Here are the full details available for VMS TMT Limited IPO as known from filings and public sources (as of mid-September 2025). If there are parts you want more detail on (financials, promoter, etc.), I can fetch those too.
Company: VMS TMT Limited
Business: Manufacturer of Thermo-Mechanically Treated (TMT) steel bars. These are reinforcement bars used in construction.
Location / Manufacturing Facility: Bhayla Village, Ahmedabad, Gujarat. Installed capacity ~ 2,00,000 metric tonnes per annum.
IPO Dates
- Opening Date : 17 September 2025
- Closing Date: 19 September 2025
- Anchor book opening: 16 September 2025
- Allotment date: 22 September 2025
- Initiation of Refunds: 23 September , 2025
- Credit of Shares to Demat: 23 September , 2025
- Listing date on exchanges (BSE & NSE): Expected 24 September 2025
IPO Details
- Face Value: ₹10 per share
- Price Band: ₹94-99 per share
- Lot Size: 150 Shares
- Sale Type: Fresh Capital
- Total Issue Size: 1,50,00,000 shares
- 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
GMP of VMS TMT Limited IPO
As of now, the Grey Market Premium (GMP) for the upcoming VMS TMT Limited IPO is ₹0. This indicates that the shares are not currently trading in the unofficial grey market, possibly due to the IPO’s opening date being in the near future.
Promoters of VMS TMT Limited
- Varun Manojkumar Jain – Chairman and Managing Director
- Rishabh Sunil Singhi – Whole-Time Director
- Manojkumar Jain – Director
- Sangeeta Jain – Director
1. Varun Manojkumar Jain
- Age: 35 years
- Designation: Promoter, Chairman, and Managing Director
- Role: Oversees the overall operations and strategic direction of the company.
- Appointment: Joined the board in November 2022 and became the Managing Director in April 2022.
- Shareholding: Holds 85,00,000 equity shares, representing 24.54% of the company’s equity.
2. Rishabh Sunil Singhi
- Age: Not specified
- Designation: Whole-Time Director
- Role: Responsible for the day-to-day management and operational activities of the company.
- Appointment: Appointed as a director in October 2021.
- Shareholding: Holds 1,20,14,760 equity shares, accounting for 34.69% of the company’s equity.
3. Manojkumar Jain
- Age: Not specified
- Designation: Director
- Role: Involved in the strategic planning and decision-making processes of the company.
- Appointment: Joined the board in May 2014.
4. Sangeeta Jain
- Age: Not specified
- Designation: Director
- Role: Contributes to the governance and strategic oversight of the company.
- Appointment: Appointed as a director in April 2022.
- Shareholding: Holds 25,46,275 equity shares, accounting for 7.35% of the company’s equity.
VMS TMT Limited IPO Lot Size
The VMS TMT Limited IPO offers equity shares in a fixed lot size structure. Below is the detailed breakdown of the lot sizes and corresponding investment amounts:
| 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 Limited IPO Promoter Holding
As of the latest available information, the promoters of VMS TMT Limited and their shareholding details are as follows.
| Promoter Holding Pre Issue | 96.28% |
| Promoter Holding Post Issue | 67.19% |
- Pre-Issue Shareholding: 96.28%
- Post-Issue Shareholding: 67.19%
About VMS TMT Limited
Incorporation & Location
VMS TMT Ltd was incorporated on 9 April 2013.
Its manufacturing facility is in Bhayla Village, near Bavla, Ahmedabad, Gujarat.
Authorized and Paid-Up Capital
The authorized capital is approx ₹51.00 Crore and the paid-up capital is approx ₹34.63 Crore.
Business / Products
- The company manufactures Thermo-Mechanically Treated (TMT) Bars, used as reinforcement in construction, known for strength, ductility, and corrosion resistance.
- It also deals in allied products: billets, binding wires, scrap, and by-products from its manufacturing process.
Installed Capacity & Facilities
- Its TMT bar capacity is 200,000 metric tonnes per annum. The plant uses raw materials including scrap and billets. The company has completed a backward integration project, including installing a 30-ton induction furnace (216,000 MT capability) and continuous casting machines (CCM).
Geographic & Market Reach
- VMS TMT derives nearly all (≈ 97-98%) of its revenue from operations in the State of Gujarat.
- Within Gujarat, sales exclude the Saurashtra and Kutch districts.
Distribution & Brand
- They have a distribution network consisting of 3 distributors and 227 dealers.
- They market their TMT bars under a retail license agreement with Kamdhenu Limited, using the Kamdhenu / Kamdhenu NXT brand (in specified areas).
Certifications & Environment / Sustainability
- The company holds certifications for quality and environment management: ISO 9001:2015, ISO 45001:2018, ISO 14001:2015.
- Also, they are planning to set up a 15 MW solar power plant to reduce power costs and carbon footprint.
