Vishal Nirmiti IPO subscribed 3% on Day 1 so far; check GMP

Reports coming in for today mention that The initial public offering of Vishal Nirmiti Ltd was subscribed 3 percent on the first day of bidding on Wednesday, according to NSE data.

The offering received bids for 2.24 lakh shares against 84.71 lakh shares on offer till 12:30 pm.

The portion reserved for Retail Individual Market participants (RIIs) was subscribed 4 percent.

Vishal Nirmiti Ltd, a civil engineering, manufacturing and construction firm, has set a price range of Rs 208-220 per equity share for its IPO.

Vishal Nirmiti IPO GMP Today Price

According to platforms tracking grey market activities, the shares of Vishal Nirmiti are commanding a GMP of up to 3 percent.

The initial share sale, which opened for subscription on September 30, will close on October 5.

Proceeds from the IPO are proposed to be utilised for funding working capital requirements, repayment of loans and general corporate purposes.

Vishal Nirmiti is engaged in manufacturing and dealing in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as fabrication of mild steel (MS) pipes, MS liners and pre-stressed pipes for pumped storage projects.

The firm additionally provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure projects.

The equity shares are proposed to be listed on the BSE and NSE.