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VMS TMT Ltd IPO

We are engaged in manufacturing of Thermo Mechanically Treated Bars (TMT Bars) in the steel industry at our manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India. We conduct our business predominantly in the State of Gujarat from where we derived 98.93%, 96.71%, 98.75% and 97.42% of our revenues from operations in the three months period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Our revenue model is based on the sale of TMT Bars to customers through a distribution network, on a non-exclusive basis, comprising of 3 distributors and 227 dealers as of July 31, 2025. Additionally, we also generate revenue from the sale of allied products, including billets, binding wires, scrap, and other by-products arising during the manufacturing process of TMT Bars. As part of our business model, we serve a diverse customer base comprising both retail and institutional customers, primarily within the State of Gujarat, excluding the Saurashtra and Kutch district. We have a retail licence agreement dated November 7, 2022, with Kamdhenu Limited which allows us to market our TMT Bars under the Kamdhenu Brand on mutually agreed terms within the State of Gujarat excluding the Saurashtra and Kutch districts on a non-exclusive basis.

VMS TMT Ltd IPO Details

Total Shares Offered

₹ 1,50,00,000

Offer to Public

TBA

Retail Max (Shares)

₹ 75,00,000

Pre Issue Promoters Holding

₹ 3,33,42,285

Exchange

BSE

Issue size

₹ 148.5 Cr

IPO Open Date

Sep 17, 2025

Close Date

Sep 19, 2025

Lot Size

150

Min Investment

₹ 14,100

Issue Type

Book Building

Listing Date

Sep 24, 2025

VMS TMT Ltd IPO Dates

Sep 17, 2025

Opening date

Sep 19, 2025

Closing date

Sep 22, 2025

Basis of Allotment

Sep 23, 2025

Initiation of Refunds

Sep 23, 2025

Credit of Shares

Sep 24, 2025

Listing date

Details

Sector	Type
Sector	Steel - Medium
Sub Sector	Small
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	48.32x	4500000	217444650
NII	227.09x	3000000	681281100
Retail	47.88x	7500000	359113500
Employee	0x	0	0
Total	83.86x	15000000	1257839250

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

48.32x

227.09x

47.88x

83.86x

4500000

3000000

7500000

15000000

217444650

681281100

359113500

1257839250

VMS TMT Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	26.21	23.23	9.12
EBITDA	33.02	27.16	12.70
PAT	14.74	13.47	4.20
Total Assets	231.48	142.04	131.86
Share Capital	34.63	13.34	12.61
Total Borrowings	245.04	148.47	119.23
Operating Activities (Net Cash)	21.55	17.40	7.78
Investing Activities (Net Cash)	-0.06	-51.68	-3.61
Financing Activities (Net Cash)	245.04	148.47	119.23
Net Cashflow	11.01	8.09	2.20

About VMS TMT Ltd

Our Company was incorporated as `VMS TMT Private Limited' a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation issued by the Registrar of Companies, Gujarat at Dadra Nagar and Haveli on April 9, 2013. The name of our Company was subsequently changed to `VMS TMT Limited', upon conversion into a public limited company, pursuant to a board resolution dated October 16, 2023, and a shareholder resolution dated November 10, 2023, and a fresh certificate of change of name was issued on December 1, 2023, by the Registrar of Companies, Gujarat at Ahmedabad.

India's domestic consumption of TMT bars has been rising steadily, reflecting the strong momentum in the construction and infrastructure sectors. Consumption has expanded from about 41.6 million tons in FY 2021 to an estimated 62.5 million tons by FY 2025, registering a healthy CAGR of around 10.7% during this period. This sharp rise underscores the critical role of TMT bars in meeting the demand generated by large-scale infrastructure investments, rapid urbanization, and sustained growth in residential as well as commercial real estate projects. Domestic demand for TMT bars is anticipated to rise significantly, driven by the government's focused efforts on enhancing the nation's infrastructure.

