VMS TMT Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹94 - ₹99
- Lot size
- 150 shares
- Issue amount
- ₹148.5 cr
- Total subscription
- 102.27×
- Opens
- 17 Sept 2025
- Closes
- 19 Sept 2025
- Allotment
- 22 Sept 2025
- Listing
- 24 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 1,50,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,100
- Fresh issue
- ₹148.5 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,850
- Issue type
- Bookbuilding IPO
- Shares before issue
- 3,46,31,210
- Shares after issue
- 4,96,31,210
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 150 | ₹14,850 |
| sHNI | 14 | 2,100 | ₹2,07,900 |
| bHNI | 68 | 10,200 | ₹10,09,800 |
Share reservation
Subscription & GMP
Subscription by category
Reported 19 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 50,000 | 20,31,936 |
| HNIs(10L +) | 952 | 47,208 |
| HNIs (2-10L) | 476 | 89,303 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 17.82 | 2,152.7 |
| FIIs | 0 | 272.27 |
| FIs | 0 | 962.89 |
| Mutual Funds | 0 | 5.07 |
| Others | 0 | 912.47 |
| RETAIL | 74.25 | 3,555.52 |
| HNIs 2+ | 9.9 | 1,916.54 |
| HNIs 10+ | 19.8 | 4,828.16 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 2.48 | 4.29 | 4.01 |
| ROE | 0 | 0 | 0 |
| ROCE | 4.52 | 12.79 | 16.7 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 10.28 | 0 | 0 |
| POST IPO(PE) | 10.12 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| VMS TMT Limited | NA | NA | 10.00 | 13.32 | 20.14 | 4.29 |
| Kamdhenu Limited | 13.5 | 29.43 | 10.00 | 11.66 | 18.82 | 2.18 |
| Vraj Iron and steel limited | 11.77 | 159.45 | 10.00 | 116.53 | 10.88 | 13.55 |
| BMW Industries Limited | 16.57 | 46.88 | 1.00 | 30.84 | 9.16 | 2.83 |
| Electrotherm (India) Limited | 2.37 | 797.35 | 10.00 | -89.01 | -377.85 | 336.42 |
Company information
Company profile
VMS TMT Limited, incorporated in 2013, is engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars and also deals in scrap and binding wires, supplying products within Gujarat and other states. Its manufacturing facility is located in Bhayla Village, near Bavla in Ahmedabad district, offering easy access for distribution. As of July 31, 2025, the company operates through 3 distributors and 227 dealers on a non-exclusive basis, ensuring strong product reach. On November 7, 2022, it signed a retail license agreement with Kamdhenu Limited, allowing it to market TMT Bars under the brand name ‘Kamdhenu NXT’ within Gujarat. The company has a workforce of 230 permanent employees supported by an experienced management team. Its revenue is largely concentrated in Gujarat, contributing 98.78% in Fiscal 2024, 98.43% in Fiscal 2023, and 99.19% in Fiscal 2022, with a focus on Tier II and Tier III cities.
Strengths
- Backward Integration Advantage – The addition of a Continuous Casting Machine (CCM) division improves cost-efficiency, operational control, and overall financial performance.
- Strong Market Presence – A robust distribution network of 3 distributors and 227 dealers, coupled with long-standing customer relationships, strengthens positioning in the growing steel bars and rods industry.
- Established Infrastructure – Strategically located manufacturing facility with integrated operations and efficient logistics enables scalability and timely delivery.
Risk factors
- High Brand Dependence – Almost all TMT bar sales are tied to the Kamdhenu NXT brand under a non-exclusive license. Termination or restrictive terms could disrupt operations and dealer retention.
- Raw Material Price Risk – With raw materials forming up to 96.63% of expenses, reliance on third-party suppliers and price fluctuations may impact profitability and production stability.
- Royalty Burden – Annual royalty payments to Kamdhenu (₹654.83 lakhs) reduce margins. Any increase or unfavorable change in agreement terms could weaken financial performance.
Promoters
Varun Manojkumar Jain
Rishabh Sunil Singhi
Manojkumar Jain
Sangeeta Jain
Registrar & documents
Lead manager
Arihant Capital Markets Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Survey No 214 Bhayla Village, Near Water Tank Bavla, Ahmedabad Ahmedabad, Gujarat, 382220
+91 63575 85711
[email protected]Company website ↗Understanding VMSTMT IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.