VMS TMT IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 17 to Sep 19 2025
Price Band
₹94 - 99
Current GMP
₹11(11.11%)
Subscription
102.24 times
IPO Details
| 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 |
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
IPO Subscription Details
| QIB (Ex Anchor) | 120.80 |
| Non-Institutional Buyers | 227.08 |
| bNII (bids above ₹10L) | 243.91 |
| sNII (bids below ₹10L) | 193.46 |
| Retail Investors | 47.85 |
| Total ** | 102.24 |
QIB (Ex Anchor)
120.80
Non-Institutional Buyers
227.08
bNII (bids above ₹10L)
243.91
sNII (bids below ₹10L)
193.46
Retail Investors
47.85
Total **
102.24
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 Sep 17, 2025 | 7.09 | 13.78 | 15.00 | 11.34 | 6.56 | 8.40 |
| Day 2 Sep 18, 2025 | 7.47 | 37.26 | 35.12 | 41.53 | 18.99 | 21.76 |
| Day 3 Sep 19, 2025 | 120.80 | 227.08 | 243.91 | 193.46 | 47.85 | 102.24 |
DayDay 1
Sep 17, 2025
QIB (Ex Anchor)7.09
NII13.78
NII (> ₹10L)15.00
NII (< ₹10L)11.34
Retail6.56
Total8.40
DayDay 2
Sep 18, 2025
QIB (Ex Anchor)7.47
NII37.26
NII (> ₹10L)35.12
NII (< ₹10L)41.53
Retail18.99
Total21.76
DayDay 3
Sep 19, 2025
QIB (Ex Anchor)120.80
NII227.08
NII (> ₹10L)243.91
NII (< ₹10L)193.46
Retail47.85
Total102.24
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 24-09-2025 | 99.00 | 11(11.11%) | 110 |
| 23-09-2025 | 99.00 | 11(11.11%) | 110 |
| 22-09-2025 | 99.00 | 10(10.10%) | 109 |
| 21-09-2025 | 99.00 | 13(13.13%) | 112 |
| 20-09-2025 | 99.00 | 13(13.13%) | 112 |
| 19-09-2025 | 99.00 | 12(12.12%) | 111 |
| 18-09-2025 | 99.00 | 17(17.17%) | 116 |
| 17-09-2025 | 99.00 | 22(22.22%) | 121 |
| 16-09-2025 | 99.00 | 23(23.23%) | 122 |
| 15-09-2025 | 99.00 | 23(23.23%) | 122 |
| 14-09-2025 | 99.00 | 20(20.20%) | 119 |
| 13-09-2025 | 99.00 | 18(18.18%) | 117 |
| 12-09-2025 | 99.00 | 10(10.10%) | 109 |
| 11-09-2025 | 0(%) | (%) |
Date24-09-2025
Price99.00
GMP11(11.11%)
Estimate List Price110
Date23-09-2025
Price99.00
GMP11(11.11%)
Estimate List Price110
Date22-09-2025
Price99.00
GMP10(10.10%)
Estimate List Price109
Date21-09-2025
Price99.00
GMP13(13.13%)
Estimate List Price112
Date20-09-2025
Price99.00
GMP13(13.13%)
Estimate List Price112
Date19-09-2025
Price99.00
GMP12(12.12%)
Estimate List Price111
Date18-09-2025
Price99.00
GMP17(17.17%)
Estimate List Price116
Date17-09-2025
Price99.00
GMP22(22.22%)
Estimate List Price121
Date16-09-2025
Price99.00
GMP23(23.23%)
Estimate List Price122
Date15-09-2025
Price99.00
GMP23(23.23%)
Estimate List Price122
Date14-09-2025
Price99.00
GMP20(20.20%)
Estimate List Price119
Date13-09-2025
Price99.00
GMP18(18.18%)
Estimate List Price117
Date12-09-2025
Price99.00
GMP10(10.10%)
Estimate List Price109
Date11-09-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| 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 |
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
IPO Lot Size
| 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 |
ApplicationRetail (Min)
Lots1
Shares150
Amount₹14,850
ApplicationRetail (Max)
Lots13
Shares1,950
Amount₹1,93,050
ApplicationS-HNI (Min)
Lots14
Shares2,100
Amount₹2,07,900
ApplicationS-HNI (Max)
Lots67
Shares10,050
Amount₹9,94,950
ApplicationB-HNI (Min)
Lots68
Shares10,200
Amount₹10,09,800
Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 449.35 | 412.06 | 284.23 |
| Total Income | 213.39 | 771.41 | 873.17 |
| Profit After Tax | 8.58 | 15.42 | 13.47 |
| EBITDA | 19.48 | 45.53 | 41.20 |
| NET Worth | 81.77 | 73.19 | 46.51 |
| Reserves and Surplus | 47.14 | 38.56 | 33.18 |
| Total Borrowing | 309.18 | 275.72 | 197.86 |
