VMS TMT IPO Price: ₹94 to ₹99 per share
IPO Dates: 17th September 2025 – 19th September 2025
Company Overview
Incorporated in April 2013, VMS TMT Limited is primarily engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars, a critical material in the construction and infrastructure sectors. The company also generates revenue from allied products such as billets, binding wires, scrap, and other by-products arising from its TMT manufacturing operations.
The company’s manufacturing facility is located in Bhayla Village, near Bavla, Ahmedabad district, Gujarat, providing a strategic advantage for distribution across Gujarat and other states.
Products and Operations
VMS TMT produces high-quality TMT Bars that are compliant with Bureau of Indian Standards (BIS). The facility has an annual installed capacity of 200,000 MT, with environmental clearance for the production of up to 30,000 MT per month.
In September 2024, the company completed the backward integration of its Continuous Casting Machine (CCM) division, enabling in-house production of billets from scrap and reducing dependency on external suppliers.
The company’s products are also supported by certifications in ISO 9001:2015 (Quality Management), ISO 45001:2018 (Occupational Health & Safety), and ISO 14001:2015 (Environmental Management), demonstrating its commitment to quality, safety, and sustainability.
Distribution Network
VMS TMT Limited has developed a strong distribution system on a non-exclusive basis. As of July 31, 2025, its network consists of:
- 3 distributors
- 227 dealers
This robust distribution network enables the company to effectively reach a wide customer base, including individual house builders, contractors, government authorities, industrial clients, retailers, and real estate developers.
Retail License Agreement with Kamdhenu
On November 7, 2022, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited, allowing it to market TMT Bars under the well-recognized ‘Kamdhenu NXT’ brand within Gujarat (excluding Saurashtra and Kutch districts). This partnership has strengthened the company’s market presence and brand recognition.
Asset-Light Model and Manufacturing
Euro Pratik Sales Limited follows an asset-light business model, outsourcing manufacturing to long-term contract manufacturing partners. This model ensures scalability and flexibility, while allowing the company to maintain control over design, specifications, and quality standards. In FY2025, Euro Pratik collaborated with 36 contract manufacturers across India, South Korea, and China to deliver innovative products.
Customer Base
The company enjoys long-standing relationships with its customers, serving diverse sectors such as roadways, engineering services, real estate, and retail construction. As of June 30, 2025, it maintained over three years of business relationships with 4 of its top 10 customers, reflecting customer trust and loyalty.
Workforce and Management
VMS TMT is supported by an experienced and professional management team, along with a dedicated workforce of 230 permanent employees as of July 31, 2025.
Revenue Focus
The company has primarily focused on Tier II and Tier III cities, generating a majority of its revenue from Gujarat in recent years:
- FY 2024: 98.78% of revenue from Gujarat
- FY 2023: 98.43% of revenue from Gujarat
- FY 2022: 99.19% of revenue from Gujarat
Competitive Strengths
- Positioned to benefit from the steady growth of the steel bars and rods industry
- Strong distribution network with long-term customer relationships
- Established infrastructure with backward integration and logistics support
- Demonstrated growth in financial performance over the years
- Backed by experienced promoters and a committed senior management team
Bidding Starts In
VMS TMT IPO Specifics:
| IPO Date | September 17, 2025 to September 19, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 per share |
| Lot Size | 150 Shares |
| Total Issue Size | 1,50,00,000 shares (aggregating up to ₹148.50 Cr) |
| Fresh Issue | 1,50,00,000 shares (aggregating up to ₹148.50 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,46,31,210 shares |
| Share Holding Post Issue | 4,96,31,210 shares |
VMS TMT IPO Timetable (Important Dates)
| IPO Open Date | Wednesday, September 17 2025 |
| IPO Close Date | Friday, September 19 2025 |
| Basis of Allotment | Monday, September 22 2025 |
| Initiation of Refunds | Tuesday, September 23 2025 |
| Credit of Shares to Demat | Tuesday, September 23 2025 |
| Listing Date | Wednesday, September 24 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 19, 2025 |
VMS TMT IPO Lot Size
Bidders have the opportunity to bid for a minimum of 150 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 IPO Reservation
| QIB Shares Offered | Not more than 30% of the Net offer |
| Retail Shares Offered | Not less than 50% of the Offer |
| NII (HNI) Shares Offered | Not less than 20% of the Offer |
VMS TMT Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | 30 Jun 2025 |
|---|---|---|---|---|
| Assets | 227.28 | 284.23 | 412.06 | 449.35 |
| Total Income | 882.06 | 873.17 | 771.41 | 213.39 |
| Profit After Tax | 4.20 | 13.47 | 15.42 | 8.58 |
| EBITDA | 21.91 | 41.20 | 45.53 | 19.48 |
| Net Worth | 30.84 | 46.51 | 73.19 | 81.77 |
| Reserves and Surplus | 18.23 | 33.18 | 38.56 | 47.14 |
| Total Borrowing | 162.70 | 197.86 | 275.72 | 309.18 |
Key Performance Indicator – VMS TMT IPO
| KPI | Values |
|---|---|
| Market Cap | ₹491.35 Cr |
| EPS | ₹4.45 |
| P/E (x) | 22.24 |
| ROCE | 12.79% |
| Debt/Equity | 6.06 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
Objects of the Issue:
VMS TMT Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Repayment/Prepayment of Borrowings: An amount of ₹115.00 crore will be utilized towards repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company, thereby reducing debt and improving the financial position.
- General Corporate Purposes: The remaining funds will be used for general corporate activities, including administrative expenses, business development, and other strategic initiatives to support future growth.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
