VMS TMT IPO
VMS TMT IPO — date, price band, lot size & details 2025
VMS TMT listed on 24 Sep 2025 at ₹104.9, 6% above the ₹99 issue price.
VMS TMT makes Thermo Mechanically Treated bars at Bhayla near Bavla in Ahmedabad district, Gujarat. It sold through 3 distributors and 227 dealers on 31 July 2025.
Stock price
VMS TMT is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 17 Sep 2025
- Close 19 Sep 2025
- Allotment 22 Sep 2025
- Refund/credit 23 Sep 2025
- Listing 24 Sep 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 17 to 19 Sep, 2025 |
|---|---|
| Price Band | ₹94 – ₹99 |
| Face Value | ₹10 |
| Lot Size | 150 Shares |
| Issue Size | ₹148.5 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,850 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 150 shares at the ₹99 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹14,850 |
| Retail (max) | 13 | 1,950 | ₹1,93,050 |
| S-HNI (min) | 14 | 2,100 | ₹2,07,900 |
| S-HNI (max) | 67 | 10,050 | ₹9,94,950 |
| B-HNI (min) | 68 | 10,200 | ₹10,09,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 4.20 crore in FY2023 to Rs 15.42 crore in FY2025.
- 02Profit after tax was Rs 8.58 crore in the three months to 30 June 2025.
- 03Rs 115.00 crore of the Rs 148.5 crore fresh issue was for repaying debt.
- 04The P/E was 14.32 at the upper band of Rs 99, based on post-issue EPS of Rs 6.91.
- 05Return on net worth was 20.14% on the figures at the source.
Risks · 7
- 01The latest financials cover only the three months to 30 June 2025, with total income of Rs 213.39 crore.
- 02Total borrowing of Rs 309.18 crore on 30 June 2025 was almost four times net worth of Rs 81.77 crore.
- 03Debt to equity was 3.77 on the figures at the source.
- 04Total income fell from Rs 882.06 crore in FY2023 to Rs 771.41 crore in FY2025.
- 05The PAT margin was very thin at 1.91%, and steel prices can swing.
- 06The company sells under a retail licence from Kamdhenu Limited signed on 7 November 2022, so its brand depends on that agreement.
- 07Promoters held 96.28% before the issue and held 67.19% after it.
Three years of numbers
All figures in ₹ crore, as reported in the VMS TMT offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the VMS TMT RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
VMS TMT IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.45 | ₹6.91 |
| P/E Ratio (x) | 22.24 | 14.32 |
| Market Cap at Offer Price (₹ Cr) | ₹190.88 | ₹122.93 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹99 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹148.50 Cr of the issue is earmarked to named objects.
VMS TMT IPO Anchor Investors
5 anchor investors across 5 fund houses committed ₹26.72 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Saint Capital Fund | Saint Capital | 606,150 | 6.00 | 22.45% |
| Maybank Securities Pte | Maybank | 505,200 | 5.00 | 18.71% |
| Astorne Capital Vcc-Arven | Astorne Capital | 505,200 | 5.00 | 18.71% |
| Chanakya Opportunities Fund I | Chanakya | 578,250 | 5.72 | 21.42% |
| Vbcube Ventures Fund | Vbcube | 505,200 | 5.00 | 18.71% |
| Total anchor allocation | 26.72 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The plant is at Bhayla village near Bavla in Ahmedabad district, Gujarat. On 31 July 2025 the company had 3 distributors and 227 dealers on a non-exclusive basis.
On 7 November 2022 it entered a retail licence agreement with Kamdhenu Limited.
The IPO was a fresh issue of Rs 148.5 crore. Rs 115.00 crore of it was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
VMS TMT IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Arihant Capital Markets Ltd.
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +2%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of VMS TMT?
The current Grey Market Premium is ₹10, or 10% over the issue price.
What is the VMS TMT IPO price band?
₹94 to ₹99, on a face value of ₹10.
When is the allotment?
The basis of allotment is 22 September 2025, with listing on 24 September 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
