Vishal Nirmiti Limited
MainboardVNL • BSE, NSE
Issue details
Price band
₹208 - ₹220
Lot size
68 shares
Issue size
₹186.37 Cr
Min. investment
₹14,960
Registrar
MUFG Intime India
Subscription
1.18x
Grey market premium
Est. gain+₹2 · 1%
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IPO Timeline
Open
30 Sep
Close
5 Oct
Allotment
6 Oct
Listing
8 Oct
- Refunds & demat credit
- 7 Oct 2026
- Mandate end
- 20 Oct 2026
- Anchor lock-in 50%
- 5 Nov 2026
- Anchor lock-in 100%
- 4 Jan 2027
We calculate these dates from the allotment and close dates, so please treat them as indicative. Anchor lock-in applies only to issues with an anchor allotment.
Application size
| Category | Minimum | Maximum |
|---|---|---|
| RII | 68shares 1 lot · ₹14,960 | 884shares 13 lots · ₹1,94,480 |
| sNII (₹2L–₹10L) | 952shares 14 lots · ₹2,09,440 | 4,488shares 66 lots · ₹9,87,360 |
| bNII (above ₹10L) | 4,556shares 67 lots · ₹10,02,320 | No limit funds permitting |
Based on the upper price band of ₹220 and a lot of 68 shares.
Subscription
| Quota | Shares offered | Shares bid | Subscribed |
|---|---|---|---|
| Retail (IND) | 59,29,808 | 66,13,612 | 1.12x |
| Total | 84,71,153 | 1,00,20,004 | 1.18x |
Last updated 41 days ago.
Issue structure
Face value
₹10 per share
Issue type
Bookbuilding IPO
Sale type
Fresh capital cum OFS
Fresh issue
₹145 Cr
65,90,909 shares
Offer for sale
₹33 Cr
15,00,000 shares
Shares pre-issue
1,98,00,000
Shares post-issue
2,63,90,909
Valuation & ratios
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | 12.61 | 9.46 |
| P/E | 17.45 | 23.26 |
| Market cap | ₹435.60 Cr. | ₹580.60 Cr |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 33.67% |
| ROCE | 28.02% |
| Debt/Equity | 1.01 |
| RoNW | 33.87% |
| PAT Margin | 7.37% |
| EBITDA Margin | 15.10% |
| NAV | 43.61 |
| Price to Book Value | 5.04 |
Financials
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total income | 344.13 | 324.86 | 247.93 |
| Profit after tax | 24.98 | 23.64 | 3.45 |
| EBITDA | 51.13 | 46.48 | 23.14 |
| Net worth | 86.34 | 61.12 | 38.12 |
| Assets | 334.92 | 296.61 | 242.04 |
| Reserves & surplus | 66.98 | 59.76 | 36.76 |
| Total borrowing | 87.42 | 88.05 | 91.75 |
Figures in ₹ crore, as reported by the company in its offer document.
Objects of the issue
- 1.Funding working capital requirements of the Company₹75 Cr
- 2.Repayment and/ or pre-payment, in part or full of term loans₹19 Cr
- 3.General Corporate Purposes—
What the company says it intends to do with the money raised.
Recent comparable IPOs
| Company | Issue price | P/E | Listing close | Listing gain |
|---|---|---|---|---|
| LCC Projects Ltd.Mainboard | ₹146 | 13.87 | ₹170.10 | +16.51% |
| Annu Projects Ltd.Mainboard | ₹99 | 14.33 | ₹75.60 | -23.64% |
| Technocraft Ventures Ltd.Mainboard | ₹212 | 14.73 | ₹311.15 | +46.77% |
| Om Power Transmission Ltd.Mainboard | ₹175 | 21.13 | ₹193.38 | +10.50% |
| Infrax Renewable Ltd.SME | ₹104 | 11.19 | ₹105.50 | +1.44% |
| Paluck Technologies Ltd.SME | ₹48 | 6.95 | ₹49.14 | +2.38% |
| Oneindig Technologies Ltd.SME | ₹96 | 18.53 | ₹126.00 | +31.25% |
| Leapfrog Engineering Services Ltd.SME | ₹23 | 15.19 | ₹23.10 | +0.43% |
| Safety Controls & Devices Ltd.SME | ₹80 | 12.3 | ₹78.99 | -1.26% |
| Srinibas Pradhan Constructions Ltd.SME | ₹98 | 9.15 | ₹104.40 | +6.53% |
| GRE Renew Enertech Ltd.SME | ₹105 | 15.72 | ₹91.20 | -13.14% |
| E to E Transportation Infrastructure Ltd.SME | ₹174 | 15.44 | ₹327.80 | +88.39% |
| Valplast Technologies Ltd.SME | ₹54 | 12.75 | ₹58.63 | +8.57% |
Past listing performance of comparable issues. This is not a forecast: listing gains vary widely and can turn negative.
Issue fundamentals compiled from the company's offer document via Chittorgarh, last read 28 Sep 2026. Always verify against the RHP before applying.