Civil Engineering & Railway Infrastructure - Listed on 08 October 2026
Vishal Nirmiti (Civil Engineering & Railway Infrastructure) closed its IPO window in 2026 and listed on NSE and BSE on 08 October 2026 at an upper band issue price of Rs 220, opening at Rs 215 for a listing gain of -2.3% and closing day one at Rs 204.25 (-7.2% on closing basis). The IPO was subscribed 1.71x overall - QIB 1.27x, HNI/NII 1.81x, Retail 1.67x. The total issue size was Rs 178 Cr (Fresh Issue Rs 145 Cr, OFS Rs 33 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Civil Engineering & Railway Infrastructure
Vishal Nirmiti is a civil engineering, manufacturing and construction company focused on pre-stressed concrete sleepers for railways, pre-cast and pre-stressed concrete products, and fabrication and erection of mild-steel pipes, liners and penstock pipes for pumped-storage projects.
Issue structure, listing outcome and context
The ₹178 crore IPO comprised a ₹145 crore fresh issue and an offer for sale of 15 lakh shares valued at approximately ₹33 crore, priced at ₹220 per share at the upper end. The shares listed on NSE at ₹215 on 8 October 2026, a 2.27% discount, and closed at ₹204.25, down 7.16% from the issue price.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 10 | +4.55% |
| Day 2 | Rs 20 | +9.09% |
| Day 3 | Rs 4 | +1.80% |
| Day 4 | - | - |
| Day 5 | - | - |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
Prediction Accuracy: 2.0 pp (Highly accurate)
How the broader market moved around the Vishal Nirmiti IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Vishal Nirmiti IPO listed at -2.3% versus the upper issue price of Rs 220 on 08 October 2026.
Vishal Nirmiti IPO was subscribed 1.71x overall. QIB portion was subscribed 1.27x, HNI / NII 1.81x and Retail 1.67x.
IPO GMP started at Rs 10 on Day 1 and moved to Rs 4 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.