Vishal Nirmiti IPO Day 3: Subscribed 1.71 Times with a GMP of 9% – Key Details Inside!

The initial public offering (IPO) of Vishal Nirmiti recently closed its subscription window, which opened on September 30, 2026. The ₹178-crore public issue, consisting of a fresh issue and an offer for sale (OFS), received a total subscription of 1.71 times, with bids for approximately 1.44 crore shares against 84.71 lakh shares on offer. The IPO price band was set between ₹208 and ₹220 per share, with a lot size of 68 shares, indicating a minimum investment of around ₹14,960 for retail investors. Allotments are expected to be finalized on October 6, and shares are set to list on the NSE and BSE on October 8.

In the grey market, the IPO is currently trading at a premium of ₹20, which translates to a 9.09% gain over the upper limit of its price band. This signals potential optimism for a favorable listing, with an implied estimated listing price of around ₹240. The subscription rates saw varied interest across categories, with the retail portion subscribed 1.67 times, the Non-Institutional Investors (NII) segment 1.81 times, and the Qualified Institutional Buyers (QIB) segment 1.27 times. Despite the overall muted response, the grey market sentiment suggests some degree of bullishness among investors.

For Indian investors, the listing of Vishal Nirmiti could indicate a cautious optimism, particularly given the company’s involvement in railway infrastructure, which may benefit from increased public sector expenditure. The IPO’s subscription rates, while not overwhelming, reflect a level of interest that could be promising for long-term investors. Additionally, the established position of the company in the rapidly evolving infrastructure landscape of India may offer opportunities for growth, making this IPO worth considering for those interested in infrastructure-based investments.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)