VMS TMT was incorporated on April 9, 2013. The company manufactures thermo-mechanically treated bars (TMT bars) at its facility in Bhayla Village, Ahmedabad, Gujarat, India, utilising modern TMT rolling mill machines from billets. The company sells TMT Bars to customers through a non-exclusive distribution network, as these high-strength steels are widely used in construction for their strength, ductility, and corrosion resistance
| Bidding Dates |
|---|
| 17 Sep 2025 - 19 Sep 2025 |
| Subscription |
|---|
| 102.26x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,100 | 1 | 13 | 150 | 15.0 M | ₹94 - ₹99 | 67.18 % | ₹1410.0 M - ₹1485.0 M | RHP DOC |
Vms Tmt IPO SUBSCRIPTION STATUS
19 Sep '25Vms Tmt IPO overall subscription rate was 102.26 times the total available shares
Vms Tmt IPO retail subscription rate was 47.88 times in the retail segment
Vms Tmt IPO non-institutional investor subscription rate was 227.09 times in the non-institutional investor category
Vms Tmt IPO Qualified Institutional Bidder subscription rate was 120.8 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 20% | 30% |
19 Sep 2025 (Day 3) | 47.88x | 227.09x | 120.8x |
18 Sep 2025 (Day 2) | 18.98x | 37.25x | 7.47x |
17 Sep 2025 (Day 1) | 6.56x | 13.78x | 7.09x |
Vms Tmt FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 212.3 | 8.6 | -22.4 | -27.1 | 9.2% |
| FY25 | 770.2 | 14.7 | -17.9 | -73.9 | 5.9% |
| FY24 | 873.0 | 13.5 | 37.3 | -12.7 | 4.7% |
| FY23 | 882.0 | 4.2 | -11.3 | -23.1 | 2.5% |
Vms Tmt IPO SUBSCRIPTION STATUS DETAILS
Vms Tmt had 15.0 M shares on offer
Vms Tmt IPO offer price was in the range ₹94 - ₹99
Vms Tmt IPO minimum Investment was ₹14100
Vms Tmt IPO issue size was ₹ 1410.0 M - ₹ 1485.0 M
Vms Tmt had a minimum lot size of 150 Shares per application
Vms Tmt NUMBER OF SHARES ON OFFER
Vms Tmt IPO IMPORTANT DATES
| Issue Open Date | 17 Sep 2025 |
| Issue close Date | 19 Sep 2025 |
| Allotment Date | 22 Sep 2025 |
| Refund Date | 23 Sep 2025 |
| Demat Account Credit Date | 23 Sep 2025 |
| Listing Date | 24 Sep 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Vms Tmt Allotment Status | Exchange/ Registrar |
Vms Tmt IPO subscription opened on 17 Sep 2025, and closed on 19 Sep 2025
IPO allotment for Vms Tmt was finalized on Monday, 22 Sep 2025
IPO listing for Vms Tmt was on NSE and BSE on Wednesday, 24 Sep 2025
Vms Tmt IPO LISTING GAINS
| Issue Price (adjusted) | 99.0 |
| Listing Open Price | 104.9 |
| Listing Close Price | 99.7 |
| Listing Gain% | 6.0% |
| Current Gain% | -49.5% |
Vms Tmt Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VMS TMT Ltd. | 50 | 248.3 | 11.8 | 0.3 | 0.3 | 9.2 | 4 | 840.2 | 8.9 | 21 | 42.7 | 4.2 | 42.7 |
| JSW Steel Ltd. | 1283.4 | 313849.6 | 12.7 | 0 | 1.7 | 22.3 | 8.3 | 186718 | 10.1 | 22316 | 536.9 | 101.3 | 411.7 |
| Tata Steel Ltd. | 188.2 | 235002.5 | 21.3 | 0.1 | 1 | 10.6 | 3.6 | 233541.7 | 6.1 | 10793.9 | 215.6 | 8.8 | 143.1 |
| Jindal Steel Ltd. | 1095 | 111699.6 | 41.1 | -4.9 | 2 | 6.6 | 3.4 | 53553.1 | 7.3 | 3367.4 | 19.7 | 26.6 | -8.4 |
| Steel Authority of India (SAIL) Ltd. | 173 | 71458.1 | 16.7 | 0.4 | 0.6 | 5.6 | 2.5 | 111705 | 8.1 | 3372.8 | 42.2 | 10.3 | 40.8 |
| Jindal Stainless Ltd. | 725.1 | 59778.7 | 18.4 | 0.7 | 1.4 | 16.1 | 7.8 | 43306.1 | 9.4 | 3193.4 | 27.5 | 39.4 | 26.3 |
Vms Tmt IPO Reports
Vms Tmt INFORMATION ON IPO ISSUE
About Vms Tmt
VMS TMT was incorporated on April 9, 2013. The company manufactures thermo-mechanically treated bars (TMT bars) at its facility in Bhayla Village, Ahmedabad, Gujarat, India, utilising modern TMT rolling mill machines from billets. The company sells TMT Bars to customers through a non-exclusive distribution network, as these high-strength steels are widely used in construction for their strength, ductility, and corrosion resistance
