VMS TMT IPO is scheduled to open on September 17, 2025, and will close on September 19, 2025. The IPO allotment is expected to be finalized on September 22, 2025, with refunds and credit to demat accounts on September 23, 2025. The IPO is tentatively scheduled to list on BSE and NSE on September 24, 2025, and the bidding cut-off time is 5:00 PM on September 19, 2025.
VMS TMT IPO is a book-built issue aiming to raise around ₹148.50 crores through a fresh issue of 1.50 crore equity shares with a face value of ₹10 each. The IPO price band is fixed at ₹94 to ₹99 per share, with a lot size of 150 shares. Retail investors need to invest a minimum of ₹14,850 at the upper price band. The quota allocation is 50% for retail investors, 30% for QIBs, and 20% for HNIs. Small HNI (sNII) investors can apply for 14 lots (2,100 shares) worth ₹2,07,900, while big HNI (bNII) investors can apply for 68 lots (10,200 shares) worth ₹10,09,800.
Financially, VMS TMT reported revenue of ₹771.41 crores in FY2025, slightly lower than ₹873.17 crores in FY2024, while profit after tax rose to ₹15.42 crores from ₹13.47 crores. Based on these figures, analysts suggest that investors may consider applying for the VMS TMT IPO with a long-term investment perspective.
Overview of Contents
About VMS TMT IPO
VMS TMT Ltd, a manufacturer of Thermo Mechanically Treated (TMT) Bars, was founded in 2013 and operates primarily from Gujarat, India (excluding Saurashtra and Kutch districts). As of July 31, 2025, the company sells its TMT Bars through a non-exclusive distribution network comprising 3 distributors and 227 dealers. VMS TMT focuses on sustainability, environment, quality, health, and safety in all operations. The company is led by experienced promoters Varun Manojkumar Jain (Chairman & MD), Rishabh Sunil Singhi (Whole-Time Director), Manojkumar Jain (Non-Executive Director), and Sangeeta Jain, who together bring over 30 years of experience in the steel industry. The management team is supported by 230 permanent employees, ensuring smooth operations and strategic growth.
VMS TMT manufactures high-strength, durable TMT Bars at its facility near Ahmedabad, Gujarat, known for their resistance to seismic activity, making them highly suitable for construction purposes. The company generates almost all its revenue from Gujarat, with 98.93% in Q1 2025 and over 97% in FY2025, FY2024, and FY2023. The company’s supply chain includes a fleet of 50+ trucks managed by third-party logistics providers, enabling doorstep delivery to retail and institutional customers, providing a competitive edge.
Sustainability and quality are at the core of VMS TMT’s operations, with products meeting BIS standards and the company holding certifications like ISO 9001:2015 (Quality), ISO 45001:2018 (Occupational Health & Safety), and ISO 14001:2015 (Environmental Management). To further sustainability, the company is setting up a 15 MW solar power plant for captive consumption, reducing both costs and carbon footprint.
The company has a retail license agreement with Kamdhenu Limited, allowing it to market TMT Bars under the brand name “Kamdhenu NXT” in Gujarat (excluding Kutch and Saurashtra). Manufacturing is carried out at Bhayla Village near Ahmedabad, using advanced machinery and automation. For raw materials, the company sources mild steel scrap, sponge iron, and coal, and through its backward integration project, it now produces iron billets in-house using a 30-ton electric induction furnace with an annual capacity of 2,16,000 MT, which reduces production costs and coal consumption.
VMS TMT IPO Overview
| Particulars | Details |
|---|---|
| IPO Name | VMS TMT Limited |
| Face Value | ₹10 per share |
| Price Band | ₹94 – ₹99 per share |
| Lot Size | 150 shares |
| Total Issue Size | 1,50,00,000 shares (₹148.50 Cr) |
| Issue Type | Book Built / Fresh Capital |
| Fresh Issue | ₹148.50 Cr |
| Listing Exchange | BSE & NSE |
| Pre-IPO Shareholding | 3,46,31,210 shares |
| Post-IPO Shareholding | 4,96,31,210 shares |
VMS TMT IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
VMS TMT IPO Dates
| Event | Date & Day |
|---|---|
| IPO Open Date | September 17, 2025 – Wednesday |
| IPO Close Date | September 19, 2025 – Friday |
| Basis of Allotment | September 22, 2025 – Monday |
| Refunds | September 23, 2025 – Tuesday |
| Credit to Demat Account | September 23, 2025 – Tuesday |
| IPO Listing Date | September 24, 2025 – Wednesday |
| IPO Bidding Cut-off Time | September 19, 2025 – Friday, 5:00 PM |
VMS TMT IPO Lot Size
| Application Category | Number of Lots | Total Shares | Investment Amount (₹) |
|---|---|---|---|
| Retail Investors – Minimum | 1 | 150 | 14,850 |
| Retail Investors – Maximum | 13 | 1,950 | 1,93,050 |
| Small HNI (sNII) – Minimum | 14 | 2,100 | 2,07,900 |
| Big HNI (bNII) – Minimum | 68 | 10,200 | 10,09,800 |
VMS TMT IPO – Promoter Holding
The promoters of VMS TMT Ltd include Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain. The company had a strong promoter holding of 96.28% before the IPO, which is expected to reduce to 67.19% after the IPO. This demonstrates that the promoters will continue to retain a significant stake in the company even after the public offering, reflecting their long-term commitment and confidence in the business.
VMS TMT IPO Financial Performance
Financial Parameter 30 Jun 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Total Assets 449.35 412.06 284.23 227.28
Total Income 213.39 771.41 873.17 882.06
Profit After Tax (PAT) 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 & Surplus 47.14 38.56 33.18 18.23
Total Borrowings 309.18 275.72 197.86 162.70
TMT IPO Key Financial Metrics & Valuation – FY2025
| Key Metric | Value |
|---|---|
| Return on Equity (ROE) | 20.14% |
| Return on Capital Employed (ROCE) | 12.79% |
| EBITDA Margin | 5.91% |
| Profit After Tax (PAT) Margin | 1.91% |
| Debt to Equity Ratio | 6.06 |
| Earnings Per Share (EPS – Basic) | ₹4.29 |
| Price/Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 20.14% |
| Net Asset Value (NAV) | ₹13.32 |
VMS TMT IPO GMP
- To Be Updated
VMS TMT IPO – Peer Group Comparison
| Company Name | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) | Revenue (₹ Crore) |
|---|---|---|---|---|---|
| Kamdhenu Limited | 2.18 | 13.50 | 18.82 | 11.66 | 757.95 |
| Vraj Iron & Steel Limited | 13.55 | 11.77 | 10.88 | 116.53 | 478.86 |
| BMW Industries Limited | 2.83 | 16.57 | 9.16 | 30.84 | 566.43 |
| Electrotherm (India) Limited | 336.42 | 2.37 | -377.85 | -89.01 | 4,122.92 |
IPO Lead Managers aka Merchant Bankers
- Arihant Capital Markets Ltd.
- Company Address
- 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/
IPO Registrar
KFin Technologies Limited
- Phone: 04067162222, 04079611000
- Email: vtl.ipo@kfintech.com
- Website: https://ipostatus.kfintech.com/