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VMS TMT Ltd

Steel

Offer Period :

17th to 19th Sep 2025

VMS TMT Ltd IPO Details

IPO Date 17th to 19th Sep 2025 Minimum Investment ₹14850 / 1 Lots
Listing Date 2025-09-24 Maximum Investment ₹193050 / 13 Lots
Face Value ₹10 per share Total Issue Size ₹148.5 Crores
Price ₹94 to ₹99 per share Fresh Issue ₹148.5 Crores
Lot Size 1 Lots (150 Shares) Offer For Sale ₹ [-]
Listing At BSE, NSE Retail Discount ₹ 0
Employee Discount ₹0 per Share Shareholding Pre Issue 34631210 Shares
Issue Type Book Building Shareholding Post Issue 49631210 Shares
IPO Date 17th to 19th Sep 2025
Listing Date 2025-09-24
Face Value ₹10 per share
Price ₹94 to ₹99 per share
Lot Size 1 Lots (150 Shares)
Listing At BSE, NSE
Total Issue Size ₹148.5 Crores
Employee Discount ₹0 per share
Issue Type Book Building
Minimum Investment ₹14850 / 1 Lots
Maximum Investment ₹193050 / 13 Lots
Fresh Issue ₹148.5 Crores
Offer For Sale ₹[-] Crores
Retail Discount ₹0 Crores
Shareholding Pre Issue 34631210 Shares
Shareholding Post Issue 49631210 Shares

About VMS TMT Ltd IPO

VMS TMT Limited, incorporated in 2013, is engaged in the production of Thermo Mechanically Treated Bars (TMT Bars) along with allied products such as scrap and binding wires. The company’s operations are carried out from its manufacturing facility located at Bhayla Village, near Bavla in Ahmedabad district, Gujarat. Its products are sold across Gujarat and to other states through a distribution framework comprising 3 distributors and 227 dealers as of July 31, 2025. In addition, the company signed a retail licence agreement with Kamdhenu Limited in November 2022, enabling it to market its products under the ‘Kamdhenu NXT’ brand within Gujarat on mutually agreed terms.
 

The company’s business is largely focused on Tier II and Tier III cities, with Gujarat contributing the majority of its revenue over recent fiscal years. For instance, it derived 98.93% of its revenue in the three months ended June 30, 2025, and 96.71% in Fiscal 2025 from Gujarat. Besides TMT Bars, revenue is also generated from the sale of billets, binding wires, scrap, and other by-products from the manufacturing process. Supported by an experienced management team and a workforce of 230 permanent employees, VMS TMT serves both retail and institutional customers through its established network.

Founding Year: 2013

Managing Director: Varun Manojkumar Jain

Vms Tmt Limited Timeline

Important dates for allocation and IPO listing.

17th Sep

IPO Opens

19th Sep

IPO Close

22nd Sep

Allotment Date

23rd Sep

Initiation of Refund

23rd Sep

Credit of Shares to Demat Account

24th Sep

IPO Listing Date

Shareholder Pattern

  Pre-Issue Post-Issue
Promoter Group 96.28 67.18
Public Group 3.72 32.82

VMS TMT Ltd IPO Reservation

QIB Shares Offered 1800000(12%)
NII (HNI) Shares Offered 3000000(20%)
Retail Shares Offered 7500000(50%)
Anchor Investor Shares Offered 2700000(18%)
Total Shares Offered 15000000
Total Shares With Anchor Investor 15000000

VMS TMT Ltd IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 150 ₹14850
Retail (Max) 13 1950 ₹193050
S HNI (Min) 14 2100 ₹207900
S HNI (Max) 67 10050 ₹994950
B HNI (MIN) 68 10200 ₹1009800

VMS TMT Ltd IPO Anchor Investor Details

Bid Date 16 September 2025
Shares Offered 0
Anchor Portion Size 0

VMS TMT Ltd IPO Registrar

KFin Techologies Ltd
Phone Number +91-40-67162222
Email Id einward.ris@kfintech.com
Our Website www.kfintech.com

VMS TMT Ltd IPO Lead Manager

1. Arihant Capital Markets Ltd

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VMS TMT Ltd Financial Information

Period Ended March 31, 2025 March 31, 2024 March 31, 2023
Net Worth ₹73.19 ₹46.51 ₹30.85
Reserves and Surplus ₹38.56 ₹33.18 ₹18.23
Total Borrowing ₹275.72 ₹197.86 ₹162.7

