Bookbuilding IPO | ₹149 Cr | Listed at BSE, NSE | Wed, Sep 17, 2025 - Fri, Sep 19, 2025
VMS TMT IPO is a book build issue of ₹148.50 crores. The issue is entirely a fresh issue of 1.50 crore shares of ₹148.50 crore.
VMS TMT IPO bidding started from Sep 17, 2025 and ended on Sep 19, 2025. The allotment for VMS TMT IPO was finalized on Sep 22, 2025. The shares got listed on BSE, NSE on Sep 24, 2025.
VMS TMT IPO price band is set at ₹99 per share. The lot size for an application is 150. The minimum amount of investment required by an retail is ₹14,850 (150 shares) (based on upper price). The lot size investment for sNII is 14 lots (2,100 shares), amounting to ₹2,07,900, and for bNII, it is 68 lots (10,200 shares), amounting to ₹10,09,800.
Arihant Capital Markets Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to VMS TMT IPO RHP for detailed Information.
IPO Open
Wed, Sep 17, 2025
IPO Close
Fri, Sep 19, 2025
Issue Price
₹99 per share
Market Cap (Pre-IPO)
₹491.35 Cr
| IPO Date | 17 to 19 Sep, 2025 |
| Listed on | Wed, Sep 24, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 |
| Issue Price | ₹99 per share |
| Lot Size | 150 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,50,00,000 shares (agg. up to ₹149 Cr) |
| Fresh Issue | 1,50,00,000 shares (agg. up to ₹149 Cr) |
| Share Holding Pre Issue | 3,46,31,210 shares |
| Share Holding Post Issue | 4,96,31,210 shares |
| BSE Script Code / NSE Symbol | 544521 / VMSTMT |
| ISIN | INE0SJA01013 |
VMS TMT IPO offers total 1,50,00,000 shares. Out of which 45,00,000 (30.00%) allocated to QIB, 18,00,000 (12.00%) allocated to QIB (Ex- Anchor), 30,00,000 (20.00%) allocated to NII 75,00,000 (50.00%) allocated to RII and 27,00,000 (18.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 45,00,000 (30.00%) | NA |
| − Anchor Investor Shares Offered | 27,00,000 (18.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 18,00,000 (12.00%) | NA |
| NII (HNI) Shares Offered | 30,00,000 (20.00%) | NA |
| − bNII > ₹10L | 20,00,000 (13.33%) | 952 |
| − sNII < ₹10L | 10,00,000 (6.67%) | 476 |
| Retail Shares Offered | 75,00,000 (50.00%) | 50,000 |
| Total Shares Offered | 1,50,00,000 (100.00%) |
Investors can bid for a minimum of 150 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹14,850 |
| Retail (Max) | 13 | 1,950 | ₹1,93,050 |
| S-HNI (Min) | 14 | 2,100 | ₹2,07,900 |
| S-HNI (Max) | 67 | 10,050 | ₹9,94,950 |
| B-HNI (Min) | 68 | 10,200 | ₹10,09,800 |
VMS TMT IPO raises ₹26.73 crore from anchor investors. VMS TMT IPO Anchor bid date is September 16, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Sep 16, 2025 |
| Shares Offered | 27,00,000 |
| Anchor Portion (₹ Cr.) | 26.73 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Oct 21, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Dec 20, 2025 |
Incorporation in 2013, VMS TMT Limited is primarily engaged in the manufacturing of Thermo Mechanically Treated Bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states.
The company's manufacturing facility is strategically located in Bhayla Village, near Bavla in Ahmedabad district, Gujarat, allowing easy distribution of products.
VMS TMT Limited operates through a distribution network on a non-exclusive basis. As of July 31, 2025, the company has:
This network enables the company to efficiently supply its products to customers across Gujarat and other states.
On November 7, 2022, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited. This agreement allows the company to market its TMT Bars under the brand name ‘Kamdhenu NXT’ on mutually agreed terms within the State of Gujarat.
