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Vishal Nirmiti, Nityas Gems list on NSE today; Eventions debuts on NSE Emerge, Jyoti Resins joins NSE; R.K. Fashion IPO closes 2.61×

Four companies start trading on NSE on Thursday. Vishal Nirmiti (issue price ₹220) and Nityas Gems and Jewellery (₹75) list in the trade-for-trade BE series after books of 1.71× and 2.25×; event-management firm Eventions (₹118) debuts on NSE Emerge after a 2.32× book; Jyoti Resins & Adhesives moves onto NSE without an issue. R.K. Fashion Accessories’ SME book closed at 2.61×.

Capital Chronicle Desk~5 minDual-layer

60-sec

Listing day (Thu 8 Oct 2026): NSE’s new-listings list shows four companies effective today. The two mainboard IPOs and the SME IPO go through NSE’s special pre-open call auction for IPO listings before normal trading.

Vishal NirmitiNityas Gems and JewelleryEventionsJyoti Resins & Adhesives
NSE symbol (series)VNL (BE)NITYAS (BE)EVENTIONS (ST, NSE Emerge)JYOTIRES (EQ)
RouteMainboard IPOMainboard IPOSME IPONew listing — no issue
Issue price₹220₹75₹118—
Shares listed2,63,90,9095,75,93,2481,21,83,9091,20,00,000
Value at issue price (CC arithmetic)≈₹580.6 cr≈₹431.9 cr≈₹143.8 cr≈₹1,011.5 cr at NSE reference price ₹842.95
Final book (NSE consolidated display)1.71×2.25×2.32×—
Shares free of lock-in (CC arithmetic)80,90,909 (≈30.7%)1,66,56,000 (≈28.9%)32,30,400 (≈26.5%)No lock-in

R.K. Fashion Accessories (SME, ₹77–82): the book closed on 7 Oct at 2.61× — 1,11,50,400 shares bid against 42,67,200 on offer, per NSE’s final display (5:42 p.m.). It had stood at 0.47× on Tuesday evening. Per its RHP, allotment is due on or about 8 Oct and trading on or about 12 Oct.

Takeaway: Three IPOs and one direct NSE entry share a single morning, a day after RBI raised the repo rate to 5.50%. Fully subscribed books do not set listing prices. No GMP, no listing-price forecast. Not investment advice.

Analysis

Vishal Nirmiti: railway sleepers, a retail-heavy book

Vishal Nirmiti Limited describes itself in its Prospectus as a civil engineering, manufacturing and construction company making pre-stressed concrete (PSC) sleepers for railways, precast concrete products, and fabricating MS pipes, liners and penstock pipes. Its registered office is in Mumbai and its corporate office in Pune. Government authorities and government-related entities in the PSC sleeper segment contributed 42.61% of revenue from operations in FY26 (47.30% in FY25), per the Prospectus.

  • Restated FY26: revenue from operations ₹338.68 crore (FY25 ₹318.52 crore, +6.3%); profit after tax ₹24.98 crore (FY25 ₹23.64 crore, +5.7%) — growth rates are Capital Chronicle arithmetic.
  • Offer: 80,90,909 shares at ₹220 — a fresh issue of about ₹145 crore plus an offer for sale of 15,00,000 shares; about ₹178 crore in all.
  • Book: NSE’s consolidated category display (5 Oct, 7 p.m.) shows 1.71× overall — QIB 1.27×, non-institutional 1.81×, retail 1.67×. The QIB line covers only 84,710 shares, so the book was mainly a retail and high-net-worth test.
  • At ₹220, the 2,63,90,909 listed shares are worth about ₹580.6 crore, roughly 23× FY26 profit (CC arithmetic).
  • Lock-in (NSE Circular NSE/CML/76773): 1,30,21,300 shares locked till 10 Apr 2027 and 52,78,700 till 10 Apr 2028; the 80,90,909 free shares equal the offer size.
  • Promoters (Prospectus): members of the Tapadiya family, including Brij B. Tapadiya and Ajay Bhagwandas Tapadiya.

Nityas Gems: lab-grown diamond jewellery, revenue doubled

Nityas Gems and Jewellery Limited, based in Surat, designs, manufactures and sells lab-grown diamond studded gold jewellery through B2B and D2C channels. It entered D2C in July 2025 by acquiring Ayaani Diamonds and Jewellery, previously one of its key B2B customers, per the Prospectus.

