VMS TMT Limited IPO
VMS TMT Limited IPO
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VMS TMT Limited's completed its IPO journey with a successful listing on NSE, BSE on 24-09-2025. The public offering mobilized 1,50,00,000 Shares in total capital, comprising 1,50,00,000 Shares in fresh equity.
The offering was conducted within the price band of ₹94 to ₹99, with minimum application lots of 150 shares. Investor participation during the 17-09-2025 to 19-09-2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on 22-09-2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
VMS TMT IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
VMS TMT IPO Strength Factors
- 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.
VMS TMT IPO 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.
VMS TMT IPO Lead Manager(s)
- Arihant Capital Markets Limited
VMS TMT IPO Promoter(s)
- Varun Manojkumar Jain
- Rishabh Sunil Singhi
- Manojkumar Jain
- Sangeeta Jain
VMS TMT IPO FAQs
VMS TMT Limited IPO subscribed 102.27 times. The public issue subscribed 47.89 times in the retail category,120.8times in QIB, and 243.91 times in the HNI (10+) category byNovember 21, 2025 9:51:42 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
VMS TMT IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
VMS TMT IPO FAQs
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