Period EndedPeriod Ended
30 Jun 202530 Jun 2025
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
Period EndedAssets
30 Jun 2025449.35
31 Mar 2025412.06
31 Mar 2024284.23
Period EndedTotal Income
30 Jun 2025213.39
31 Mar 2025771.41
31 Mar 2024873.17
Period EndedProfit After Tax
30 Jun 20258.58
31 Mar 202515.42
31 Mar 202413.47
Period EndedEBITDA
30 Jun 202519.48
31 Mar 202545.53
31 Mar 202441.20
Period EndedNET Worth
30 Jun 202581.77
31 Mar 202573.19
31 Mar 202446.51
Period EndedReserves and Surplus
30 Jun 202547.14
31 Mar 202538.56
31 Mar 202433.18
Period EndedTotal Borrowing
30 Jun 2025309.18
31 Mar 2025275.72
31 Mar 2024197.86
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| VMS TMT | 4.29 | 4.29 | 13.32 | 20.14 | ||
| Kamdhenu | 2.18 | 2.18 | 11.66 | 13.50 | 18.82 | 2.64 |
| Vraj Iron and steel | 13.55 | 13.55 | 116.53 | 11.77 | 10.88 | 1.37 |
| BMW Industries | 2.83 | 2.83 | 30.84 | 16.57 | 9.16 | 1.53 |
| Electrotherm (India) | 336.42 | 336.42 | -89.01 | 2.37 | -377.85 | -8.96 |
Company NameVMS TMT
EPS (Basic)4.29
EPS (Diluted)4.29
NAV (per share) (Rs)13.32
P/E (x)
RoNW (%)20.14
P/BV Ratio
Company NameKamdhenu
EPS (Basic)2.18
EPS (Diluted)2.18
NAV (per share) (Rs)11.66
P/E (x)13.50
RoNW (%)18.82
P/BV Ratio2.64
Company NameVraj Iron and steel
EPS (Basic)13.55
EPS (Diluted)13.55
NAV (per share) (Rs)116.53
P/E (x)11.77
RoNW (%)10.88
P/BV Ratio1.37
Company NameBMW Industries
EPS (Basic)2.83
EPS (Diluted)2.83
NAV (per share) (Rs)30.84
P/E (x)16.57
RoNW (%)9.16
P/BV Ratio1.53
Company NameElectrotherm (India)
EPS (Basic)336.42
EPS (Diluted)336.42
NAV (per share) (Rs)-89.01
P/E (x)2.37
RoNW (%)-377.85
P/BV Ratio-8.96
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 18,00,000 | NA |
| − QIB (Ex. Anchor) Shares Offered | 18,00,000 | NA |
| NII (HNI) Shares Offered | 30,00,000 (24.39%) | NA |
| − bNII > ₹10L | 19,99,500 (16.26%) | 952 |
| − sNII < ₹10L | 10,00,500 (8.13%) | 476 |
| Retail Shares Offered | 75,00,000 (60.98%) | 50,000 |
| Total Shares Offered | 1,23,00,000 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered18,00,000
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered18,00,000
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered30,00,000 (24.39%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered19,99,500 (16.26%)
Maximum Allottees952
Investor Category− sNII < ₹10L
Shares Offered10,00,500 (8.13%)
Maximum Allottees476
Investor CategoryRetail Shares Offered
Shares Offered75,00,000 (60.98%)
Maximum Allottees50,000
Investor CategoryTotal Shares Offered
Shares Offered1,23,00,000 (100.00%)
Maximum Allottees
Information about company
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.
Distribution Network:
VMS TMT Limited operates through a distribution network on a non-exclusive basis. As of July 31, 2025, the company has:
3 distributors
227 dealers
This network enables the company to efficiently supply its products to customers across Gujarat and other states.
Retail License Agreement:
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.
Workforce:
The company is supported by an experienced and professional management team along with a workforce of 230 permanent employees as of July 31, 2025.
Revenue Focus:
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:
Fiscal 2024: 98.78% of revenue from Gujarat
Fiscal 2023: 98.43% of revenue from Gujarat
Fiscal 2022: 99.19% of revenue from Gujarat
Objectives of IPO
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
Disclaimer
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