# Vishal Nirmiti IPO Day 3: Subscription 1.71x, GMP at 9%

> Vishal Nirmiti IPO subscription reaches 1.71x with 9% grey market premium.
- Title: Vishal Nirmiti IPO Day 3: Subscription 1.71x, GMP at 9%
- Summary: Vishal Nirmiti IPO subscription reaches 1.71x with 9% grey market premium. Vishal Nirmiti IPO subscription at 1.71 times with 9.09% grey market premium over…
- Keywords: vishal nirmiti, ipo, gmp, subscription, nse, bse, railway infrastructure, prestressed concrete sleepers, ms pipes, pumped storage projects, money, business
- Source: The Economic Times — https://economictimes.indiatimes.com/markets/ipos/fpos/vishal-nirmiti-ipo-day-3-gmp-at-9-check-subscription-key-details-and-analyst-view/articleshow/134684003.cms
- Author: Kumar Gaurav
- Published: 2026-10-05T02:19:00+00:00
- Read time: 1 min
- Topics: vishal nirmiti, ipo, gmp, subscription, nse, bse, railway infrastructure, prestressed concrete sleepers, ms pipes, pumped storage projects, money, business
## IPO subscription window closes
The three-day subscription window for Vishal Nirmiti's initial public offering closed on Monday with 1.71 times subscription by the end of day three.
## Subscription details
Retail investors subscribed 1.67 times against 59.29 lakh shares, while non-institutional investors subscribed 1.81 times against 24.56 lakh shares.
## Grey market premium
The IPO commands a 9.09% premium over the upper price band of Rs 220, indicating expectations of a premium listing.
## Price band and listing
The IPO price band is Rs 208-220 per share with a lot size of 68 shares, expected to list on October 8 after allotment finalization on October 6.
## Analyst view
Anand Rathi rates the IPO as 'Subscribe - Long Term' with a post-issue market capitalisation of approximately Rs 5,806 million.
## Use of proceeds
Rs 75 crore will fund working capital, Rs 19 crore repay term loans, and the remainder for general corporate purposes.
## Company background
Vishal Nirmiti manufactures railway pre-stressed concrete sleepers and MS pipes for pumped storage projects.
## Financial performance
The company reported a 6% increase in total income to Rs 344 crore and profit after tax to Rs 25 crore in FY26.
## Listing timeline
Allotment finalization expected on October 6 with tentative listing on October 8 after the IPO closes.
## Market reaction
The IPO is fully priced with a 9.09% grey market premium, suggesting strong investor confidence.
## Key takeaway

Vishal Nirmiti IPO subscription at 1.71 times with 9.09% grey market premium over price band.