Vishal Nirmiti IPO
Vishal Nirmiti Limited (VNL) · mainboard IPO on NSE and BSE · Book Building. Listed on 08 October 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -1.1% (likely range -38% to +8%), day's high 0.0%, chance of a gain 49%. Actual: -2.3% at the open, -2.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 84,710 | 1,07,372 | 1.27x | |
| NII (HNI) total | 24,56,635 | 44,45,908 | 1.81x | |
| Big NII (above ₹10 lakh) | 16,37,757 | 28,04,184 | 1.71x | |
| Small NII (₹2-10 lakh) | 8,18,878 | 16,41,724 | 2.00x | |
| Retail | 59,29,808 | 98,93,524 | 1.67x | |
| Total | 84,71,153 | 1,44,46,804 | 1.71x |
Bids on NSE and BSE together, as published by NSE, as of 05 Oct 2026, 07:00 PM. Shares offered exclude the anchor portion. 62% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Vishal Nirmiti's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| CSM TechnologiesJun 2026 | 1.02x | 1.54x | 1.62x | 1.36x | ₹204 Cr | 0.0% | 0.0% |
| Laxmi India FinanceJul 2025 | 1.30x | 1.84x | 2.22x | 1.87x | ₹254 Cr | -13.0% | -7.2% |
| Sonaselection IndiaSep 2026 | 1.16x | 2.00x | 2.50x | 2.01x | ₹142 Cr | +3.3% | +8.5% |
| Alpine TexworldJul 2026 | 1.09x | 1.09x | 1.54x | 1.40x | ₹128 Cr | 0.0% | 0.0% |
| PNGS Reva Diamond JewelleryFeb 2026 | 1.04x | 1.54x | 1.29x | 1.23x | ₹400 Cr | -2.9% | +12.2% |
| Fabtech TechnologiesOct 2025 | 2.02x | 1.97x | 2.08x | 2.03x | ₹402 Cr | +0.5% | +0.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Saffron Capital Advisors | 4 | -3.9% | 25% |
Offer documents (NSE)
Frequently asked
What is the Vishal Nirmiti IPO price band and lot size? ₹208–220 per share, with a lot of 68 shares, so the smallest retail bid is ₹14,960.
How many times has it been subscribed? 1.71x overall: QIB 1.27x, NII 1.81x, retail 1.67x.
How did it list? It opened at ₹215, -2.3% against the issue price of ₹220, and closed its first day -7.2%.
