IPO Details
Bidding Dates
17 Sep '25 - 19 Sep '25
Minimum Investment
₹14,850/ Lots (150 shares)
Price Range
₹94 – ₹99
Maximum Investment
₹1,93,050/ 13 Lots (1,950 shares)
Retail Discount
To be announced
Issue Size
₹148.50 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |VMS TMT IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 17, 25
IPO Closing Date
Sep 19, 25
Basis of Allotment
Sep 22, 25
Initiation of Refunds
Sep 23, 25
IPO Listing Date
Sep 24, 25
About VMS TMT IPO
VMS TMT IPO is a book-built issue with a total size of ₹148.50 crore. The entire issue consists of a fresh issue of 1.50 crore equity shares, aimed at strengthening the company’s balance sheet and funding business needs. The IPO opens for subscription on September 17, 2025, and will close on September 19, 2025.
The basis of allotment is expected to be finalised on September 22, 2025, and the shares are likely to be listed on the BSE and NSE Main Board on September 24, 2025. The price band for the issue is set between ₹94 and ₹99 per share, offering investors entry at different levels.
The minimum application size is 150 shares, making the minimum investment for retail investors ₹14,850 at the upper band. For sHNI investors, the minimum lot size is 14 lots (2,100 shares), amounting to ₹2,07,900, while for bHNI investors it is 68 lots (10,200 shares), amounting to ₹10,09,800.
Arihant Capital Markets Ltd. is acting as the book running lead manager, while KFin Technologies Ltd. has been appointed as the registrar to the issue.
VMS TMT IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to utilise ₹4,640 lakhs from the Net Proceeds to establish a solar power plant at Village Zenta, Tharad Taluka, Banaskantha District, Gujarat.
- An estimated ₹3,000 lakhs will be allocated towards strengthening the company’s working capital base.
- Around ₹1,100 lakhs from the proceeds will be used to repay or prepay, in full or part, selected loans availed by the company.
- A portion of the Net Proceeds (not exceeding 25% of gross proceeds) will be set aside for general corporate purposes. This may include strategic initiatives, brand building, administrative expenses, and other growth-related requirements.
About VMS TMT Limited
Incorporated in 2013, VMS TMT Limited is primarily engaged in the production of Thermo Mechanically Treated (TMT) bars, which are widely used in the construction sector. Alongside TMT bars, the company also deals in scrap and binding wires, catering to customers within Gujarat and other Indian states.
The company’s manufacturing facility is located at Bhayla Village, near Bavla in the Ahmedabad district, Gujarat. This strategic location gives it strong logistical advantages for distribution across the region. To expand its market presence, VMS TMT entered into a retail license agreement with Kamdhenu Limited in November 2022, allowing it to sell TMT bars under the brand name “Kamdhenu NXT” within Gujarat.
VMS TMT operates through a distribution network comprising 3 distributors and 227 dealers as of July 31, 2025. This network helps the company efficiently deliver products across Tier II and Tier III cities, which form its primary customer base. The company has also demonstrated strong reliance on Gujarat for its revenue, with more than 98% of sales coming from the state over the past three fiscal years.
As of July 31, 2025, the company employed 230 permanent staff members, supported by an experienced management team. With a focus on strengthening its brand and improving operational efficiency, VMS TMT is working to expand its reach beyond Gujarat while continuing to build on its strong regional foundation.
Industry Outlook
- The country’s crude steel production stood at 143.6 million tonnes in FY24, registering a growth of nearly 12% over FY23, while finished steel consumption reached 136 million tonnes, up 13% year-on-year.
- Government-led projects in roads, highways, metro rail, ports, and affordable housing continue to fuel consumption. In fact, the Union Budget 2024-25 allocated ₹11.11 lakh crore towards infrastructure, which is expected to create sustained demand for TMT bars over the medium term.
- Urbanisation and rising housing demand in Tier II and Tier III cities are further strengthening consumption.
- Going forward, India’s steel demand is projected to grow at a compound annual growth rate (CAGR) of 7–8% over the next five years, driven by infrastructure push, housing for all schemes, and industrial development.
How To Apply for the VMS TMT IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the VMS TMT IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of VMS TMT IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of VMS TMT Limited
Registered office: Survey No. 214, Bhayla Village, Near Water Tank, Bavla, Ahmedabad – 382220, Gujarat, India
Phone: +91 63575 85711
E-mail:compliance@vmstmt.com
VMS TMT IPO Reservation
|
Investor Category |
Reservation % |
Approx. Shares Offered (out of 1,50,00,000) |
|
QIB (Qualified Institutional Buyers) |
Not more than 30% |
Up to 45,00,000 shares |
|
NII (Non-Institutional Investors / HNIs) |
Not less than 20% |
At least 30,00,000 shares |
|
Retail Individual Investors (RIIs) |
Not less than 50% |
At least 75,00,000 shares |
|
Market Maker |
Not applicable |
– |
|
Total |
100% |
1,50,00,000 shares |
VMS TMT IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount (at upper price ₹99) |
|
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 Promoter Holding
The promoters of VMS TMT Limited are Mr. Varun Manojkumar Jain, Mr. Rishabh Sunil Singhi, Mr. Manojkumar Jain, and Ms. Sangeeta Jain.