Peer Comparison:

Kamdhenu Ltd
Vraj Iron & Steel Ltd
BMW Industries Ltd
Electrotherm (India) Ltd

VMS TMT Ltd Key Points

Strengths

Improvement in financial performance consequent to implementation of backward integration project (CCM division).

Positioned to take advantage of the steady growth in the steel bar and rods industry.

Long-term customer relationships augmented by large distribution network.

Established infrastructure with backward integration with strong logistics support.

Track record of growth in financial performance.

Risk

The company is dependent on a retail licence agreement with Kamdhenu Limited for sale of TMT bars and the agreement is non-exclusive in nature. Pursuant to this Agreement, the company has paid a royalty of Rs. 208.57 lakhs, Rs. 654.83 lakhs, Rs. 610.66 lakhs and Rs. 535.45 lakhs, respectively, representing 0.98%, 0.85%, 0.70% and 0.61% of its total revenue from operations for the three month period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The agreement has certain restrictions and obligations, such as minimum sales quotas, branding guidelines, packaging, and royalty payments. the company has derived 95.99%, 91.63%, 94.06% and 96.85% of its revenue from operations for the three month period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively from sale of TMT Bars and 100% of the revenue from such sale is only under Kamdhenu Brand. If the retail licence agreement with Kamdhenu Limited is terminated, the company is may face difficulties in retaining its network of distributors and dealers that distribute the company products, which could materially and adversely impact its business, results of operations and financial condition.

Its business and profitability are substantially dependent on the availability and cost of the company raw materials and its dependent on third party suppliers for meeting the company raw material requirements which are on purchase order basis. its raw material's consumption accounted for 82.58%, 70.25% 87.86% and 96.63% of the company total expenses for the three months period ended June 30, 2025 and the Fiscals 2025, 2024 and 2023, respectively. Any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials may adversely impact its business, results of operations and financial condition.

Royalty payments under the company is agreement dated November 7, 2022, with Kamdhenu Limited may impact its profitability. the company has paid royalty of Rs. 208.57 lakhs, Rs. 654.83 lakhs, Rs. 610.66 lakhs and Rs. 535.45 lakhs, representing 0.98%, 0.85% 0.70% and 0.61%, of its total revenue from operations for the three month period ended June 30, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any increase in such royalty payments may adversely impact its business, results of operations, and financial condition.

Strategy

Integration to Renewable Energy for Cost Optimization and Sustainability.

Backward Integration for Cost Efficiency and Supply Chain Optimization.

Diversifying into product portfolio.

Market Penetration and Expansion Plan for TMT Bars in Gujarat.

How To Apply for VMS TMT Ltd IPO Online?

Step 1:

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From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the VMS TMT Ltd IPO?

VMS TMT Ltd's IPO offers shares for up to 148.5 It begins on Sep 17, 2025 and ends on Sep 19, 2025.

What is the price of the VMS TMT Ltd IPO?

The price of VMS TMT Ltd IPO ranges between ₹94 to ₹99 per share.

What are the open and close dates for the VMS TMT Ltd IPO?

The VMS TMT Ltd IPO opens on Sep 17, 2025 and closes on Sep 19, 2025.

When will the VMS TMT Ltd IPO be allotted?

The allotment for the VMS TMT Ltd IPO will be finalised on Sep 22, 2025. The shares will be listed on BSE and NSE on Sep 24, 2025.

What is the minimum lot size required for VMS TMT Ltd IPO?

The minimum lot size for VMS TMT Ltd IPO is 150 shares, priced between ₹94 to ₹99 per share.

What is the GMP of VMS TMT Ltd IPO?

The GMP (Grey Market Premium) of VMS TMT Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of VMS TMT Ltd IPO?

To check the allotment status of VMS TMT Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the VMS TMT Ltd IPO getting listed?

The VMS TMT Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Sep 17, 2025, and closes on Sep 19, 2025. The allotment is finalised on Sep 22, 2025.

How do you apply for the VMS TMT Ltd IPO?

To apply for the VMS TMT Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.