VMS TMT IPO Details
| IPO Open Date: | September 17, 2025 |
| IPO Close Date: | September 19, 2025 |
| Face Value: | ā¹10 Per Equity Share |
| IPO Price Band: | ā¹94 to ā¹99 Per Share |
| Issue Size: | Approx ā¹148.50 Crores |
| Fresh Issue: | Approx ā¹148.50 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus: |  |
| RHP Draft Prospectus: | |
VMS TMT IPO Review & Key Points
- Review: Neutral
- Company is coming up only fresh issue and no offer for sale.
- Installed capacity for TMT bars around 200,000 metric tonnes per year. Planning a solar power plant (15 MW) to reduce energy costs.
- Products sold under āKamdhenu NXTā brand via a licensing arrangement. Most of the revenues are coming from Gujarat region.
- The grey market is active and looks like we might have listing gain if the subscription goes high.
- Revenues declined in FY2025 compared to FY2024.
- The PAT margin is very low and slow down of the business might hamper the profit margins.
- The debt to ratio is also on a higher side.
VMS TMT IPO Market Lot
The VMS TMT IPO minimum market lot is 150 shares with ā¹14,850 application amount. The retail investors can apply up-to 13 lots with 1,950 shares of ā¹1,93,050 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 150 | ā¹14,850 |
| Retail Maximum | 13 | 1,950 | ā¹1,93,050 |
| S-HNI Minimum | 14 | 2,100 | ā¹2,07,900 |
| B-HNI Minimum | 68 | 10,200 | ā¹10,09,800 |
IPO Reservation
| Investor Category | Share Offered | % Shares |
| Anchor Investors | 27,00,000 Shares | 18% |
| QIB (Ex. Anchor) | 18,00,000 Shares | 12% |
| NII Shares Offered | 30,00,000 Shares | 20% |
| Retail Shares Offered | 75,00,000 Shares | 50% |
VMS TMT IPO Anchor Investors
| Anchor Bidding Date | September 16, 2025 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | October 22, 2025 |
| lock-in period end date 50% shares (90 Days) | December 21, 2025 |
VMS TMT IPO Dates
The VMS TMT IPO date is September 17 and the close date is September 19. The VMS TMT IPO allotment will be finalized on September 22 and the IPO listing on September 24.
| IPO Open Date: | September 17, 2025 |
| IPO Close Date: | September 19, 2025 |
| Basis of Allotment: | September 22, 2025 |
| Refunds: | September 23, 2025 |
| Credit to Demat Account: | September 23, 2025 |
| IPO Listing Date: | September 24, 2025 |
| IPO Bidding Cut-off Time: | September 19, 2025 ā 5 PM |
Promoters and Holding Pattern
The promoters of the company are Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 3,46,31,210 | 96.28% |
| Promoter Holding Post Issue | 4,96,31,210 | 67.18% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores | % |
| Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company | 115.00 | -% |
| General corporate purposes | – | -% |
About VMS TMT IPO
VMT, a manufacturer of Thermo Mechanically Treated (TMT) Bars, was founded in 2013. VMT TMT Ltd has various customers, including retail and institutional, from the Gujarat state (except the Saurashtra and Kutch districts of Gujarat). As of July 31, 2025, we sell our TMT Bars through a non-exclusive distribution network that includes 3 distributors and 227 dealers. The company has main focus on sustainability, environment, quality, health and safety.
Promoters: the company has skilled and experienced promoters Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain and Sangeeta Jain with more than 30 years in steel industry. Not only expert management team but also the firm has 230 permanent employees. Furthermore the company has unique strengths like, to reduce costs and support sustainability they use renewable energy, and also produce own raw materials to lower cost and improve supply chain.
VMS TMT IPO Company Financial Report
The company reported revenue of ā¹771.41 crores in 2025 against ā¹873.17 crores in 2024. The company reported profit of ā¹15.42 crores in 2025 against profit of ā¹13.47 crores in 2024.
Amount ā¹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ā¹882.06 | ā¹876.51 | ā¹4.20 | ā¹227.28 |
| 2024 | ā¹873.17 | ā¹853.87 | ā¹13.47 | ā¹284.23 |
| 2025 | ā¹771.41 | ā¹751.32 | ā¹15.42 | ā¹412.06 |
| June 2025 | ā¹213.39 | ā¹201.91 | ā¹8.58 | ā¹449.35 |
VMS TMT IPO Valuation – FY2025
Check VMS TMT IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 20.14% |
| ROCE: | 12.79% |
| EBITDA Margin: | 5.91% |
| PAT Margin: | 1.91% |
| Debt to equity ratio: | 6.06 |
| Earning Per Share (EPS): | ā¹4.29 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 20.14% |
| Net Asset Value (NAV): | ā¹13.32 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Kamdhenu Limited | 2.18 | 13.50 | 18.82 | 11.66 | 757.95 Cr. |
| Vraj Iron and steel limited | 13.55 | 11.77 | 10.88 | 116.53 | 478.86 Cr. |
| BMW Industries Limited | 2.83 | 16.57 | 9.16 | 30.84 | 566.43 Cr. |
| Electrotherm (India) Limited | 336.42 | 2.37 | (377.85) | (89.01) | 4,122.92Cr. |
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: [email protected]
Website: http://www.vmstmt.com/
IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: [email protected]
Website: https://ipostatus.kfintech.com/
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Note: The VMS TMT IPO price band and date are officially announced. The (VMS TMT IPO grey market premium) will be added to the IPO GMP page as it will start).
