VMS TMT is engaged in the manufacturing of Thermo Mechanically Treated Bars (“TMT Bars”) at its facility in Bhayla Village, Ahmedabad, Gujarat. It primarily operates in Gujarat, contributing over 96% of its revenues from this region in recent years. The company sells TMT Bars through a non-exclusive network of 3 distributors and 227 dealers as of July 2025, serving both retail and institutional customers. It also generates revenue from billets, binding wires, scrap, and other by-products. Under a retail licence with Kamdhenu Limited, it markets its products within Gujarat (excluding Saurashtra and Kutch) using the “Kamdhenu Brand.”
Price Band₹94 - ₹99 |
Dates17 Sep - 19 Sep |
GMP₹17 (17.17%) |
Subscriptions102.27 times |
Issue Size₹148.50 Crs |
VMS TMT IPO Objects
- Repayment in full or part, of all or a portion of certain borrowings availed by our Company
- General corporate purposes
VMS TMT IPO Details
Price Band₹94 - ₹99 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹148.50 Cr (1.50 Cr Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹148.50 Cr (1.50 Cr Shares) |
Face Value₹10 per equity share |
VMS TMT IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
150
14,850
Maximum
13
1,950
1,93,050
|
|||
| Small HNI |
Minimum
14
2,100
2,07,900
Maximum
67
10,050
9,94,950
|
|||
| Big HNI |
Minimum
68
10,200
10,09,800
|
|||
VMS TMT IPO Subscription
Updated as on 19-Sep-2025 19:00:00
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 120.80 | 18,00,000 | 21,74,44,650 |
| NII | 227.09 | 30,00,000 | 68,12,83,200 |
| bNII (bids above ₹10L) | 243.85 | 20,00,000 | 48,76,92,900 |
| sNII (bids between ₹2L to ₹10L) | 193.59 | 10,00,000 | 19,35,90,300 |
| Retail | 47.89 | 75,00,000 | 35,91,43,350 |
| Total | 102.27 | 1,23,00,000 | 1,25,78,71,200 |
VMS TMT IPO GMP
The estimated Grey Market Premium of VMS TMT IPO is ₹17 per share (17.17%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
VMS TMT IPO Financials
| Particulars | June-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue from Operations | 212.26 | 770.19 | 872.96 | 882.01 |
| Profit after Tax | 8.58 | 14.74 | 13.47 | 4.20 |
| Net Worth | 81.77 | 73.19 | 46.51 | 30.84 |
| Total Borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
| Total Assets | 449.35 | 412.06 | 284.23 | 227.28 |
| NAV per share (in ₹) | 23.61 | 13.32 | 13.82 | 9.36 |
| EPS - Basic (in ₹) | 2.48 | 4.29 | 4.01 | 1.39 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | Values |
|---|---|
| EBITDA | 5.91% |
| PAT | 1.91% |
| RONW | 20.14% |
| ROCE | 12.79% |
| PE Ratio | 23.08 |
| PB Ratio | 7.43 |
| Mkt Cap (in Crs.) | 491.35 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
VMS TMT IPO Peer Comparision
| Particulars | VMS TMT | Kamdhenu | Vraj Iron | BMW Industries | Electrotherm |
|---|---|---|---|---|---|
| Revenue from Ops (in Crs.) | 771.41 | 757.95 | 478.86 | 566.43 | 4,122.92 |
| PAT (In Crs.) | 14.74 | 60.87 | 41.83 | 63.60 | 428.60 |
| EPS - Dilued | 4.29 | 2.18 | 13.55 | 2.83 | 336.42 |
| NAV per share | 13.32 | 11.66 | 116.53 | 30.84 | -89.01 |
| RONW | 20.14% | 18.82% | 10.88% | 9.16% | -377.85% |
| EBITDA | 5.91% | 10.09% | 13.10% | 21.23% | 11.63% |
| PAT Margin | 1.91% | 8.03% | 8.74% | 11.23% | 10.40% |
| Price to earning (PE) | 39.92 | 13.50 | 11.77 | 16.57 | 2.37 |
- All information pertains to FY 2024-25.
- The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 11, 2025 for Peers
VMS TMT IPO Peer Comparision
| Particulars | VMS TMT |
|---|---|
| Revenue from Ops (in Crs.) | 771.41 |
| PAT (In Crs.) | 14.74 |
| EPS - Dilued | 4.29 |
| NAV per share | 13.32 |
| RONW | 20.14% |
| EBITDA | 5.91% |
| PAT Margin | 1.91% |
| Price to earning (PE) | 39.92 |
| Kamdhenu | Vraj Iron | BMW Industries | Electrotherm |
|---|---|---|---|
| 757.95 | 478.86 | 566.43 | 4,122.92 |
| 60.87 | 41.83 | 63.60 | 428.60 |
| 2.18 | 13.55 | 2.83 | 336.42 |
| 11.66 | 116.53 | 30.84 | -89.01 |
| 18.82% | 10.88% | 9.16% | -377.85% |
| 10.09% | 13.10% | 21.23% | 11.63% |
| 8.03% | 8.74% | 11.23% | 10.40% |
| 13.50 | 11.77 | 16.57 | 2.37 |
- All information pertains to FY 2024-25.
- The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 11, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Rishabh Singhi | 34.69% |
| Varun Jain | 24.54% |
| Manojkumar Jain | 29.69% |
| Sangeeta Jain | 7.36% |
| Total | 96.28% |
Management Details
| Name | Designation |
|---|---|
| Varun Jain | Chairman & MD |
| Vikram Patel | CFO |
Company Details
Name: VMS TMT Limited
Address: Survey No. 214, Near Water Tank, Bhayla, Ahmedabad – 382 220, Gujarat India.
Number: +91 63575 85711
Email: compliance@vmstmt.com
Website: www.vmstmt.com
Book Running Lead Managers (BRLMs)
Arihant Capital
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KFin Technologies
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
VMS TMT IPO is a Mainboard IPO having an issue size of Rs. ₹148.50 Crs. VMS TMT IPO is priced at ₹94 - ₹99 per share. The issue opens on 17 Sep 25 and closes on 19 Sep 25.
VMS TMT IPO opens on 17 Sep 25 and closes on 19 Sep 25.
The estimated Grey Market Premium of VMS TMT IPO is ₹17 per share (17.17%).
The minimum lot size of VMS TMT IPO is 150 shares & the minimum application amount is Rs. 14850.
The allotment date of VMS TMT IPO is 22 Sep 25.
The listing date of VMS TMT IPO is 24 Sep 25.
VMS TMT IPO is subscribed 102.27 times.
VMS TMT IPO is priced at ₹94 - ₹99 per share.
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