Object of the Issue
- Funding capital expenditure to set up a solar power plant at Village Zenta, Tharad Taluka, Banaskantha District, Gujarat
- Funding long-term working capital requirements of the company
- Repayment/ prepayment, in full or part, of certain borrowings availed by the company
- General corporate purposes
Vms Tmt - PROMOTERS
| Name |
|---|
| Varun Manojkumar Jain |
| Rishabh Sunil Singhi |
| Manojkumar Jain |
| Sangeeta Jain |
Vms Tmt - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Varun Manojkumar Jain | Chairman & Managing Director |
| Rishabh Sunil Singhi | Whole-Time Director |
| Manojkumar Jain | Non-Executive Director |
| Jasmin Jaykumar Doshi | Independent Director |
| Vinodkumar Bhanwer Singh | Independent Director |
| Vivek Dinesh Nathwani | Independent Director |
Vms Tmt Book Running Lead Manager
Arihant Capital Markets Limited
vmsipo@arihantcapital.com
Vms Tmt Registrar to the Offer
KFin Technologies Limited
vtl.ipo@kfintech.com
Vms Tmt Strengths
Rising production
The company manufactures TMT Bars from billets using modern rolling mill machines at its facility in Bhayla Village, Ahmedabad, Gujarat. Predominantly operating in Gujarat, it serves both retail and institutional customers; in FY24 and FY23, the company sold 161,902 MT and 151,795 MT of TMT Bars, respectively
Integrated infrastructure & logistics
The company manufactures TMT Bars in Bhayla Village, Gujarat, and is expanding to MS Pipes under the “Kamdhenu” brand at a leased factory in Bhavnagar. Trial production began in July 2024, with BIS licenses pending for commercial launch
Vms Tmt Risks
Availability and cost of raw materials
The business and profitability are substantially dependent on the availability and cost of raw materials, sourced from third-party suppliers on a purchase order basis. Disruptions in timely supply or price volatility may adversely impact their operations and financial condition
Retail licence agreements
The company depends on retail license agreements with Kamdhenu. If these agreements are terminated, it may lose distributors and dealers, which could materially and adversely impact the business, operations, and financial condition
Demand and pricing
The demand and pricing of TMT Bars are volatile and sensitive to the cyclical nature of the industries the company serves, including raw material prices. A decrease in TMT Bar prices may materially adversely affect the business, operations, prospects, and financial condition
IPO FAQs
The promoters of the company are Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain and Sangeeta Jain.
The category allocation of qualified institutional buyers is 30.0%, the category allocation of non individual investors or high networth individuals is 20.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 94.0 - 99.0.
The IPO application opens on Sep 17, 2025 and closes on Sep 19, 2025.
The minimum lot size for the IPO is 150. The maximum lot size for the IPO is 1950.
For all category investors, the minimum application amount for this IPO is Rs. 14,100.0, the maximum value for this IPO is Rs 193,050.0.
This IPO will be allotted on Sep 22, 2025.
The refund will be credited to your account on Sep 23, 2025.
The allotted shares will be credited to your demat on Sep 23, 2025.
VMS TMT Ltd.’s shares listed on the stock exchanges on Sep 24, 2025.