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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
Vishal Nirmiti Limited is a civil engineering, manufacturing, and construction company specializing in pre-stressed concrete railway sleepers, MS pipes, and infrastructure development projects.
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 1 · 30 Sep | 0.96× | 0.01× | 0.04× | 0.04× |
| Day 2 · 1 Oct | 0.96× | 0.68× | 0.33× | 0.44× |
| Day 4 · 5 Oct | 1.20× | 1.35× | 1.12× | 1.18× |
QIB = qualified institutional buyers, NII = non-institutional (HNI) investors, Retail = individual bids up to ₹2 lakh. Figures are end-of-day captures; the final day's number can rise further after 5 PM as the exchange consolidates bids.
From +2.7% on 30 Sep to +15.9% on 1 Oct — up 13.2 points over 2 captures. Grey-market sentiment, not a price: it is unregulated and can reverse into listing.
Vishal Nirmiti Limited is engaged in the manufacturing of pre-stressed concrete (PSC) sleepers for railways, pre-cast concrete products, and the fabrication and erection of large-diameter Mild Steel (MS) pipes, liners, and penstock pipes for pumped storage projects.
The company provides engineering, procurement, and construction services across various sectors, including railway infrastructure, renewable power, irrigation, and industrial development. It operates through two main segments: manufacturing and services, with facilities located across several Indian states.
Led by experienced promoters, the company has evolved from its incorporation in 1994 to a public limited entity, maintaining ISO certifications for its quality management and occupational health and safety systems across its various manufacturing units.
Only the fresh-issue half funds the company. Offer-for-sale money goes to shareholders selling out — it changes who owns the business, not what the business can spend.
Since its listing-day close it has moved -46.2%, while the Nifty moved +10.4% over the same 19 sessions. Windows are measured vs the issue price and fill in as sessions trade.
Full stock analysis for VNL →At the upper band of ₹220 and FY26 diluted EPS of ₹12.61, the issue is priced at 17.4× earnings; the listed peers named in the RHP range from 13.9× to 14.8× (average 14.3×).
Peer multiples are as printed in the RHP (priced on its record date) and differ in size, growth and quality — a P/E comparison describes where the price sits, not whether it is right. Not a recommendation.
This row was written the day before listing and has not been edited since. Right or wrong, it stays.
An issue price only means something next to what the market already pays for similar businesses.
GMP is unofficial, unregulated grey-market chatter. It moves hourly, it is not a quoted price, and listing prices routinely diverge from it. Nothing on this page is a recommendation to apply for or avoid this issue — it is the public record plus a description of the business, published for education. The business profile is an AI summary of the company's red herring prospectus; every figure shown was checked to appear in the prospectus text, and anything that didn't match was left out. Read the RHP itself before relying on any of it.
Vishal Nirmiti listed on 8 Oct 2026 at Rs 215 against an issue price of Rs 220 — a loss of 2.3% on debut, versus a final grey market premium of +15.9%.
The Vishal Nirmiti IPO price band is Rs 208 to Rs 220 per share, with bidding open from 30 Sep 2026 to 5 Oct 2026. It is a Mainboard issue.
The minimum bid is one lot of 68 shares, which is Rs 14,960 at the upper price band. A retail investor can bid for up to 13 lots (Rs 1,94,480) within the Rs 2 lakh retail limit.
As of 5 Nov 2026, Vishal Nirmiti traded 50.1% below its issue price and 46.2% below its listing-day close; the Nifty moved +10.4% over the same period.
At the upper price band of Rs 220 and diluted EPS of Rs 12.61 (FY2026), the Vishal Nirmiti IPO is priced at about 17.4 times earnings. The listed peers named in its RHP trade between 13.9x and 14.8x (average 14.3x). A P/E comparison describes where the price sits relative to peers; it is not a recommendation.
As of 5 Oct 2026, the Vishal Nirmiti IPO was subscribed 1.18 times overall — QIB 1.20 times, NII 1.35 times, retail 1.12 times, per official NSE bid data.
Across the 47 IPO listings this tracker has scored, the grey market premium called the listing direction correctly 83% of the time, missing the size of the move by a median 6.6 percentage points. Each final GMP is frozen the day before listing and scored publicly against the actual debut.
Trade Edge AI does not make apply/avoid calls — it is not a SEBI-registered Investment Adviser or Research Analyst. This page publishes the public record (issue details, GMP history, listing outcome) and a plain description of the business so you can make your own decision; read the RHP and consult a SEBI-registered adviser.