VMS TMT
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Sept 2025 | ₹11 | +11.11% | ₹1,300 | ₹110 | ₹1,650 |
| 23 Sept 2025 | ₹11 | +11.11% | ₹1,300 | ₹110 | ₹1,650 |
| 22 Sept 2025 | ₹10 | +10.10% | ₹1,100 | ₹109 | ₹1,500 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Sept 2025 – 19 Sept 2025
- Listing date
- 24 Sept 2025
- Face value
- ₹1 per share
- Issue price
- ₹99 per share
- Lot size
- 150 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹149 Cr
- Market cap at offer price
- ₹491 Cr
- Promoter holding
- 96.28% → 67.19% pre-issue → post-issue
- ISIN
- INE0SJA01013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Arihant Capital Markets Ltd.
- Registered office
- Survey No 214 Bhayla Village, Near Water Tank Bavla, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 27,00,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹99
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.45 | 6.91 |
| P/E (×) | 22.25 | 14.33 |
| Price to book (×) | 7.43 | — |
| Market cap | — | ₹491 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.14%
- ROCE
- 12.79%
- Debt / equity
- 3.77
- PAT margin
- 1.91%
- EBITDA margin
- 5.91%
- NAV per share
- ₹13.32
- Price to book
- 7.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About VMS TMT
VMS TMT Limited is a steel manufacturing company incorporated in 2013 that produces TMT bars under the Kamdhenu brand license. The company operates a manufacturing facility in Bhayla, Ahmedabad, Gujarat, where it manufactures TMT bars through both scrap-based and billet-based processes. The company generates revenue from the sale of TMT bars (representing 91.63%-96.85% of revenue) through a distribution network of 3 distributors and 227 dealers across Gujarat (excluding Saurashtra and Kutch districts). Additional revenue comes from allied products including billets, binding wires, and scrap. The company completed backward integration in September 2024 with installation of a 30-ton induction furnace and a CCM (Continuous Casting Machine) division with installed capacity of 216,000 MTPA. Revenue from operations was ₹77,019.10 lakhs in Fiscal 2025 and ₹87,295.77 lakhs in Fiscal 2024.
Company Analysis
from RHPVMS TMT Limited manufactures Thermo-Mechanically Treated (TMT) steel bars and allied products, operating in the steel/construction materials industry in Gujarat, India.
VMS TMT Limited is a steel manufacturing company incorporated in 2013 that produces TMT bars under the Kamdhenu brand license. The company operates a manufacturing facility in Bhayla, Ahmedabad, Gujarat, where it manufactures TMT bars through both scrap-based and billet-based processes. The company generates revenue from the sale of TMT bars (representing 91.63%-96.85% of revenue) through a distribution network of 3 distributors and 227 dealers across Gujarat (excluding Saurashtra and Kutch districts). Additional revenue comes from allied products including billets, binding wires, and scrap. The company completed backward integration in September 2024 with installation of a 30-ton induction furnace and a CCM (Continuous Casting Machine) division with installed capacity of 216,000 MTPA. Revenue from operations was ₹77,019.10 lakhs in Fiscal 2025 and ₹87,295.77 lakhs in Fiscal 2024.
Objects of the Issue
- Repayment/prepayment, in full or part, of all or a portion of certain borrowings availed by our Company ₹11,500.00 lakhs p.114
- General corporate purposes p.114
Issue Structure
- Total Issue
- Up to 1,50,00,000 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 1,50,00,000 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures TMT bars from scrap and billets at its manufacturing facility and sells them to customers through a non-exclusive distribution network comprising distributors and dealers. Revenue is earned through sale of TMT bars under the Kamdhenu brand (100% of TMT bar sales) under a retail license agreement, with royalty payments of 0.61%-0.98% of revenue. The company also generates revenue from allied products (billets, binding wires, scrap) created as by-products during TMT bar manufacturing. The business model involves purchase of raw materials (scrap, billets, sponge iron, coal) from third-party suppliers, manufacturing through induction furnaces and rolling mills, and distribution through non-exclusive dealer networks.
Business Segments
SWOT Analysis
- • Backward integration with CCM facility for cost optimization(p.51)
- • Strong market position with established distribution network(p.37)
- • Dominant TMT bar revenue stream with brand licensing advantage(p.30)
- • Growing industry tailwinds with strong demand projections(p.19)
- • Quality certifications and compliance standards(p.47)
- • High debt-to-equity ratio indicating significant financial leverage(p.38)
- • Negative operating cash flows in recent periods(p.40)
- • High customer concentration risk with largest customer at 30%(p.34)
- • Complete dependence on Kamdhenu brand and license agreement(p.30)
- • Declining inventory turnover ratio indicating working capital inefficiency(p.55)
- • Recent operational discontinuation of MS Pipes facility(p.43)
- • Infrastructure development and urbanization driving construction demand(p.19)
- • Market penetration expansion within Gujarat and beyond(p.19)
- • Cost optimization through renewable energy integration(p.72)
- • Product portfolio diversification strategy(p.72)
- • Public listing to enhance brand visibility and access to capital(p.115)
- • High commodity price volatility affecting raw material costs(p.38)
- • Vulnerability to termination of Kamdhenu brand licensing agreement(p.31)
- • Exposure to raw material supply disruptions(p.31)
- • Intense competition from larger national steel producers(p.47)
- • Geographic concentration risk in Gujarat(p.42)
- • Regulatory and import duty changes impacting margins(p.70)
- • Economic cyclicality and construction sector downturn risk(p.38)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Varun Manojkumar Jain | Promoter | 24.54% | — |
| Rishabh Sunil Singhi | Promoter | 34.69% | — |
| Manojkumar Jain | Promoter | 29.69% | — |
| Sangeeta Jain | Promoter | 7.35% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.