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Re:

Vishal Nirmiti IPO Day 3: 1.55× Subscription Snapshot and 2.27% Indicative GMP

The reported 1.55× subscription was an October 5 intraday snapshot, while a ₹5 unofficial GMP implied about 2.27% over the ₹220 upper band.
From TheFinanceBase Team2 min to read
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Goodreturns reported that the Vishal Nirmiti IPO was subscribed 1.55× as of 2:34 p.m. IST on October 5, 2026. That was an intraday snapshot, not a verified final subscription figure. The same day, Goodreturns reported a ₹5-per-share grey-market premium (GMP), which works out to an indicative 2.27% over the ₹220 upper price band—not a guaranteed listing return. The reported tentative listing date was October 8, 2026.

What the 1.55× Day 3 subscription figure means

Goodreturns reported overall subscription of 1.55× at 2:34 p.m. IST on October 5, the final bidding day. Because the figure was recorded before bidding closed, it should be read as a timestamped snapshot rather than the IPO’s final subscription. Goodreturns itself noted that the figures could change until the close. Goodreturns’ October 5 report

The category figures in that report are inconsistent: its subscription section lists retail at 1.5×, NII at 1.7× and QIB at 1.8×, while an earlier introductory paragraph gives QIB as 1.08×. The category multiples therefore should not be treated as a clean, reconciled breakdown.

Why there is no confirmed final total here

Other available secondary pages also conflict. An m.Stock page gives 0.57× in prose but 2.23× in its table; The Economic Times page shows 0.05× at 5 p.m. on September 30, an early first-day snapshot rather than a closing figure. No relevant official exchange record was surfaced to resolve the final total. These figures are not interchangeable, and the final subscription total and category breakdown remain unverified.

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GMP today: how the 2.27% estimate is calculated

Goodreturns reported a grey-market premium of ₹5 per share on October 5. Applied to the ₹220 upper end of the price band, that gives an arithmetic indicative price of ₹225: ₹220 + ₹5. The implied premium is ₹5 ÷ ₹220 = 2.2727%, or approximately 2.27%. Goodreturns’ GMP report

GMP is an unofficial market indication, not an exchange-confirmed price or a dependable forecast. The 2.27% calculation is not a promised or realized listing gain; the eventual market price may differ.

Reported IPO terms

Goodreturns reported the following issue terms on October 5, 2026. Goodreturns’ issue details

Term Reported detail
Issue size ₹178 crore
Price band ₹208–₹220 per share
Lot size 68 shares
Minimum amount for one lot at the upper band ₹14,960 (68 × ₹220)
Fresh issue 65.91 lakh shares, reported at ₹145 crore
Offer for sale 15 lakh shares, reported at ₹33 crore

Bid, allotment and listing dates

The bid period ran from September 30 through October 5, 2026. Goodreturns gave October 6 as the expected allotment date and October 8 as the tentative listing date on NSE and BSE. The allotment date had passed by October 7, while the stated listing date was still ahead; these dates reflect the report’s schedule, not confirmation that the shares had listed. The Economic Times also listed October 6 for basis of allotment and October 8 for listing. Goodreturns’ timeline; The Economic Times IPO page

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Issuer context

The NSE-hosted draft red herring prospectus identifies the issuer as Vishal Nirmiti Limited and names its promoters. It is dated September 29, 2025, so it provides issuer background rather than confirmation of 2026 subscription figures or GMP. NSE-hosted draft red herring prospectus

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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