The issue received bids of 1,25,78,39,100 shares against the offered 1,23,00,000 equity shares, at a price band of Rs94-99
FinTech BizNews Service
Mumbai, September 19, 2025: The Initial Public Offering of VMS TMT Limited was subscribed 102.26 times on the final day of bidding.
The issue received bids of 1,25,78,39,100 shares against the offered 1,23,00,000 equity shares, at a price band of Rs94-99, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Qualified Institutional Buyer were subscribed 227.09 times and 120.80 times respectively, whereas Retail Portion was subscribed 47.88 times.
Arihant Capital Markets Limited is the sole book-running lead manager, and Kfin Technologies Limited is the registrar of the issue.
Company Information
VMS TMT Limited is a steel manufacturer specializing in thermo-mechanically treated (TMT) bars, operating from its production facility in Bhayla village near Ahmedabad, Gujarat. Incorporated in 2013 as a private company, it later converted to a public limited company.
The core business is manufacturing and selling TMT bars, which are reinforcement steel products used widely in construction, valued for their strength, ductility, and resistance to corrosion. VMS TMT sells these primarily through a non-exclusive dealer/distributor network comprising a small set of distributors and a larger number of dealers.
A unique feature is its licensing agreement with Kamdhenu Limited, under which VMS TMT can market its TMT bars under the “Kamdhenu NXT” brand in Gujarat on a non-exclusive basis. This gives it a branding advantage in a competitive local market.
Another strength is its move toward backward integration: rather than only sourcing raw materials like billets from external suppliers, it is setting up its own billet production through electric induction furnace and continuous caster technology. This reduces dependency, ensures consistent supply, and helps control costs.
The company has also begun diversifying into related products such as mild steel pipes, opening new growth avenues. With experienced promoters, modern manufacturing techniques, strong quality control, and sustainability focus, VMS TMT positions itself as a growing regional steel player.
The company has an annual installed production capacity of 200,000 metric tonnes (MT) of TMT Bars, and production of TMT Bars in the three-month period ended June 30, 2025. Its products meet the standards set by the Bureau of Indian Standards (BIS), and the company holds several quality management certifications, including ISO 9001:2015 for quality management standards, ISO 45001:2018 for occupational health and safety management system standards, and ISO 14001:2015 for environmental management system standards.
The Gujarat-based company intends to utilise Rs11,500.00 lakhs of the IPO proceeds for repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company, while the remaining funds will be used for general corporate purposes and issue expenses.
