VMS TMT IPO: Ahmedabad-Based Steel Maker

VMS TMT Ltd

VMS TMT Ltd is engaged in the business of manufacturing TMT bars. These thermo-mechanically treated (TMT) bars find extensive application as reinforcement in concrete structures in the construction business. TMT bars provide strength, ductility, and flexibility to these massive structures and improves durability and their seismic resistance. Its production facility is near Ahmedabad, and distributes through a network of 227 dealers.

The IPO is entirely a fresh issue of shares and the funds will be used for repayment and for prepayment of high-cost debt. VMS TMT Ltd was promoted by Varun Jain, Rishabh Singhi, Manojkumar Jain, and Sangeeta Jain. The IPO will be lead-managed by Arihant Capital Markets Ltd; while KFIN Technologies Ltd (KFINTECH) will be the IPO registrar. The company has its business headquartered in Ahmedabad, the commercial capital of Gujarat.

Highlights of the IPO Issue

Here are the key highlights of the public issue of VMS TMT Ltd.

• The IPO of will be open from September 17th, 2025 to September 19th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹94 to ₹99 per share.

• The IPO of VMS TMT Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component in the IPO.

• The fresh issue of the IPO comprises the sale of 1,50,00,000 shares (150 lakh shares), which at the upper price band of ₹99 per share translates into ₹148.50 crore.

• As there is no OFS, the overall IPO will comprise the fresh issue of 1,50,00,000 shares (150 lakh shares) worth ₹148.50 crore at the upper band price of ₹99 per share.

The IPO of VMS TMT Ltd will be listed on the NSE and the BSE on the IPO mainboard.

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of VMS TMT Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of VMS TMT Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 150 shares)

Financial Highlights

The table captures the key financials of VMS TMT Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company has shown erratic growth in sales, while the net margins are subdued at under 2%. The company has reasonable levels of ROE and asset turnover. However, the company may need a very strong profit narrative to justify valuations.

Valuation Metrics

At the current issue price of ₹99 per share, the valuation of the company is at a P/E ratio of 22.0X in terms of latest year EPS of ₹4.49. The big advantage for the company is its proximity to the fast-growing urban centres of Gujarat which are seeing a rapid growth in demand for TMT bars amidst the construction boom. The company also brings some additional merits to the table.

The company is in a sweet spot in a business that is poised to grow at geometric rates in the coming years. In this context, its location, its long-standing relations with B2B customers and its backward integrated model are likely to be helpful. The stock can be seen as a proxy for the demand surge from the infrastructure sector, especially the rapid growth in Gujarat.

A Brief on the Anchor Allocation

The anchor issue of VMS TMT Ltd saw a relatively modest response on 16th September 2025 with 18.00% of the IPO size absorbed by anchors. Out of 1,50,00,000 shares (150 lakh shares) on offer, anchors picked up 27,00,000 shares (27 lakh shares) accounting for 18.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹99 per share. This includes the face value of ₹10 per share plus a share premium of ₹89 per share. The anchor bidding opened and closed on 16th September 2025.

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of VMS TMT Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

Anchor Allocation Investors

On 16th September 2025, VMS TMT Ltd allotted 27,00,000 shares to 5 anchor investors. The allocation was done at the upper IPO price band of ₹99 per share which resulted in overall anchor allocation of ₹26.73 crore. The anchors have already absorbed 18% of the total issue size of ₹148.50 crore. Listed below are the 5 IPO anchor investors who accounted for anchor collection of ₹26.73 crores, or, 100% of anchor allocation.

Data Source: BSE Filings (Value Allocated in ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250916-28&attachedId=67d9c12c-c62b-4a74-8e5e-2be44f9d11fb

Out of the 27,00,000 shares allocated to the anchors in the IPO, there were Nil shares allocated to domestic mutual funds regulated by SEBI. Most of the above anchor shares were allocated to alternative investment funds (AIFs).

Next Step in the IPO

Post the closure of the IPO subscription on 19th September 2025, the basis of allotment will be finalized on 22nd September 2025 and the refunds will be initiated on 23rd September 2025. In addition, the demat credits are expected to also happen on 23rd September 2025 and the stock will list on 24th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 23rd September 2025 under ISIN (INE0SJA01013).

