VMS TMT Ltd IPO Opens 17 Sep - Check GMP, Allotment Status

VMS TMT Ltd is launching an IPO. VMS TMT Ltd originating in Ahmedabad, Gujarat (India) will be a new entry in the Indian steel and TMT bar sector. VMS TMT is involved in the steel manufacturing industry and offers quality TMT bars and steel products and raw materials across many construction sectors. There are lots of opportunities for the steel industry thanks to the continuing broad market infrastructure development in India. Some analysts are recognizing the geological potential of the company. The IPO price indication of ₹99 will lead time for people to secure exposure to an investment in steel and TMT manufacturing companies.

At this time, it is showing VMS TMT IPO GMP today ₹8-12 (8.08-12.12%) premium in the grey market. Greymarket indicates that investors are willing to invest ₹8-12 more than its IPO price, indicated that many investors see the potential of the company.

VMS TMT IPO Dates

The VMS TMT Ltd IPO will open on September 17, 2025, and close on September 19, 2025. The allotment date is September 22, 2025, and listing will happen on September 24, 2025.

IPO Basic Details

To buy VMS TMT shares, you need to invest at least ₹14,850 for 150 shares. The current GMP of 8.08-12.12% shows moderate demand from investors. This is one of the notable IPOs in the steel and TMT manufacturing sector this year.

About VMS TMT Ltd

VMS TMT Ltd is a well-known steel and TMT bar manufacturing company based in Ahmedabad, Gujarat, India. The company originated with a desire to provide quality steel products for India construction industry and they have developed strong and loyal relations with India infrastructure development progression.

The VMS TMT company has plans to fulfil many of the gaps for steel manufacturing development, to design quality TMT bars and steel solutions that are aligned to India's growing infrastructure needs. VMS TMT has committed to perform to high quality standards, and valued steel manufacturing solutions that would further enable continued infrastructure growth of India. 

The company plans and desire is to achieve improved scale and intended to be much more concise on the markets available to them. This subject to this intention, and proposed IPO, the company would look for funds raised to expand its business envelope by increasing manufacturing capacity, investing into new technologies, upgrading production facilities, improving distribution network, and enabling working capital requirements to execute all the above plans.

The IPO registrar is Kfin Technologies Limited. The company intends to use the proceeds of the IPO to expand manufacturing capacity, acquire technology and equipment, upgrade production facilities, strengthen distribution, pay off debts, and for general working capital. With India’s infrastructure and construction market continuing to grow, VMS TMT appears to be well-positioned to take advantage of all the growth potential.

VMS TMT Financial Performance

The company has shown mixed performance in recent years.

Financial Analysis

VMS TMT had uneven overall performance for the period Mar 23 to Mar 25 with asset growth of 81.3%, but total income lower from ₹882.06 Cr total income to ₹771.41 Cr. Profitability improved which is measured as Profit After Tax which grew a considerable amount from ₹4.20 Cr in Mar-23 to ₹15.42 Cr in Mar-25 demonstrating better operational efficiencies despite income challenges. VMS TMT had income volatility trend in the performance period, but EBITDA improved at substantial rate from ₹21.91 Cr to ₹45.53 Cr, which is a strong predictor of improved operational margins. VMS TMT total net worth increased significantly by 137.3%, now at ₹73.19 Cr primarily due to the improved profitability trend and better capacity management. Similarly, VMS TMT has maintained total borrowings of substantial amount at ₹275.72 Cr, typical of capital intensive motive business, particularly steel manufacturing. To-date, stability is reflected by an income decline, alongside the similar balance sheet asset capturing total asset trend measured against the same measure point period (30 Mar 2023-25, total income, 30 Jun 2025). Monitor the total income trend.

IPO Share Distribution

The shares will be divided as per SEBI rules:

Why Invest in VMS TMT IPO?

Good Points

1. Increasing Infrastructure Demand in India:
India has significant growth potential in its infrastructure and construction market, driven by government development programs and urbanization that is increasing demand for quality TMT bars.

2. Improved Profitability:
The Company has improved profitability with PAT increasing from ₹4.20 Cr in FY 22/23 to ₹15.42 Cr in FY 24/25, showcasing better operational efficiency.

3. Strong Asset Growth:
81.3% increase in total asset growth in 2 years shows significant business growth and enhancement of manufacturing capacity.

