-term investment opportunity, said Master Capital Services.