VMS TMT IPO ends with subscription of 102.26 times
The Non-Institutional Investors category was subscribed 227.09 times, the Qualified Institutional Buyers (QIB) category was subscribed 120.80 times and the Retail Individual Investors category was subscribed 47.89 times.
The issue opened for bidding on 17 September 2025 and it closed on 19 September 2025. The price band of the IPO is fixed between Rs 94 and 99 per share.
The offer comprised a fresh issue of up to 1,50,00,000 equity shares, aggregating Rs 149 crore at the upper price band and Rs 141 crore at the lower price band of Rs 94.
The net proceeds from the issue went towards repayment/prepayment, in full or in part, of all or a portion of certain borrowings availed, amounting to Rs 115 crore, with the balance used for general corporate purposes. As of June 30, 2025, total outstanding borrowings (fund-based) amounted to Rs 261.71 crore.
Incorporated in 2013, VMS TMT is engaged in the manufacturing of thermomechanically treated bars (TMT bars) at its manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India.TMT bars are sold through a non-exclusive distribution network, comprising three distributors and 227 dealers as of 31 July 2025. The total annual installed capacity of TMT bars is 200,000 tonnes per annum (tpa).
VMS TMT and Aditya Ultra Steel, one of its group companies, manufacture TMT bars under the Kamdhenu group brand in Gujarat.
A retail license agreement, dated November 7, 2022, was entered with Kamdhenu for the sale of TMT bars under the Kamdhenu brand. The agreement requires royalties for the use of the Kamdhenu trademark within Gujarat (except the Saurashtra and Kutch districts of Gujarat).
Ahead of the IPO, VMS TMT, on 16 September 2025, raised Rs 26.73 crore from anchor investors. The board allotted 27 lakh shares at Rs 99 each to 5 anchor investors.
The firm reported a consolidated net profit of Rs 8.58 crore and sales of Rs 212.26 crore for the three months ended on 30th June 2025.
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