VMS TMT IPO
Bookbuilding IPO | ₹149.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Sep 17, 2025
IPO Close
Fri, Sep 19, 2025
Price Band
₹94.00 to ₹99.00
Market Cap (Pre-IPO)
₹491.35 Cr
IPO Details
| IPO Date | Sep 17, 2025 to Sep 19, 2025 |
| Listing Date | Tentative: Sep 24, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹94.00 to ₹99.00 |
| Lot Size | 150 Shares (Minimum: ₹14,850.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹149.00 Crores |
| Total Shares Offered | 15,000,000 shares |
| Offer For Sale | 15,000,000 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 120.80x |
| NII | 227.08x |
| RII | 47.85x |
| Total | 102.24x |
VMS TMT IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 45,00,000 (30.00%) |
| Retail Shares Offered | 75,00,000 (50.00%) |
| NII Shares Offered | 30,00,000 (20.00%) |
VMS TMT IPO Lot Size
Investors can bid for a minimum of 150 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹14,850 |
| Retail (Max) | 13 | 1,950 | ₹193,050 |
| S-HNI (Min) | 14 | 2,100 | ₹207,900 |
| S-HNI (Max) | 67 | 10,050 | ₹994,950 |
| B-HNI (Min) | 68 | 10,200 | ₹1,009,800 |
VMS TMT Financial Information (Restated Consolidated)
VMS TMT Ltd.'s revenue decreased by 12% and profit after tax (PAT) rose by 14% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 449.35 | 412.06 | 284.23 | 227.28 |
| Total Income | 213.39 | 771.41 | 873.17 | 882.06 |
| Profit After Tax | 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 and Surplus | 47.14 | 38.56 | 33.18 | 18.23 |
| Total Borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROCE (Return on Capital Employed) | 12.79% |
| Debt/Equity | 3.77 |
| RoNW (Return on Net Worth) | 20.14% |
| PAT Margin (Profit After Tax Margin) | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.45 | 6.91 |
| P/E (x) | 22.24 | 14.32 |
| Promoter Holding | 96.28% | 67.19% |
Company Promoters
- Varun Manojkumar Jain
- Rishabh Sunil Singhi
- Manojkumar Jain
- and Sangeeta Jain are the company promoters.
Company Overview
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
Use of Proceeds
| 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 | 20.65 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
VMS TMT IPO Peer Comparison
VMS TMT peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| VMS TMT | 4.29 | 4.29 | 13.32 | 0.00 | 20.14 | 0.00 | Standalone |
| Kamdhenu | 2.18 | 2.18 | 11.66 | 13.50 | 18.82 | 2.64 | Standalone |
| Vraj Iron and steel | 13.55 | 13.55 | 116.53 | 11.77 | 10.88 | 1.37 | Standalone |
| BMW Industries | 2.83 | 2.83 | 30.84 | 16.57 | 9.16 | 1.53 | Standalone |
| Electrotherm (India) | 336.42 | 336.42 | -89.01 | 2.37 | -377.85 | -8.96 | Standalone |
Quick Info
| Sector | Steel and Metals & Mining |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹491.35 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Sep 17, 2025 |
| IPO Close | Sep 19, 2025 |
| Allotment Date | Sep 22, 2025 |
| Credit to Demat | Sep 23, 2025 |
| Listing Date | Tentative: Sep 24, 2025 |
Lead Manager(s)
Arihant Capital Markets Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- VMS TMT Ltd. IPO is a book build issue of ₹148.50 crores. The issue is entirely a fresh issue of 1.50 crore shares of ₹148.50 crore.
- VMS TMT IPO bidding started from Sep 17, 2025 and ended on Sep 19, 2025. The allotment for VMS TMT IPO was finalized on Sep 22, 2025. The shares got listed on BSE, NSE on Sep 24, 2025.
- VMS TMT IPO price band is set at ₹99.00 per share . The lot size for an application is 150. The minimum amount of investment required by an retail is ₹14,850 (150 shares) (based on upper price). The lot size investment for sNII is 14 lots (2,100 shares), amounting to ₹2,07,900, and for bNII, it is 68 lots (10,200 shares), amounting to ₹10,09,800.