IPO Today: Vishal Nirmiti IPO and Nityas Gems & Jewellery IPO open for subscription today i.e. Wednesday, September 30, putting two mainboard issues before investors with different business models, issue sizes and grey-market signals.
While Vishal Nirmiti IPO is a Rs 178 crore issue focused on railway infrastructure, pre-stressed concrete products and EPC services, 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.
The key point for investors on IPO Day 1 is the difference in their grey market premium (GMP). 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 1 Subscription Status
The IPO subscription will begin at 10 am.
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, while the lot size is 68 shares. Retail investors need a minimum investment of Rs 14,960 at the upper price band.
The issue will open on September 30 and 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 2 as of now, according to grey-market tracking data.
At the upper price band of Rs 220, a GMP of Rs 2 translates into an indicative listing price of Rs 222, or a premium of around 0.91% over the issue price.
The current GMP therefore signals only a marginal 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 treated as a guaranteed listing price.
What Does Vishal Nirmiti Do?
Vishal Nirmiti, incorporated in 1994, 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?
The company plans to use Rs 75 crore from the IPO proceeds to fund working capital requirements.
Another Rs 19 crore is earmarked for repayment and/or pre-payment of term loans, while the remaining proceeds will be used 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 of shares with no offer-for-sale component.
The IPO price band has been fixed at 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 opens on September 30 and closes on October 5, with allotment expected on October 6 and listing scheduled for October 8.
Nityas Gems & Jewellery IPO GMP Today
Nityas Gems & Jewellery IPO GMP stood at Rs 9 as of now, according to grey-market tracking data.
At the upper price band of Rs 75, the Rs 9 GMP indicates an estimated listing price of Rs 84, translating into an indicative premium of 12% over the issue price.
The reported GMP was Rs 5 on September 28 and rose to Rs 9 as of now, according to grey-market tracking data.
As with Vishal Nirmiti, the GMP is unofficial and can change before the actual listing.
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 customers in overseas markets. Its D2C subsidiary operates an online storefront and physical retail stores.
Nityas Gems reported revenue from operations of Rs 202.89 crore in FY26, compared with Rs 96.84 crore in FY25, while 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 use Rs 70 crore from the IPO proceeds to fund its working capital requirements.
The remaining proceeds, if any, will be utilised for general corporate purposes.
Vishal Nirmiti Vs Nityas Gems & Jewellery IPO: GMP Comparison
The two IPOs currently show a clear difference in their grey-market indications.
Vishal Nirmiti IPO: GMP of Rs 2 against an upper price band of Rs 220, implying an indicative listing premium of 0.91%.
Nityas Gems & Jewellery IPO: GMP of Rs 9 against an upper price band of Rs 75, implying an indicative listing premium of 12%.
This means the unofficial grey market is currently indicating a considerably higher premium for Nityas Gems & Jewellery than for Vishal Nirmiti.
However, investors should not use GMP as the sole basis for an IPO investment decision. Grey-market trades are unofficial, and GMP can move sharply between the opening of an issue and its listing.
Vishal Nirmiti Vs Nityas Gems & Jewellery: What Should Investors Look At?
For Vishal Nirmiti, investors can assess 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 rapid 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 materially different operating histories.
Should You Subscribe To Vishal Nirmiti Or Nityas Gems IPO?
The current GMP signals stronger unofficial listing expectations for Nityas Gems & Jewellery, with a reported 12% indicative premium compared with around 0.91% for Vishal Nirmiti.
That said, GMP only reflects unofficial grey-market activity and does not establish the fundamental attractiveness of either IPO. Investors should also consider the issue valuation, financial performance, business model, use of proceeds, competitive position and risks disclosed in the offer documents before deciding whether to subscribe.
For investors primarily tracking listing sentiment, the current GMP figures provide one data point to compare. For a longer-term investment decision, the underlying financials and business prospects are more relevant than the grey-market premium alone.
Vishal Nirmiti Vs Nityas Gems IPO: Key Takeaways
Vishal Nirmiti is raising Rs 178 crore at a price band of Rs 208-220, with a current GMP of Rs 2.
Nityas Gems & Jewellery is raising Rs 108.35 crore at a price band of Rs 70-75, with a current GMP of Rs 9.
Both IPOs open on September 30, 2026, close on October 5, are expected to be allotted on October 6 and are scheduled to list on October 8.
The GMP figures are unofficial and can change before listing. Investors should therefore consider them alongside the IPO's valuation, financials and risk factors rather than treating the GMP as a prediction of listing performance.
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