Strategic Moves & Recent Developments
- The company’s IPO is entirely fresh issue of 1.50 crore shares.
- Major part of the IPO proceeds (~ ₹115 Crore) will be used for debt repayment / prepayment to reduce financial leverage. Remaining portion will be used for general corporate purposes.
- They refiled the Draft Red Herring Prospectus (DRHP) with SEBI on 27 March 2025 after having withdrawn a previous draft.
VMS TMT Limited Financial Information
Here’s a table summarizing the Financial Information of VMS TMT Limited (restated / consolidated) as per the latest IPO / RHP / media disclosures:
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹449.35 Crore | ₹412.06 Crore | ₹284.23 Crore | ₹227.28 Crore |
| Total Income | ₹213.39 Crore | ₹771.41 Crore | ₹873.17 Crore | ₹882.06 Crore |
| Profit After Tax | ₹8.58 Crore | ₹15.42 Crore | ₹13.47 Crore | ₹4.20 Crore |
| EBITDA | ₹19.48 Crore | ₹45.53 Crore | ₹41.20 Crore | ₹21.91 Crore |
| NET Worth | ₹81.77 Crore | ₹73.19 Crore | ₹46.51 Crore | ₹30.84 Crore |
| Reserves and Surplus | ₹47.14 Crore | ₹38.56 Crore | ₹33.18 Crore | ₹18.23 Crore |
| Total Borrowing | ₹309.18 Crore | ₹275.72 Crore | ₹197.86 Crore | ₹162.70 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for VMS TMT Limited IPO, including recent margins, returns, and financial ratios, drawn from its DRHP / IPO filings.
| KPI | Values |
|---|---|
| ROCE | 12.79% |
| Debt/Equity | 6.06 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
Strengths of VMS TMT Limited IPO
- Strong regional market presence
- VMS TMT derives over 95-98% of its revenue from the State of Gujarat, giving it dominant positioning in that market.
- Brand licensing under ‘Kamdhenu NXT’
- Through a retail licence agreement with Kamdhenu Limited, VMS markets its TMT bars under the well‐known Kamdhenu NXT brand, helping with customer trust and recognition.
- Large distribution network and dealer reach
- Operates through a network of 3 distributors and 227 dealers across Gujarat (excluding Saurashtra & Kutch), giving good penetration in retail markets.
- Capacity & backward integration plans
- Installed production capacity of ~200,000 metric tonnes per annum. There is a planned backward integration via induction furnaces & Continuous Casting Machines (CCM) to produce billets in‐house, which should help reduce raw material dependency and costs.
- Growing profitability despite revenue dip
- Although revenue fell from 2024 to 2025 (~₹872.96 Cr to ~₹770.19 Cr), profit after tax rose (14.5%) in 2025 showing margin improvement or cost control.
- Use of IPO proceeds to reduce debt burden
- A major portion of funds (~₹115 Crore) is earmarked for debt repayment/prepayment, which could improve financial stability and reduce interest costs.
Risks of VMS TMT Limited IPO
- Very high geographic concentration (Gujarat dependency)
- Over 95-98% of revenues come from Gujarat. Any economic, regulatory, or demand shocks in Gujarat region (e.g. policy changes, infrastructure slowdown) could disproportionately impact VMS TMT.
- Dependence on licensing agreement with Kamdhenu Limited
- Their ability to sell under “Kamdhenu NXT” brand is via a non‐exclusive licence agreement. Any termination, change in terms (royalties, branding, quotas) could disrupt operations or dealer confidence.
- Raw material cost and supply volatility
- A large portion of expenses are raw materials (scrap, billets, etc.), many from third parties. Price fluctuations, supply chain delays, or supplier concentration risk can significantly affect margins.
- Weak margins & sensitivity to cost pressure
- Net profit margins are low (PAT margins ~1-2%), so small cost increases (raw material, power, labour) or drop in selling price can erode profitability quickly.
- High leverage / debt burden
- The company has high debt to equity ratios (3.7-5× in recent years). Even though IPO proceeds aim to reduce debt, outstanding borrowings are large and servicing cost could eat into cash flows.
VMS TMT Limited Contact Details
VMS TMT Limited – Corporate / Registered Office
Survey No. 214, Bhayla Village, Near Water Tank, Bavla, Ahmedabad, Gujarat – 382220, India
Phone: +91-63575-85711
Email (General / Compliance): compliance@vmstmt.com
Alternate Email / Info: info@vmsil.in
Website: www.vmstmt.com
Registrar for IPO:
KFin Technologies Limited
Phone: +91-40-67162222
Email: einward.ris@kfintech.com
Address: Tower-B, Plot No. 31 & 32, Financial District, Nanakramguda, Hyderabad, Telangana, India – 500 032
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