VMS TMT Ltd IPO Subscription LIVE Status

Category No. of shares offered No. of shares bid No. of subscribed
Qualified Institutional Buyers (QIBs) 0 0 0
Non Institutional Investors (NIIs) 0 0 0
NII(Bid amount of more than Ten Lakh Rupees) 0 0 0
NII(Bid amount of more than 2 Lakh < 10 Rupees) 0 0 0
Retail Individual Investors (RIIs) 0 0 0
Total 0 0 0

Strength of VMS TMT Ltd

1. Improvement in financial performance consequent to implementation of backward integration project (CCM division).

2. Positioned to take advantage of the steady growth in the steel bar and rods industry.

3. Long-term customer relationships augmented by large distribution network.

4. Established infrastructure with backward integration with strong logistics support.

5. Track record of growth in financial performance.

6. Experienced Promoters and committed senior management team.

Risks Involved

1. The company is dependent on a retail licence agreement with Kamdhenu Limited for sale of TMT bars and the agreement is non-exclusive in nature. Pursuant to this Agreement, the company has paid a royalty of Rs. 208.57 lakhs, Rs. 654.83 lakhs, Rs. 610.66 lakhs and Rs. 535.45 lakhs, respectively, representing 0.98%, 0.85%, 0.70% and 0.61% of its total revenue from operations for the three month period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The agreement has certain restrictions and obligations, such as minimum sales quotas, branding guidelines, packaging, and royalty payments. the company has derived 95.99%, 91.63%, 94.06% and 96.85% of its revenue from operations for the three month period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively from sale of TMT Bars and 100% of the revenue from such sale is only under Kamdhenu Brand. If the retail licence agreement with Kamdhenu Limited is terminated, the company is may face difficulties in retaining its network of distributors and dealers that distribute the company products, which could materially and adversely impact its business, results of operations and financial condition.

2. Its business and profitability are substantially dependent on the availability and cost of the company raw materials and its dependent on third party suppliers for meeting the company raw material requirements which are on purchase order basis. its raw material's consumption accounted for 82.58%, 70.25% 87.86% and 96.63% of the company total expenses for the three months period ended June 30, 2025 and the Fiscals 2025, 2024 and 2023, respectively. Any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials may adversely impact its business, results of operations and financial condition.

3. Royalty payments under the company is agreement dated November 7, 2022, with Kamdhenu Limited may impact its profitability. the company has paid royalty of Rs. 208.57 lakhs, Rs. 654.83 lakhs, Rs. 610.66 lakhs and Rs. 535.45 lakhs, representing 0.98%, 0.85% 0.70% and 0.61%, of its total revenue from operations for the three month period ended June 30, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any increase in such royalty payments may adversely impact its business, results of operations, and financial condition.

4. he company is derive a significant portion of its revenue from operations from the company top ten customers, with ITS single largest customer contributing 30.19%, 30.11%, 29.09% and 28.55% of its revenue from operations in the three months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of any of these customers or a reduction in purchases by any of them could adversely affect the company business, results of operations, cash flows and financial condition.

5. The company does not have long-term arrangements with any of the company customers, distributors or dealers. Any termination of its current arrangements with the company customers, distributors or dealers could materially and adversely affect its business, results of operations and financial condition.

6. The company is relies on its distributors for the distribution of the company is TMT Bars with whom the company does not have any exclusive formal arrangement. Any significant loss of the company is distribution network or failure by its distributors to effectively sell or market the company products could have an adverse impact on its business, results of operations, and financial condition.

7. The Company is primarily manufactures TMT bars contributing 95.99%, 91.63% 94.06% and 96.85% of its revenue from operations in the three months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The demand and pricing of TMT Bars is volatile and sensitive to the cyclical nature of the industries it serves including raw material prices. A decrease in TMT Bar prices or sales may have a material adverse effect on its business, results of operations, prospects and financial condition.

8. The Company has a high debt to equity ratio of 3.78 times, 3.77 times, 4.25 times and 5.28 times for the three months period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively, which denote the company is significant outstanding debt and financial obligations and Its inability to meet the company is financial obligations may limit its ability to pursue the company is business and could adversely affect its business, financial condition, results of operations and cash flows.

