Vishal Nirmiti IPO to open on September 30, sets price band at Rs 208-220 per share

The latest market report highlights that Pune-headquartered Vishal Nirmiti, a civil engineering, manufacturing and construction firm that manufactures pre-stressed concrete sleepers for the railways, will open its maiden public offering worth Rs 178 crore for subscription on September 30.

The firm is raising Rs 145 crore through the issuance of fresh shares, while promoter entity Vaman Prestressing Firm will sell 15 lakh shares through an offer-for-sale (OFS).

The fresh offering size has been increased to Rs 145 crore from the Rs 125 crore scheduled earlier, according to the draft papers filed in December 2025. SEBI approved the draft document in April 2026.

The price range for the offer, which closes on October 5, has been set at Rs 208-220 per share.

Apart from pre-stressed concrete sleepers for railways, the firm manufactures precast and prestressed concrete products for various applications. It is additionally engaged in the fabrication and erection of mild steel (MS) pipes, mild steel liners and penstock pipes for pumped storage projects (PSPs).

Vishal Nirmiti additionally provides engineering, procurement, infrastructure and construction services for projects across sectors such as railways, renewable power and industrial infrastructure.

As of June 2026, the firm's order book stood at Rs 581.8 crore. This included Rs 306.9 crore from pre-stressed concrete sleepers for railways and Rs 146.8 crore from infrastructure services involving MS pipes and MS liners.

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Vishal Nirmiti intends to utilise Rs 75 crore from the net proceeds of the fresh offering for working capital requirements, Rs 19 crore for debt repayment and the remaining funds for general corporate purposes.

As of March 2026, the firm's outstanding borrowings stood at Rs 87.4 crore.

The firm is anticipated to finalise the IPO share allotment by October 6 and make its market debut on the bourses on October 8.

On the financial front, Vishal Nirmiti noted a earnings of Rs 24.97 crore for the financial year ended March 2026, up 5.66 percent from Rs 23.6 crore in the previous year. Topline increased 6.3 percent to Rs 338.7 crore from Rs 318.5 crore during the same period.

Saffron Capital Advisors has been appointed as the merchant banker for the Vishal Nirmiti IPO.