|
Share Holding Pre-Issue |
96.28% |
|
Share Holding Post Issue |
67.19% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
VMS TMT IPO Anchor Investors Details
|
Bid Date |
September 16, 2025 |
|
Shares Offered |
Shares will be disclosed after allocation |
|
Anchor Portion Size (In ₹ Cr.) |
≤30% of issue size |
|
Anchor lock-in period end date for 50% shares (30 Days) |
October 22, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
December 21, 2025 |
Key Performance Indicators for VMS TMT IPO
|
KPI |
Value |
|
Return on Capital Employed (ROCE) |
12.79% |
|
Debt / Equity Ratio |
6.06 |
|
Return on Net Worth (RoNW) |
20.14% |
|
PAT Margin (%) |
1.91% |
|
EBITDA Margin (%) |
5.91% |
|
Price to Book Value (P/BV) |
7.43 |
VMS TMT IPO Prospectus
VMS TMT IPO Registrar and Lead Managers
VMS TMT IPO Lead Managers
- Arihant Capital Markets Limited
Registrar for VMS TMT IPO
Cameo Corporate Services Limited
- Contact Number: 040-67162222 / 040-79611000
- Email Address: vtl.ipo@kfintech.com
- VMS TMT IPO Registrar:https://ipostatus.kfintech.com
Financial Performance of VMS TMT Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Revenue from Operations (₹ in lakhs) | 87,295.77 | 88,201.35 | 49,372.50 |
| Gross Margin (%) | 11.56% | 9.42% | 9.53% |
| EBITDA (₹ in lakhs) | 4,120.29 | 2,190.77 | 1,603.60 |
| EBITDA Margin (%) | 4.72% | 2.48% | 3.25% |
| Profit After Tax (PAT) (₹ in lakhs) | 1,346.84 | 419.53 | 687.95 |
| PAT Margin (%) | 1.54% | 0.48% | 1.39% |
| Return on Equity (RoE) (%) | 34.82% | 16.94% | 45.16% |
Know before investing
Strengths
6-
The company has a large production capacity of 2,00,000 MT of TMT bars every year, giving it the scale to meet growing demand.
-
It produces high-quality TMT bars that are strong, flexible, and resistant to corrosion, making them ideal for the construction sector.
-
Through its tie-up with Kamdhenu Limited, VMS TMT sells products under the ‘Kamdhenu NXT’ brand, benefiting from an already trusted name in the market.
-
The company has a distribution network of 3 distributors and 227 dealers (as of February 2025), ensuring a wide reach across Gujarat and other states.
-
Revenues have shown steady growth, rising from ₹493.73 crore in FY22 to ₹872.96 crore in FY24, supported by stronger profits and better margins.
-
It also plans to start manufacturing billets in-house using an induction furnace, which will cut dependence on outside suppliers and help control costs more effectively.
Risks
6-
The company depends heavily on steel billets as raw material. Any change in supply or price can increase costs and hurt profit margins.
-
More than 98% of its revenue comes from Gujarat, making it vulnerable to regional slowdowns or changes in state policies.
-
Even with rising sales, profit margins are thin — PAT margin was just 1.54% in FY24, showing exposure to price competition and cost pressures.
-
VMS TMT sells its products under the Kamdhenu NXT brand, which means its own brand recognition is limited, and pricing power may be weaker.
-
The company faces tough competition from both large established steel makers and smaller unorganised players, which can impact growth and market share.
-
Its plan to make billets in-house at Mehsana carries execution risks, including possible delays, cost overruns, or technical challenges.
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VMS TMT Limited Peer Comparison
| Competitor | Total Income (₹ in Lakhs) | EBITDA (₹ in Lakhs) | EBITDA Margin (%) | PAT (₹ in Lakhs) |
|---|---|---|---|---|
| VMS TMT Limited | 87,316.86 | 4,120.29 | 4.72 | 1,346.84 |
| Kamdhenu Limited | 73,829.48 | 5,896.51 | 8.14 | 5,013.35 |
| Vraj Iron and Steel Limited | 42,427.00 | 7,647.80 | 18.22 | 5,411.70 |
| BMW Industries Limited | 53,943.10 | 13,365.17 | 24.97 | 5,906.15 |
| Electrotherm (India) Limited | 4,27,584.00 | 95,884.00 | 22.45 | 31,943.00 |
VMS TMT IPO FAQs
VMS TMT IPO is a book-built issue of equity shares. The IPO will open for subscription on September 17, 2025, and will close on September 19, 2025.
The Basis of Allotment for the VMS TMT IPO is expected to be finalised on Monday, September 22, 2025.
The IPO subscription window for the VMS TMT IPO will open on Wednesday, September 17, 2025.
Retail investors can apply for a minimum of 1 lot, which is 150 shares. At the upper price band of ₹99, this requires an investment of ₹14,850.
The VMS TMT IPO is proposed to be listed on the BSE and NSE with a tentative listing date of Wednesday, September 24, 2025.
The issue size of the VMS TMT IPO is ₹148.50 crore, comprising a fresh issue of 1.50 crore equity shares.
The VMS TMT IPO will open for subscription on Wednesday, September 17, 2025, and will close on Friday, September 19, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read VMS TMT Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the VMS TMT IPO 2 days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
The registrar of the VMS TMT IPO is KFin Technologies Limited, which will handle the IPO allotment process and investor-related services.
The VMS TMT IPO is proposed to be listed on the BSE and NSE.