4. Improved EBITDA:
EBITDA improved from ₹21.91 Cr to ₹45.53 Cr, showing significant operational efficiency and cost management.

5. Moderate GMP Shows Market Interest:
The Company has indicated GMP of 8.08%–12.12%, reflecting reasonable investor confidence in the steel sector.

6. Strategic Location:
The Company is located in Gujarat, providing excellent connectivity to key markets and sourcing of raw materials.

7. Essential Industry:
Steel and TMT bars provide essential support for India’s infrastructure development during the ongoing construction boom.

Risk Factors

1. High Debt Levels:
The Company is highly leveraged with debt of ₹275.72 Cr, leading to considerable interest expense.

2. Revenue Volatility:
Revenues have been volatile, decreasing from ₹882.06 Cr to ₹771.41 Cr, suggesting market sensitivity.

3. Cyclical Industry:
Steel manufacturing is cyclical and sensitive to economic conditions, raw material prices, and demand fluctuations.

4. High Competition:
Steel and TMT manufacturing face strong competition from large companies as well as regional manufacturers.

5. Raw Material Price Risk:
Volatility in raw material prices used in steel manufacturing can erode margins.

6. Regulatory Compliance:
The steel industry faces heavy compliance requirements around environmental and safety regulations, with ongoing costs.

7. Working Capital Intensity:
Steel manufacturing requires high working capital to manage inventory and input components for operations.

How to Apply for VMS TMT IPO?

Simple steps to apply (IPO opens September 17, 2025):

1. Open your trading app (Zerodha, Angel One, Groww, etc.)

2. Go to the IPO section

3. Find VMS TMT IPO and click Apply

4. Fill details:

   • Number of lots (minimum 1 lot = 150 shares)

   • Bid price (₹99 or choose Cut-Off)

   • Your UPI ID

5. Submit application

6. Approve the UPI payment request on your phone

Important: Approve UPI payment before 5 PM on the same day or before IPO closes on September 19, 2025.

How to Check VMS TMT IPO Allotment Status?

You can check if you have shares in two ways:

Check on NSE/BSE Website

1. Go to the NSE or BSE official website

2. Click on the IPO section

3. Select VMS TMT IPO

4. Enter your PAN number or application number

5. Click submit to see results

Check on Registrar Website

1. Visit Kfin Technologies website

2. Select IPO allotment status

3. Choose VMS TMT IPO

4. Enter PAN or application number

5. Submit to check your allotment status

Company Address

Name: VMS TMT Ltd
Address: Survey No 214, Bhayla Village, Near Water Tank, Bavla, Ahmedabad, Gujarat, 382220
Phone: +91 63575 85711
Email: compliance@vmstmt.com
Website: http://www.vmstmt.com/

IPO Registrar

Name: Kfin Technologies Limited
Phone: +91 40 6716 2222
Email: reachus@kfintech.com
Website: https://ipostatus.kfintech.com/
Address: Kfin Technologies Limited, KFintech Tower-B, Plot No. 31 & 32, Financial District, Nanakramguda, Gachibowli, Hyderabad, Telangana, India - 500032

Final Thoughts

VMS TMT Ltd provides an investment opportunity within India's growing steel and TMT manufacturing industry. The company has made a marked improvement in profitability and overall operational efficiency over the years. The share price of ₹99, along with a modest grey market premium (GMP) of 8.08% - 12.12%, indicates reasonable market sentiment for the IPO.

VMS TMT provides quality steel and TMT bar manufacturing solutions in a growing industry, benefitting from India's burgeoning infrastructure development and construction activities. The company has also improved profitability and EBITDA margins considerably, which indicates management's ability to be operationally efficient and control costs.

Although the company is showing improved operational performance and it is receiving the benefits of the growth in infrastructure, investors should be aware and remain cautious of risks around steel manufacturing companies. Those risks include high debt levels, variability in revenues, cyclical nature of the steel industry, raw material price fluctuations, and strong competition. The terrific improvement in profitability, and operational margins, can be interpreted in a positively and support the company longer-term position.

In conclusion, VMS TMT has shown strong operational efficiency improvement with rising profit and greater margins even with revenue struggles. The company operates in a sector that is benefiting from the boom in India's infrastructure yet has normal trade risk typical of steel. Regardless of whether you are evaluating this IPO, or researching any stock and its financials, ratios, or technical analysis, you would also find guided analysis tools useful in deciding your next investment.action.

Disclaimer: This analysis is for educational purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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