Vishal Nirmiti IPO
Vishal Nirmiti IPO is a mainboard IPO raising ₹178 Cr at ₹208 – ₹220 a share. It listed on 8 Oct 2026 at ₹215, −2.3% against its issue price of ₹220, and trades at ₹104 today (−52.6% since issue). It was subscribed 1.71× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs220. Checked: exchange issue size Rs178 Cr vs derived Rs178 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 21% above the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| GPT Infraprojects Limited | 14.83× | 18.25% | ₹7.7 |
| Indian Hume Pipe Company Limited | 13.86× | 9.51% | ₹26.79 |
| This issue | 17.4× | 33.87% | ₹12.61 |
derived: cut-off price Rs220 / stated EPS Rs12.61 (Fiscal 2026 diluted EPS (basic and diluted are equal at ₹12.61), restated consolidated, face value ₹10, audited certificate dated September 24, 2026). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.