VMS TMT IPO Day 1: Key Highlights

The Initial Public Offering (IPO) of VMS TMT Ltd., a leading manufacturer of Thermo Mechanically Treated (TMT) bars based in Ahmedabad, commenced on September 17, 2025. The issue is priced between ₹94 and ₹99 per share and will remain open until September 19, 2025.

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Subscription Status – Day 1

As of 12:10 PM IST on September 17, 2025, the VMS TMT IPO has been subscribed 3.60 times overall. Here's the detailed breakdown:

  • Qualified Institutional Buyers (QIBs): 6.84 times

  • Non-Institutional Investors (NIIs): 4.31 times

  • Retail Individual Investors (RIIs): 2.55 times

This strong demand indicates robust investor confidence in the offering.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for VMS TMT shares stands at ₹24, reflecting a 23.2% premium over the upper end of the price band. The GMP surged from ₹10 to ₹24 in the past five days, suggesting positive market sentiment and the potential for listing gains.

About VMS TMT Ltd.

  • Industry: Steel manufacturing, specializing in TMT bars

  • Location: Ahmedabad, Gujarat

  • IPO Size: ₹148.5 crore (fresh issue of 1.5 crore shares)

  • Price Band: ₹94–₹99 per share

  • Lot Size: 150 shares

  • Listing Date: September 24, 2025, on BSE and NSE

  • Use of Proceeds: Repayment of borrowings and general corporate purposes

Financial Snapshot (FY 2023–2025)

  • Revenue: ₹882.06 crore (FY 2023) to ₹771.41 crore (FY 2025)

  • EBITDA: ₹21.91 crore (FY 2023) to ₹45.53 crore (FY 2025)

  • PAT: ₹4.20 crore (FY 2023) to ₹14.74 crore (FY 2025)

  • EBITDA Margin: 2.48% to 5.91%

  • PAT Margin: 0.48% to 1.91%

These figures indicate a consistent improvement in profitability and operational efficiency.