VMS TMT IPO Subscription Status

The VMS TMT IPO saw massive investor interest, closing with an overall subscription of 102.24 times by 5:00 PM on 19 September 2025.

• Qualified Institutional Buyers (QIBs): 120.80x
• Non-Institutional Investors (NIIs): 227.08x
• Retail Individual Investors (RIIs): 47.85x

By the final day, the company received 1,25,75,87,250 share bids against an offer of 1,23,00,000 shares, underscoring extremely strong demand.

• Day 3 subscription: 102.24x
• Day 2 subscription: 21.76x
• Day 1 subscription: 8.40x

Such figures highlight the strong confidence investors have in the company’s growth prospects.

Company Overview

Founded in 2013, VMS TMT Ltd manufactures Thermo Mechanically Treated (TMT) Bars, catering to both retail and institutional customers across Gujarat (except the Saurashtra and Kutch districts). As of 31 July 2025, VMS distributes its products through a non-exclusive network of 3 distributors and 227 dealers, ensuring a broad market presence.

The company places a strong emphasis on sustainability, environmental responsibility, and health and safety standards. To lower costs and strengthen the supply chain, VMS produces a portion of its own raw materials and leverages renewable energy sources for operations—an important step toward reducing its carbon footprint.

Promoters & Workforce:
The leadership team comprises seasoned industry veterans: Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain, each bringing over three decades of experience in the steel sector. The company is supported by a dedicated workforce of around 230 permanent employees, further enhancing its operational expertise.

Financial Performance

• Revenue: ₹771.41 crores (FY 2025) vs. ₹873.17 crores (FY 2024)
• Net Profit: ₹15.42 crores (FY 2025) vs. ₹13.47 crores (FY 2024)

While revenue dipped slightly year-on-year, profits improved, reflecting cost efficiencies and a focus on high-margin products. The company maintains a healthy balance sheet, with stable cash flows and prudent working-capital management.

Grey Market Premium (GMP)

As of Friday, 19 September 2025, the VMS TMT IPO GMP stood at ₹24, indicating an estimated listing price of around ₹123, compared to the issue price of ₹99—a premium of nearly 24%. This premium signals positive market sentiment ahead of the listing.