The company is supported by an experienced and professional management team along with a workforce of 230 permanent employees as of July 31, 2025.
The company has primarily focused its sales efforts on Tier II and Tier III cities. Over the last three fiscal years, the company has generated a significant portion of its revenue from Gujarat:
VMS TMT Ltd.'s revenue decreased by 12% and profit after tax (PAT) rose by 14% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 449.35 | 412.06 | 284.23 | 227.28 |
| Total Income | 213.39 | 771.41 | 873.17 | 882.06 |
| Profit After Tax | 8.58 | 15.42 | 13.47 | 4.20 |
| EBITDA | 19.48 | 45.53 | 41.20 | 21.91 |
| NET Worth | 81.77 | 73.19 | 46.51 | 30.84 |
| Reserves and Surplus | 47.14 | 38.56 | 33.18 | 18.23 |
| Total Borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company | 115.00 |
| 2 | General corporate purposes | 20.65 |
| KPI | Mar 31, 2025 |
|---|---|
| ROCE | 12.79% |
| Debt/Equity | 3.77 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.45 | 6.91 |
| P/E (x) | 22.24 | 14.32 |
| Promoter Holding | 96.28% | 67.19% |
| Market Cap | ₹491.35 Cr. |
The VMS TMT IPO is subscribed 102.24 times on September 19, 2025 5:04:36 PM (Day 3). The public issue subscribed 47.85 times in the retail category, 120.80 times in the QIB category, and 227.08 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 120.80 | 18,00,000 | 21,74,44,650 |
| NII | 227.08 | 30,00,000 | 68,12,46,450 |
| bNII (bids above ₹10L) | 243.91 | 19,99,500 | 48,76,92,900 |
| sNII (bids below ₹10L) | 193.46 | 10,00,500 | 19,35,53,550 |
| Retail | 47.85 | 75,00,000 | 35,88,96,150 |
| Total | 102.24 | 1,23,00,000 | 1,25,75,87,250 |
Total Application : 21,37,414
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the Book Running Lead Manager and commissions (including underwriting commission, brokerage and selling commission) | 1.80 |
| 2 | Commission/ processing fee for SCSBs and Bankers to the Issue and fees payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.11 |
| 3 | Fees payable to Registrar to the Issue | 0.13 |
| 4 | Printing and stationery expenses | 0.13 |
| 5 | Advertising and marketing expenses | 4.39 |
| 6 | Listing fees, SEBI fees, BSE and NSE processing fees, book-building software fees, and other regulatory expenses | 2.43 |
| 7 | Fees payable to legal counsels | 1.00 |
| 8 | Fees payable to Statutory Auditors | 0.20 |
| 9 | Fees payable to Industry expert | 0.04 |
| 10 | Fees payable to Independent Chartered Engineer | 0.00 |
| 11 | Miscellaneous | 1.63 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹99.00 | ₹99.00 |
| Open | ₹105.00 | ₹104.90 |
| Low | ₹99.75 | ₹99.65 |
| High | ₹105.00 | ₹105.00 |
| Last Trade | ₹99.75 | ₹99.65 |
Lead Manager Reports
VMS TMT IPO is a main-board IPO of 1,50,00,000 equity shares of the face value of ₹10 aggregating up to ₹149 Crores. The issue is priced at ₹99 per share. The minimum order quantity is 150.
The IPO opens on Wed, Sep 17, 2025, and closes on Fri, Sep 19, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in VMS TMT IPO using UPI as a payment gateway. Zerodha customers can apply in VMS TMT IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in VMS TMT IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The VMS TMT IPO opens on Wed, Sep 17, 2025 and closes on Fri, Sep 19, 2025.
VMS TMT IPO lot size is 150, and the minimum amount required for application is ₹14,850.
You can apply in VMS TMT IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for VMS TMT IPO will be done on Monday, September 22, 2025, and the allotted shares will be credited to your demat account by Tue, Sep 23, 2025. Check the VMS TMT IPO allotment status.
The VMS TMT IPO listing date is on Wed, Sep 24, 2025.