  • Restated consolidated FY26: revenue from operations ₹202.89 crore (FY25 ₹96.85 crore, +109.5%); profit after tax ₹22.32 crore (FY25 ₹9.79 crore); PAT margin 11.00%, EBITDA margin 15.27%.
  • Issue: a fresh issue of 1,44,56,000 shares at ₹75 — about ₹108.35 crore (Prospectus), with a ₹7 discount for eligible employees. Promoters did not sell shares.
  • Book (NSE, 5 Oct, 7 p.m.): 2.25× overall — retail 4.04×, non-institutional 2.05×, QIB 1.06×, employees 2.82×.
  • At ₹75, the 5,75,93,248 listed shares are worth about ₹431.9 crore, roughly 19× FY26 profit (CC arithmetic).
  • Lock-in (NSE/CML/76782): 1,66,56,000 shares are free, including the 1,44,56,000 new shares; the rest are locked to April 2027 or April 2028.
  • Promoters (Prospectus): Rajnikant Lallubhai Chanchad, Sonalben Rajnikant Chanchad and Savaliya Dhruv Janakbhai.

Eventions: Gurugram event-management firm on NSE Emerge

Eventions Limited (incorporated December 2020, Gurugram) provides event management, MICE (meetings, incentives, conferences, exhibitions), conference and corporate-activation services, per its RHP. Concentration is high: its top customer contributed 42.72% of FY26 revenue and its top ten 84.59%.

  • Restated FY26: revenue from operations ₹99.74 crore (FY25 ₹87.53 crore); profit after tax ₹7.72 crore (FY25 ₹5.13 crore). Unbilled revenue rose to 20.55% of revenue in FY26 from 9.07% — a point the RHP itself flags as a risk.
  • Issue: 32,30,400 fresh shares (including a market-maker portion of 1,62,000) at ₹118, about ₹38.1 crore (CC arithmetic). Lot size 1,200 shares; market maker Aftertrade Broking.
  • Book: 2.32× on NSE’s display (75,04,800 shares bid; 1,178 applications in NSE’s bid-detail table).
  • At ₹118, the company is valued at about ₹143.8 crore, roughly 19× FY26 profit (CC arithmetic).
  • Promoters (RHP): Cristoo Arora, Ravi Rajak and Kirat Ahluwalia. The stock trades in the trade-for-trade ST series in NSE’s continuous market.

Jyoti Resins & Adhesives: a listing without an issue

NSE Circular NSE/CML/76747 admits 1,20,00,000 shares of Jyoti Resins & Adhesives Limited (Santej, Gandhinagar; corporate office Ahmedabad) to the Normal Market segment from today as a new listing. There is no issue price and no lock-in — the company is not raising money. NSE classifies it under specialty chemicals. NSE’s quote page shows a reference close of ₹842.95 and a 20% price band of ₹674.40–1,011.50 for the session.

R.K. Fashion Accessories: final-day surge

NSE’s final category table (7 Oct, 5:42 p.m.) for R.K. Fashion Accessories, the Kolkata fashion-jewellery SME:

  • Individual investors (2 lots): 74,78,400 shares, 2,337 applications
  • Non-institutional: 30,62,400 shares, 276 applications
  • QIB: 6,09,600 shares, 2 applications
  • About 91.6% of all bids were at the ₹82 cap (CC arithmetic from NSE’s cumulative demand display). At ₹82, the post-issue company would be worth about ₹127 crore (CC arithmetic).

How listing day works

For IPO listings, NSE runs a special pre-open call auction (order entry from 9:00 a.m.) to discover the opening price; normal trading follows at 10:00 a.m. Vishal Nirmiti and Nityas trade in the BE series — every trade must be settled by delivery, with no intraday netting — before moving to the regular EQ series. Eventions trades in the ST series on NSE Emerge.

What to watch

  1. Discovered prices for VNL, NITYAS and EVENTIONS against ₹220, ₹75 and ₹118
  2. R.K. Fashion basis of allotment, due on or about 8 Oct
  3. NSE listing notice for R.K. Fashion, due on or about 12 Oct
  4. Yesterday’s SME debutants Green Asia Impex and Papadmalji Agro Foods in their second session (day-one tape)

Sources

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Not personalized financial advice. Corrections: corrections@capitalchronicle.news