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VMS TMT IPO
101.48xsubscribed

VMS TMT IPO

Steel & Iron Products
listed
₹14,100Min. investment

VMS TMT Limited IPO Details

SectorSteel & Iron Products
Price range₹94.00 – ₹99.00
IPO type
Regular
Lot size150 shares
Issue size₹148Cr
Red Herring Prospectus
Read
Market cap
₹491.35CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹770.19CrLower than sector avg
Growth rate3Y CAGR
-4.42%

VMS TMT IPO Subscription Status

Date
QIB
NII
Retail
Total
17-Sep-25
7.15 times (X)
13.64 times (X)
6.6 times (X)
8.42 times (X)
18-Sep-25
7.97X
36.56X
19.06X
21.76X
19-Sep-25
82.6X
222.89X
46.99X
101.48X

As on 17-Sep-25, 5:30 PM

VMS TMT IPO Timeline

  1. Pre-apply
    15 Sep 2025
  2. Bid start
    17 Sep 2025
  3. Bid end
    19 Sep 2025
  4. Allotment
    22 Sep 2025
  5. Release of funds
    23 Sep 2025
  6. Demat transfer
    23 Sep 2025
  7. Listing
    24 Sep 2025

About VMS TMT Limited

Incorporated in 2013, VMS TMT Limited manufactures TMT bars, which are the main product of the company, contributing around 97% of its total revenue. These bars are used in building houses, bridges, and other construction projects. Some part of the revenue is also generated from selling items like scrap, billets, and binding wires. It has a factory near Ahmedabad, Gujarat, with almost 95% of the revenue coming from Gujarat itself in the last 3 years.
The company is now making TMT bars directly from scrap instead of depending on the billets after adding its continuous casting machine (CCM) division in September 2024. Since 2022, it has operated under the brand name of Kamdhenu, after it had a license agreement with Kamdhenu Limited to sell TMT Bars. In FY25, the company produced 1,26,000 tonnes of TMT bars and 1,60,000 tonnes in FY24. The overall production of TMT bars touches 2,00,000 tonnes every year. In Q1FY26, the capacity utilisation stood at 71.5% and 63% in FY25, a drop from 80% in FY24.
The company has installed a 30-ton electric induction furnace, as a part of its backward integration project, producing 2,16,000 tonnes per year for billet making and a 22,000 kVAh power substation.
With a network of 3 distributors and 227 dealers, the company's revenue generation comprises 87% from retail customers in June 2024 and around 79% in FY25. The rest proportion is attributed to international sales. The company has a high leverage with a 3.78x debt-to-equity ratio and a 15.9x debt-to-EBITDA ratio.
India has witnessed a rise in the demand for steel, growing around 7%. Finished steel consumption increased from approximately 90 million tonnes in FY20 to nearly 128 million tonnes in FY25. This steady rise is on the back of large government infrastructure projects and various schemes like Gati Shakti, Bharatmala, and PMAY. There is a recovery in the demand for real estate, within which residential sales grew more than 15% for FY24 across the top 8 Indian cities and a pick-up in office space absorption. With this, demand for TMT bars has also gone up and is expected to reach 62.5 million tonnes in FY25. All these factors together point to a steady rise in demand for good-quality TMT bars in India.
In order to produce steel directly from scrap rather than purchasing billets, the company has also finished a backward integration project that cost roughly ₹117.1 crore. This strategy should increase profits and reduce the cost of raw materials. In collaboration with Prozeal Green Energy Limited, the company is investing approximately ₹46.4 crore to establish a 15 MW solar power plant in Gujarat as part of the state's Renewable Energy Policy 2023 in order to reduce its electricity expenses. The company is well-positioned to profit from the growing demand in the industry because of its strong presence in Gujarat and improved efficiency brought about by these measures. However, its high debt levels remain a key concern for future growth.
Now, VMS TMT Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹148.50 crore. Its shares will be listed on the NSE and BSE.

Vms Tmt Limited IPO Analysis

IPO REVIEW

VMS TMT IPO | Analysis Video

Should you apply?

Watch our analysts break down the Vms Tmt Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Industrial growth opportunity

The production and consumption of steel bars and rods in India are growing at a CAGR of 9.2% and 9.7% respectively. This growth has been fueled by the growth of industries such as construction, infrastructure, machinery, etc. The company is well-suited to take advantage of this growth through its strong capacity, distribution and marketing through its retail license agreement with Kamdhenu Limited.

Strong customer base and network

The company has a high customer retention history with long-term relationships with its customers. It sells its TMT bars to retail and institutional customers through a distribution network comprising 3 distributors and 227 dealers. The company has one distributor in each zone of Gujarat to help in market penetration. It also has a strong supply chain management in the state of Gujarat and uses a fleet of over 50 trucks, enabling doorstep delivery to its retail customers.

Integrated manufacturing facility

The company has completed backward integration of its CMM division, which has enabled it to produce TMT bars from scrap, reducing dependency on billets from suppliers. The production capacity for billets from scrap stands at 216,000 MT per annum. It has also received environmental clearance for TMT bars of installed capacity of 30,000 MT per month.

Infrastructure with power optimisation

It operates a 30-ton electric induction furnace and power substation with 22,000 kVAh capacity, while also initiating a 15 MW solar power plant project in order to help reduce electricity costs and support sustainability.

Objectives of Vms Tmt Limited IPO

Repayment of loans
77.44%
The company will utilise up to ₹115 crore towards repayment of borrowings.
General corporate purposes
22.60%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹770.19Cr-4.42%₹14.73Cr₹491.35Cr23.083.77
This sector (avg.)₹3,652.65Cr0%₹112.07Cr₹6,638.34Cr114.910.53
₹1,68,824Cr---₹3,491Cr₹2,96,623Cr39.881.50
₹2,18,542.51Cr---₹3,173.78Cr₹2,41,094.5Cr35.361.04
₹39,312.21Cr---₹2,499.72Cr₹67,753.99Cr23.050.38

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

VMS TMT IPO Contact Details

Company NameVMS TMT Limited

How to apply for VMS TMT IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Vms Tmt Limited IPO FAQs

Investors can apply for the VMS TMT IPO through their Demat account via the stock exchange or through their broker.
The issue size of the VMS TMT IPO is 148 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
VMS TMT IPO will be open between 2025-09-17 and 2025-09-19.
VMS TMT IPO allotment date is 2025-09-23. For VMS TMT IPO allotment status check, you can visit the website of the registrar of the IPO.
For VMS TMT IPO, the IPO registrar is Kfin Technologies Limited. You can check VMS TMT IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The VMS TMT IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The VMS TMT IPO lot size is 150 and minimum order quantity is 150.
VMS TMT IPO has set the price band for its IPO at 99 per equity share with a face value of 10.