IPO Subscription Status On Day-1

As of 5.20 pm on 17th September 2025, out of the 123.00 lakh shares on offer in the IPO (excluding anchor portion), VMS TMT Ltd saw bids for 1,033.33 lakh shares. This implies an overall subscription of 8.40X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of VMS TMT Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to September 19, 2024, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-2

As of 5.15 pm on 18th September 2025, out of the 123.00 lakh shares on offer in the IPO (excluding anchor portion), VMS TMT Ltd saw bids for 2,675.62 lakh shares. This implies an overall subscription of 21.75X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of VMS TMT Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to September 19, 2024, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-3

As of 5.15 pm on 18th September 2025, out of the 123.00 lakh shares on offer in the IPO (excluding anchor portion), VMS TMT Ltd saw bids for 12,578.39 lakh shares. This implies an overall subscription of 102.26X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of VMS TMT Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was precisely the case in this IPO also. Both the QIB and the NII bids picked up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of VMS TMT Ltd was open up to the close of trading hours on September 19, 2025, and the IPO stands closed for subscription. The subscription status as presented above is the final subscription status of the IPO as of 7.15 PM on September 19, 2025.

About The VMS TMT IPO

The IPO of VMS TMT Ltd opened on September 17th, 2025 and closed on September 19th, 2025. The IPO comprised of a fresh issue of 1,50,00,000 shares (150 lakh shares) worth ₹148.50 crore at the upper band price of ₹99 per share. The allotment status will be finalized by EOD of September 22, 2025. Here is how to check allotment status for the IPO of VMS TMT Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies).

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option

• Under Issue Name – Select VMS TMT Ltd from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Alternatively, Enter your PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verify you are not a robot

• Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of VMS TMT Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity & SME IPO Details Option

• Under SELECT SYMBOL – Select VMSTMT from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Enter your PAN (10-digit alphanumeric) number

• Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of VMS TMT Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on KFIN Technologies Ltd.

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://kosmic.kfintech.com/ipostatus/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select VMS TMT Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

• Enter the Application Number as it is

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

• First select the depository (NSDL / CDSL)

• Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)

• Enter the Client-ID in the second box

• For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

• Enter the 10-Character PAN number, available on your PAN card

• After you enter the PAN number, Enter the 6-digit numeric Captcha Code

• Click on Submit button

• Allotment status gets displayed on screen

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

Modest Listing For VMS TMT Ltd

VMS TMT Ltd had a modest listing on 24th September 2025. On the NSE, the stock of VMS TMT Ltd listed at ₹104.90, a modest premium of 5.96% to the IPO issue price of ₹99 per share. The issue was subscribed just 102.26 times overall at the close of the IPO, so opening sentiments being tepid was rather surprising. While the stock opened at a premium, it almost gravitated back to the IPO price by close.

On the BSE also, the listing of VMS TMT Ltd was relatively similar. Against the issue price of ₹99 per share, the stock listed at ₹105, a premium of 6.06% to the issue price. The stock of VMS TMT Ltd is on Trade to Trade (T2T) system with T+1 settlement.

How The Stock of VMS TMT Ltd Moved During the Day?

After opening modestly higher at ₹104.90 per share on the NSE, the stock traded below the listing price for a better part of the trading day. During the day, the stock of VMS TMT Ltd touched a high of ₹105 and an intraday low of ₹99.65. On the NSE, the upper circuit band of the stock is set at ₹110.14 while the lower circuit band is set at ₹99.65 per share. Effectively, the stock remained between the IPO price and the listing price.

What about the BSE? After opening higher at ₹105 per share on the BSE, the stock traded below the listing price for most of the day. During the day, the stock of VMS TMT Ltd touched a high of ₹105 and an intraday low of ₹99.75 On the BSE, the upper circuit band of the stock is set at ₹110.24 while the lower circuit band is set at ₹99.75 per share. Even on BSE, the stock spent most of the day between the IPO price and the listing price.

How Did The Stock of VMS TMT Ltd Close on Listing Day?

Here is how the stock of VMS TMT Ltd closed on the NSE. The closing price of ₹99.65 per share is at a premium of 0.66% to the IPO issue price and but at a sharp discount of -5.00% to the listing price of ₹104.90 per share on the NSE. The company had a market cap of ₹494.58 crore at close. During the day, the stock of VMS TMT Ltd traded 53.54 lakh shares on the NSE, with total traded value of ₹54.84 crore. Deliveries were 100% of the total volumes on NSE, being in T2T trading.

Here is how the stock of VMS TMT Ltd closed on the BSE. The closing price of ₹99.75 per share is at a premium of 0.76% to the IPO issue price but a discount of -5.00% to the listing price of ͭ₹105 on the BSE. The company had a market cap of ₹495.07 crore as of close. During the day, the stock of VMS TMT Ltd traded 8.02 lakh shares on the BSE, having a total traded value of ₹8.17 crore. Deliveries were 100% on the BSE too due to T2T trading.

The stock trades under the codes: NSE (VMSTMT), BSE (544521), ISIN (INE0SJA01013).