IPO Day 2 Today: Vishal Nirmiti IPO and Nityas Gems & Jewellery IPO will enter the second day of subscription on Thursday, October 1, putting two mainboard issues with different business models, issue sizes and grey-market signals in focus.
Vishal Nirmiti IPO is a Rs 178 crore issue focused on railway infrastructure, pre-stressed concrete products and EPC services, while Nityas Gems & Jewellery IPO is a Rs 108.35 crore issue focused on lab-grown diamond-studded gold jewellery.
Both IPOs will remain open until October 5, with allotment expected on October 6 and listing scheduled for October 8 on NSE and BSE.
For investors tracking IPO GMP on Day 2, the key difference is in their current grey-market signals. Last checked, Vishal Nirmiti IPO was commanding a GMP of Rs 2, while Nityas Gems & Jewellery IPO was trading at a GMP of Rs 9 in the grey market.
Vishal Nirmiti IPO And Nityas Gems & Jewellery IPO Day 2 Subscription Status
The IPO subscription window will open at 10 am.
Vishal Nirmiti IPO And Nityas Gems & Jewellery IPO Day 1 Subscription Details
On Day 1, Vishal Nirmiti IPO was subscribed 0.05 times. QIBs subscribed 0.96 times, while NIIs and RIIs subscribed 0.01 times and 0.06 times, respectively.
Nityas Gems & Jewellery IPO, meanwhile, was subscribed 0.20 times on Day 1. QIBs were yet to participate, while RIIs subscribed 0.52 times and NIIs subscribed 0.11 times.
Vishal Nirmiti IPO: Key Details
Vishal Nirmiti IPO is a Rs 178 crore book-built issue, comprising a fresh issue of Rs 145 crore and an offer for sale of Rs 33 crore.
The IPO has a price band of Rs 208 to Rs 220 per share and a lot size of 68 shares. Retail investors need a minimum investment of Rs 14,960 at the upper price band.
The issue opened on September 30 and will close on October 5. The basis of allotment is expected on October 6, followed by listing on October 8.
Vishal Nirmiti IPO GMP Today
Vishal Nirmiti IPO GMP stood at Rs 10 as of now, according to grey-market tracking data.
At the upper price band of Rs 220, a GMP of Rs 10 indicates an indicative listing price of Rs 230, representing a premium of around 4.55% over the issue price.
The current GMP points to a modest premium over the IPO's upper price band. However, GMP is an unofficial market indicator and can change during the subscription period. It should not be considered a guaranteed listing price.
What Does Vishal Nirmiti Do?
Incorporated in 1994, Vishal Nirmiti operates across civil engineering, manufacturing and construction.
The company manufactures pre-stressed concrete sleepers for railways, pre-cast and pre-stressed concrete products, and MS pipes, liners and penstock pipes used in infrastructure and pumped storage projects.
It also provides EPC services for railway infrastructure, irrigation and civil engineering projects.
The company has operations across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. As of June 30, 2026, it had 420 employees.
Vishal Nirmiti IPO: Where Will The Money Go?
Vishal Nirmiti plans to utilise Rs 75 crore from the IPO proceeds to meet its working capital requirements.
Another Rs 19 crore will be used for repayment and/or pre-payment of term loans, while the balance will be utilised for general corporate purposes.
Nityas Gems & Jewellery IPO: Key Details
Nityas Gems & Jewellery IPO is a Rs 108.35 crore book-built issue comprising entirely of a fresh issue, with no offer-for-sale component.
The IPO has a price band of Rs 70 to Rs 75 per share, while the lot size is 200 shares. The minimum retail investment at the upper price band is Rs 15,000.
The issue opened on September 30 and will close on October 5. Allotment is expected on October 6, with listing scheduled for October 8.
Nityas Gems & Jewellery IPO GMP Today
Nityas Gems & Jewellery IPO GMP stood at Rs 5 as of now, according to grey-market tracking data.
At the upper price band of Rs 75, the Rs 5 GMP points to an estimated listing price of Rs 80, translating into an indicative premium of 6.67% over the issue price.
The reported GMP stood at Rs 9 on September 29 before declining to Rs 5 as of now, according to grey-market tracking data.
What Does Nityas Gems & Jewellery Do?
Nityas Gems & Jewellery was incorporated in 2022 and is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery.
The company operates through a B2B manufacturing and distribution business, as well as a D2C omnichannel retail business through its subsidiary, Ayaani Diamonds and Jewellery.
Its product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, necklaces, cufflinks and bangles.
The company manufactures jewellery at its facility in Surat, Gujarat, and supplies products across India as well as to overseas customers. Its D2C subsidiary operates an online storefront and physical retail stores.
Nityas Gems reported revenue from operations of Rs 202.89 crore in FY26, up from Rs 96.84 crore in FY25. Profit after tax rose to Rs 22.31 crore from Rs 9.79 crore during the same period.
Nityas Gems & Jewellery IPO: Where Will The Money Go?
Nityas Gems & Jewellery plans to utilise Rs 70 crore from the IPO proceeds to meet its working capital requirements.
The remaining proceeds, if any, will be used for general corporate purposes.
Vishal Nirmiti Vs Nityas Gems & Jewellery IPO: GMP Comparison
The two IPOs are currently showing different grey-market indications.
Vishal Nirmiti IPO has a GMP of Rs 10 against an upper price band of Rs 220, implying an indicative listing premium of 4.55%.
Nityas Gems & Jewellery IPO has a GMP of Rs 5 against an upper price band of Rs 75, implying an indicative listing premium of 6.67%.
On the basis of the current GMP, Nityas Gems & Jewellery is indicating a higher percentage premium over its issue price than Vishal Nirmiti.
However, investors should not rely on GMP alone when assessing an IPO. Grey-market trades are unofficial, and GMP can change significantly between the subscription period and listing.
Vishal Nirmiti Vs Nityas Gems & Jewellery: What Should Investors Look At?
For Vishal Nirmiti, investors can look at the company's exposure to railway infrastructure, PSC sleepers, EPC projects and infrastructure spending, along with its working-capital requirements and debt repayment plans.
For Nityas Gems & Jewellery, key factors include its revenue and profit growth, exposure to the lab-grown diamond jewellery market, integrated B2B and D2C model, manufacturing capabilities and the risks associated with its relatively short operating history.
Nityas Gems was incorporated in 2022, while Vishal Nirmiti has been operating since 1994, giving the two companies significantly different operating histories.
Vishal Nirmiti Vs Nityas Gems IPO: Key Takeaways
Vishal Nirmiti is raising Rs 178 crore at a price band of Rs 208-220. Its current GMP is reported at Rs 10.
Nityas Gems & Jewellery is raising Rs 108.35 crore at a price band of Rs 70-75, with a current GMP of Rs 5.
Both IPOs opened on September 30, 2026, and will close on October 5. Allotment is expected on October 6, while both stocks are scheduled to list on October 8.
GMP figures are unofficial and can change before listing. Investors should therefore consider them alongside valuation, financial performance, business prospects and risk factors rather than treating GMP as a prediction of listing performance.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.