9. The company has entered into related party transaction with the company is Group Companies and a few its promoter group companies and will continue to enter into related party transactions. The company is cannot assure you that such transactions, individuals or in the aggregate, will not have an adverse effect on its business, financial condition, cash flows and results of operations.

10. the company has experienced negative operating cash flows of Rs. (2,241.88) lakhs, Rs. (1,793.82) lakhs and Rs. (1,134.76) lakhs during three months period ended June 30, 2025, Fiscal 2025 and Fiscal 2023, respectively .

Why should you invest in

-

VMS TMT Ltd Financials

Particulars For the financial year ending (in ₹ million)
 
Total Assets
Total Liabilities
Total Expenses
Total Revenue 
Profit After Tax
EBITDA
Adjusted EBITDA

Vms Tmt Limited IPO Contact Details

VMS TMT Ltd IPO Listing Details

Listing Date BSE Script Code NSE Symbol ISIN Final Issue Price
2025-09-24 0 -
INE0SJA01013
₹0 per share

Listing Day Trading Information

Price Details BSE NSE
Final Issue Price ₹94 ₹0
Open ₹0 ₹0
Low ₹0 ₹0
High ₹0 ₹0
Low ₹0 ₹0

Industry Outlook of VMS TMT IPO

  • India’s demand for TMT bars has been on a steady rise, linked to growth in construction and infrastructure activity.

  • Consumption has moved upward from around 41.6 million tons in FY 2021 to a projected 62.5 million tons by FY 2025.

  • This reflects a compound annual growth rate (CAGR) of nearly 10.7% during the mentioned period.

  • The rise highlights the role of TMT bars in fulfilling requirements emerging from infrastructure projects, housing expansion, and commercial developments.

  • Increasing urbanisation has added to the demand for construction materials, including TMT bars.

  • Both residential and commercial real estate sectors have contributed to this demand pattern.

  • Government programmes directed at improving infrastructure are expected to support further growth in consumption.

  • TMT bars are positioned as an essential input for projects ranging from housing to large-scale public works.

  • Demand is likely to sustain momentum in the medium term.


Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your IPO allotment status for VMS TMT IPO.

Frequently Asked Questions

What is VMS TMT Ltd IPO?

Answer Field

VMS TMT Ltd IPO is a Mainboard IPO of 1,50,00,000 equity shares of a face value of ₹10 aggregating up to ₹148.5 Crores. The issue is priced at ₹94 to ₹99 per share. The minimum order quantity is 150 Shares. The IPO opens on September 17, 2025, and closes on September 19, 2025. KFin Techologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.

When VMS TMT Ltd IPO will open?

Answer Field

The VMS TMT Ltd IPO opens on September 17, 2025 and closes on September 19, 2025.

What is the lot size of VMS TMT Ltd?

Answer Field

VMS TMT Ltd lot size is 150 shares, and the minimum amount required is ₹14,850.

How to apply for VMS TMT Ltd IPO?

Answer Field

You can apply in VMS TMT Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:

• Login to Bajaj Broking account App/Website & click on IPO

• Enter the number of lots and price at which you wish to apply.

• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.

• You will receive a mandate notification to block funds in your UPI app.

• Approve the mandate request on your UPI and funds will be blocked.

When is VMS TMT Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for VMS TMT Ltd IPO will be done on September 22, 2025, and the allotted shares will be credited to your demat account by September 23, 2025.

When is VMS TMT Ltd IPO listing date?

Answer Field

The VMS TMT Ltd listing date is September 24, 2025.

Who is the registrar of VMS TMT Ltd IPO?

Answer Field

The registrar of VMS TMT Ltd IPO is KFin Techologies Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

Arihant Capital Markets Ltd will be the book-running lead manager of this IPO.

What is the fresh issue of VMS TMT Ltd IPO?

Answer Field

The fresh issue size is ₹148.5 Crores equity shares.

What minimum lot size can retail subscribers subscribe to VMS TMT Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 150 shares and ₹14,850 amount.

How can I approve the UPI mandate request for VMS TMT Ltd IPO?

Answer Field

To apply for VMS TMT Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of VMS TMT Ltd?

Answer Field

The price of each VMS TMT Ltd share will be ranging in between ₹94 to ₹99 per share.

What is the cut-off time for the UPI mandate for VMS TMT Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, September 19, 2025.

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