In September 2025, India’s IPO market continues to attract investor attention with a mix of fresh issues from companies across sectors. Amid growing industrial and infrastructure activity, the metal sector is witnessing renewed interest. Retail participation remains strong, and investors are increasingly analysing financial performance and valuation before applying.
Against this backdrop, VMS TMT Limited IPO is set to open on September 17, 2025. Here is a detailed insight into VMS TMT Limited, its IPO, and the industry outlook.
About VMS TMT Ltd.
Incorporated in 2013, VMS TMT Limited primarily manufactures Thermo Mechanically Treated (TMT) Bars and also deals in scrap and binding wires. The company serves customers within Gujarat and other states through an extensive distribution network.
The company’s manufacturing facility is strategically located in Bhayla Village, near Bavla, Ahmedabad district, Gujarat, allowing efficient product distribution.
Distribution Network:
- 3 distributors
- 227 dealers
Additionally, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited on November 7, 2022. Under this agreement, the company markets TMT Bars under the brand name ‘Kamdhenu NXT’ within Gujarat.
The company employs a workforce of 230 permanent employees as of July 31, 2025, supported by an experienced management team.
Revenue Focus:
VMS TMT has primarily targeted Tier II and Tier III cities in Gujarat:
- Fiscal 2024: 98.78% of revenue from Gujarat
- Fiscal 2023: 98.43% of revenue from Gujarat
- Fiscal 2022: 99.19% of revenue from Gujarat
VMS TMT IPO Details
With its IPO, VMS TMT Ltd. aims to raise ₹148.50 crore through a fresh issue of 1.50 crore shares. The funds will primarily be used for repayment/prepayment of borrowings (₹115 crore) and general corporate purposes.
| IPO Date | September 17, 2025, to September 19, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹94 to ₹99 per share |
| Lot Size | 150 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 1,50,00,000 shares (aggregating up to ₹148.50 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,46,31,210 shares |
| Share Holding Post Issue | 4,96,31,210 shares |
VMS TMT IPO Timeline (Tentative Schedule)
VMS TMT IPO opens on September 17, 2025, and closes on September 19, 2025.
| IPO Open Date | Wed, Sep 17, 2025 |
| IPO Close Date | Fri, Sep 19, 2025 |
| Tentative Allotment | Mon, Sep 22, 2025 |
| Initiation of Refunds | Tue, Sep 23, 2025 |
| Credit of Shares to Demat | Tue, Sep 23, 2025 |
| Tentative Listing Date | Wed, Sep 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Sep 19, 2025 |
VMS TMT IPO Lot Size
Investors can bid for a minimum of 150 shares and in multiples thereof. The following table depicts the minimum and maximum investment by retail and HNI investors:
| 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 |
VMS TMT Promoter Holding
The promoters of the company are Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain.
| Shareholding | Pre-Issue | Post-Issue |
| Promoters | 96.28% | 67.19% |
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VMS TMT Ltd. Financials
The market capitalisation of the VMS TMT IPO is ₹491.35 Cr. Key financial indicators as of March 31, 2025:
| KPI | Value |
| ROCE | 12.79% |
| Debt/Equity | 6.06 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
Restated Consolidated Financials (₹ Crores)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 449.35 | 412.06 | 284.23 | 227.28 |
| Total Income | 213.39 | 771.41 | 873.17 | 882.06 |
| Profit After Tax | 8.58 | 15.42 | 13.47 | 4.20 |
| EBITDA | 19.48 | 45.53 | 41.20 | 21.91 |
| Net Worth | 81.77 | 73.19 | 46.51 | 30.84 |
| Reserves & Surplus | 47.14 | 38.56 | 33.18 | 18.23 |
| Total Borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
EPS & P/E
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 4.45 | 6.91 |
| P/E (x) | 22.24 | 14.32 |
Objects of the Issue
The IPO proceeds will be primarily used for:
- Repayment/ prepayment of borrowings: ₹115 crore
- General corporate purposes
VMS TMT IPO Review
VMS TMT Ltd. operates mainly in Gujarat with TMT Bars as its flagship product. While the top line has declined slightly, the company has shown a rising bottom line. The debt-equity ratio of 3.78 (as of June 30, 2025) indicates a high leverage level. Based on the financials, the IPO is priced aggressively, making it more suitable for well-informed or cash-surplus investors seeking long-term allocation.
VMS TMT Ltd.: Industry Outlook
- The Indian steel sector, particularly TMT bars, is driven by urban infrastructure, residential construction, and government-led projects.
- Increased investment in smart cities, metro rails, and industrial corridors supports demand for high-quality steel reinforcement bars.
- Gujarat continues to be a key production hub for TMT bars, benefiting from logistics and proximity to industrial regions.
- Eco-friendly and energy-efficient manufacturing processes are increasingly valued, supporting manufacturers like VMS TMT with sustainable initiatives.
VMS TMT IPO Peer Comparison
VMS TMT competes with peers like Kamdhenu Ltd, Vraj Iron & Steel Ltd, BMW Industries Ltd, and Electrotherm (India) Ltd. Comparing revenue, profitability, and market presence across these companies can give investors a clearer perspective on VMS TMT’s positioning in the TMT bars and steel industry.
Conclusion
VMS TMT Ltd. provides an opportunity for investors to participate in India’s growing steel reinforcement segment. With a strong local presence in Gujarat, strategic partnerships, and stable profitability, the IPO may attract investors looking for long-term growth. However, high debt levels, regional concentration of sales, and aggressive pricing are factors investors should carefully evaluate before applying.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
