VMS TMT IPO
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Schedule of VMS TMT
| Issue open date | 17 Sep 2025 |
| Issue close date | 19 Sep 2025 |
| UPI mandate deadline | 19 Sep 2025 (5 PM) |
| Allotment finalization | 22 Sep 2025 |
| Refund initiation | 23 Sep 2025 |
| Share credit | 23 Sep 2025 |
| Listing date | 24 Sep 2025 |
| Mandate end date | 05 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 22 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 21 Dec 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About VMS TMT
VMS TMT is engaged in manufacturing Thermo Mechanically Treated (TMT) Bars in the steel industry at their facility in Bhayla Village, Ahmedabad, Gujarat. The company operates predominantly in Gujarat state through a distribution network comprising 3 distributors and 227 dealers as of July 2025. VMS TMT serves diverse customers including retail and institutional clients within Gujarat (excluding Saurashtra and Kutch districts). The company has a retail license agreement with Kamdhenu Limited to market TMT Bars under the “Kamdhenu Brand” on non-exclusive terms. They also generate revenue from allied products including billets, binding wires, scrap, and other by-products.
Financials of VMS TMT
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹148.50 crores |
| Fresh issue | ₹148.50 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/ prepayment, in full or part, of all or a portion of certain borrowings | 115 (77.4%) |
| General Corporate Purposes | 33.5 (22.6%) |
Strengths
- Annual production capacity of 200,000 MT with significant output in FY24.
- Over 98% of revenue is derived from operations in Gujarat, indicating market dominance in the region.
- Partnership with Kamdhenu Limited allows marketing under the ‘Kamdhenu NXT’ brand.
- Plans to produce billets in-house to reduce dependency on external suppliers.
Risks
- Heavy reliance on the Gujarat market may expose the company to regional economic fluctuations.
- Dependence on third-party suppliers for raw materials could affect production continuity.
- TMT bar prices are subject to fluctuations, impacting profitability.
- Outstanding borrowings amounted to ₹252.5 crore as of August 2024.
- Dependence on the Kamdhenu brand; termination of the licensing agreement could affect market presence.
Allotment Status for VMS TMT
To check your allotment status – click here.