Nityas Gems IPO and Vishal Nirmiti IPO: Price Band, Day 1 Subscription Status, Conflicting GMP
The Nityas Gems IPO was subscribed 0.20 times on its first day, 30 September 2026, with retail investors bidding for 0.52 times the shares reserved for them, according to HDFC Sky’s end-of-day data. The Vishal Nirmiti IPO, which opened the same day, was subscribed 0.05 times by 5 PM, Capital Market reported. Both issues close on Monday, 5 October, and are scheduled to list on BSE and NSE on 8 October.
Nityas Gems IPO and Vishal Nirmiti IPO at a glance
| Detail | Nityas Gems and Jewellery | Vishal Nirmiti |
|---|---|---|
| Issue size | About ₹108.4 crore (fresh issue only) | About ₹178 crore (₹145 crore fresh + OFS of about ₹33 crore) |
| Price band | ₹70–75 | ₹208–220 |
| Lot size | 200 shares | 68 shares |
| Minimum investment (upper band) | ₹15,000 | ₹14,960 |
| Face value | ₹5 | Not confirmed |
| Employee discount | ₹7 per share | Not reported |
| Open / close | 30 Sep / 5 Oct | 30 Sep / 5 Oct |
| Allotment | 6 Oct | 6 Oct |
| Refunds and demat credit | 7 Oct | 7 Oct |
| Listing | 8 Oct, BSE and NSE | 8 Oct, BSE and NSE |
Nityas Gems is issuing 1,44,56,000 fresh shares. Reports differ slightly on the issue size: NDTV Profit, The Economic Times and HDFC Sky put it at ₹108.35 crore, while Moneycontrol and other trackers say ₹108.42 crore. The higher figure is what 1,44,56,000 shares at ₹75 comes to. Choice Capital Advisors is the book-running lead manager and Bigshare Services the registrar.
What the two companies do
Nityas Gems and Jewellery designs, makes and sells gold jewellery studded with lab-grown diamonds, with a business-to-business manufacturing arm and a direct-to-consumer retail brand, Ayaani Diamonds and Jewellery, according to NDTV Profit and Value Research. Its revenue rose to ₹202.89 crore in FY26 from ₹96.84 crore a year earlier, and profit after tax to ₹22.31 crore from ₹9.79 crore, NDTV Profit reported. About ₹70 crore of the fresh issue is earmarked for working capital.
Vishal Nirmiti makes pre-stressed concrete sleepers for railways, large-diameter steel pipes for water projects and pre-cast concrete products, and also takes engineering, procurement and construction work. It reported FY26 profit of ₹24.98 crore on sales of ₹338.68 crore, with borrowings of ₹87.42 crore. Of the fresh issue, ₹75 crore is for working capital and ₹19 crore for repaying loans.
Subscription status after Day 1
The subscription status was muted for both issues on the first day, which is common for small issues where most bids come in on the last day.
| Category | Nityas Gems (end of Day 1) |
|---|---|
| Overall | 0.20x |
| Retail | 0.52x |
| Non-institutional (NII) | 0.11x |
| Qualified institutional (QIB) | 0x |
| Employees | 0.53x |
| Applications | 10,578 |
| Value of bids | ₹21.84 crore |
Source: HDFC Sky. Earlier in the afternoon, at 4:32 PM, Nityas stood at 0.19 times overall with retail at 0.51 times.
For Vishal Nirmiti, bids had come in for 4,61,720 shares against 84,71,153 on offer by 5 PM, or 0.05 times, Capital Market reported. At 12:30 PM, Moneycontrol put the overall figure at 3% and retail at 4%. A full category-wise breakdown at the close of Day 1 was not available when this report was written.
Final, exchange-verified subscription figures are published on the BSE public issues page.
What is the GMP saying?
The grey market premium, or GMP, is an unofficial indicator of the price at which shares trade before listing. It is not regulated and is often wrong. Figures on 30 September varied by source:
| Source | Nityas Gems GMP | Vishal Nirmiti GMP |
|---|---|---|
| NDTV Profit | ₹9 (up from ₹5 on 28 Sep) | ₹2 |
| The Economic Times | ₹5 | Not reported |
| Moneycontrol (InvestorGain) | Around issue price | Around issue price |
A GMP of ₹9 on Nityas’ upper band of ₹75 would imply a listing about 12% above the issue price, and ₹2 on Vishal Nirmiti’s ₹220 under 1%. These are indications only; listing prices depend on demand on the day.
Only three bidding days in all
Although the issues run from 30 September to 5 October, they have only three bidding days. Friday, 2 October, is a market holiday for Gandhi Jayanti, and it is followed by the weekend, so the remaining days are Thursday, 1 October, and Monday, 5 October. UPI mandates for applications should be approved before the cut-off time on the closing day set by the exchanges and the applicant’s broker, and investors applying on the last afternoon risk missing it if the mandate request arrives late.
How allotment works if the issue is oversubscribed
In the retail category, if an issue is oversubscribed, allotment is by lottery and each successful applicant usually gets one lot. Applying for more lots does not raise the chance of allotment for a retail investor. Allotment status can be checked on the registrar’s website or the BSE site from 6 October. Investors can check an issue’s offer document and complaints process through SEBI’s investor website.
Market backdrop
Both issues opened on a weak day for the market. The Sensex closed at 72,480.29 on 30 September after falling 5.81% in September, as covered in our Sensex report for 30 September. Foreign investors sold ₹9,980.22 crore of Indian shares on 29 September. Our 29 September market report has the previous session. Weak secondary markets tend to dampen demand for small IPOs.
Readers wanting broader equity exposure without picking individual stocks can read our explainer on mid-cap funds.
FAQ
What is the Nityas Gems IPO price band?
₹70–75 per share, with a lot of 200 shares. The minimum investment is ₹15,000 at the upper end.
When is the Vishal Nirmiti IPO allotment?
Allotment is expected on 6 October, with refunds and demat credit on 7 October and listing on 8 October.
What was the Nityas Gems IPO subscription on Day 1?
0.20 times overall and 0.52 times in the retail category at the end of Day 1, according to HDFC Sky.
The Nityas Gems IPO and the Vishal Nirmiti IPO have only two bidding days left, 1 and 5 October, and subscription usually picks up on the last day.
Disclaimer: This is a news report based on data from HDFC Sky, Capital Market, Moneycontrol, NDTV Profit and The Economic Times on 30 September 2026. Grey market premiums are unofficial and unreliable. This is not a recommendation to apply for or avoid any IPO; read the offer document before investing.
