Vishal Nirmiti IPO to open on Sep 30; price band fixed at Rs 208-220

Vishal Nirmiti Ltd, a civil engineering, manufacturing and construction company, has fixed a price band of Rs 208-220 per equity share for its initial public offering (IPO), which will open for subscription on September 30.The initial share-sale will close on October 5, according to the company's advertisement published on Saturday.The IPO comprises a fresh issue of up to 69.71 lakh equity shares, aggregating to Rs 145 crore at the upper end of the price band, and an offer for sale (OFS) of 15 lakh shares worth Rs 33 crore. The total issue size stands at Rs 178 crore at the upper price band.Proceeds from the IPO are proposed to be utilised for funding working capital requirements, loan repayments and general corporate purposes.Vishal Nirmiti is engaged in manufacturing and dealing in pre-stressed concrete (PSC) sleepers for railway, pre-cast and pre-stressed concrete products, as well as fabrication of mild steel (MS) pipes, MS liner and pre-stressed pipes for pumped storage projects.The company also provides engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure projects.The equity shares are proposed to be listed on the BSE and NSE.