 "Vishal Nirmiti files DRHP for IPO, aims to raise ₹125-cr via fresh issue")
Pune-based Vishal Nirmiti, an integrated civil engineering, manufacturing, and construction company, has filed a draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO)
The proposed public issue comprises a fresh issue of equity shares of face value ₹10 each aggregating up to ₹125 crore and an offer for sale (OFS) of up to 1.5 million equity shares. Under the OFS, promoter group Vaman Prestressing Company will offload its stake.
According to the DRHP, the company proposes to utilise ₹65 crore from the net fresh issue proceeds for its working capital requirements, and ₹20 crore for repayment or prepayment of certain borrowings. The remaining funds will be used for general corporate purposes.
MUFG Intime is the registrar for the issue. Saffron Capital Advisors is the sole book-running lead manager.
Vishal Nirmiti's financial overview
For the six-month period ended September 30, 2025, Vishal Nirmiti reported a revenue from operations of ₹135.24 crore and a profit after tax (PAT) of ₹8.41. crore. In the fiscal 2025 (FY25), the company posted revenue from operations of ₹318.51 crore, up 31 per cent from ₹242.88 crore in the previous fiscal. The company's earnings before interest, tax, depreciation, and amortisation (Ebitda) increased to ₹46.48 crore, up 100 per cent compared to ₹23.14 crore in FY24. Its PAT surged to ₹23.63 crore against ₹2.44 crore in the previous fiscal.
About Vishal Nirmiti
Incorporated in 1994, Vishal Nirmiti is a civil engineering, manufacturing and construction company. It is primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, precast and prestressed concrete products for various applications and also in the fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock pipes for Pumped Storage Project (PSP).
The company provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors. Its business is divided into two segments, namely, the Manufacturing segment and the Services segment.