VMS TMT IPO Subscription Status

The VMS TMT IPO was subscribed 21.76 times by 5:00 PM on September 18, 2025, the second day of bidding.

• Qualified Institutional Buyers (QIB): 7.47x
• Non-Institutional Investors (NII): 37.26x
• Retail Investors (RII): 18.99x

The company received 26,76,43,350 bids against 1,23,00,000 shares available for the second-day subscription.

• Day 2 subscription: 21.76x
• Day 1 subscription: 8.40x

Company Overview

VMS TMT Ltd, established in 2013, manufactures Thermo Mechanically Treated (TMT) Bars. The company caters to both retail and institutional customers across Gujarat, excluding the Saurashtra and Kutch regions.

As of July 31, 2025, VMS distributes its TMT bars through a non-exclusive network comprising 3 distributors and 227 dealers. The firm places strong emphasis on sustainability, environmental care, quality, health, and safety.

Promoters & Team

The company is promoted by Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain, who together bring over 30 years of experience in the steel industry.

• Employees: 230 permanent staff
• Strengths: In-house production of raw materials to lower costs and maintain a strong supply chain, plus the use of renewable energy to support sustainability.

Financial Highlights

• Revenue: ₹771.41 crore in 2025 vs. ₹873.17 crore in 2024
• Net Profit: ₹15.42 crore in 2025 vs. ₹13.47 crore in 2024

Grey Market Premium (GMP)

As of Thursday, September 18, 2025, the VMS TMT IPO was trading at a ₹24 premium, implying a grey market price of ₹123 compared to the issue price of ₹99.