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VMS TMT Ltd. 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 ₹99.00 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 Date | September 17, 2025 to September 19, 2025 |
| Listing Date | September 24, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹94 to ₹99 per share |
| Issue Price Final | ₹99 per share |
| Lot Size | 150 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 1,50,00,000 shares (aggregating up to ₹148.50 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,46,31,210 shares |
| Share Holding Post Issue | 4,96,31,210 shares |
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 | Maximum 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%) |
VMS TMT IPO raises ₹26.73 crore from anchor investors. VMS TMT IPO Anchor bid date is September 16, 2025. VMS TMT IPO Anchor Investors list
| Bid Date | September 16, 2025 |
| Shares Offered | 27,00,000 |
| Anchor Portion Size (In Cr.) | 26.73 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 21, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 20, 2025 |
VMS TMT IPO opens on September 17, 2025, and closes on September 19, 2025.
| IPO Open Date | Wed, Sep 17, 2025 |
| IPO Close Date | Fri, Sep 19, 2025 |
| Tentative Allotment | Mon, Sep 22, 2025 |
| Initiation of Refunds | Tue, Sep 23, 2025 |
| Credit of Shares to Demat | Tue, Sep 23, 2025 |
| Tentative Listing Date | Wed, Sep 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Sep 19, 2025 |
Investors can bid for a minimum of 150 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROCE | 12.79% |
| Debt/Equity | 3.77 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
| Market Capitalization | ₹491.35 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.45 | 6.91 |
| P/E (x) | 22.24 | 14.32 |
The Company VMS TMT IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 |
[Dilip Davda] VTL is engaged in the manufacturing and marketing of TMT Bars. Primarily it operates in the Gujarat region, with TMT Bars as the main product. Its declining top line and rising bottom line has surprised one and all. Its debt-equity ratio of 3.78 as of June 30, 2025 raise alarm. Based on its recent financial data, the IPO appears aggressively priced. Well-informed/cash surplus investors may park moderate funds for long term. Read detail review...
| Listing Date | September 24, 2025 |
| BSE Script Code | 544521 |
| NSE Symbol | VMSTMT |
| ISIN | INE0SJA01013 |
| Final Issue Price | ₹99 per share |
| BSE Listing Group | T (Trade to Trade) |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹99.00 | ₹99.00 |
| Open | ₹105.00 | ₹94.66 |
| Low | ₹99.75 | ₹94.66 |
| High | ₹105.00 | ₹94.70 |
| Last Trade | ₹99.75 | ₹94.66 |
VMS TMT Ltd.
Survey No 214 Bhayla Village,
Near Water Tank Bavla,
Ahmedabad
Ahmedabad, Gujarat, 382220
Phone: +91 63575 85711
Email: compliance@vmstmt.com
Website: http://www.vmstmt.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: vtl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
VMS TMT IPO is a main-board IPO of 1,50,00,000 equity shares of the face value of ₹10 aggregating up to ₹148.50 Crores. The issue is priced at ₹99 per share. The minimum order quantity is 150.
The IPO opens on September 17, 2025, and closes on September 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 September 17, 2025 and closes on September 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 Tuesday, September 23, 2025. Check the VMS TMT IPO allotment status.
The VMS TMT IPO listing date is on Wednesday, September 24, 2025.
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