VMS TMT IPO closes today: subscription surpasses 25x, GMP at 17%

VMS TMT IPO Day 3 update: NSE showed that the public issue received bids for 30,78,07,350 shares against 1,23,00,000 shares on offer, translating into an oversubscription of 25.02 times

VMS TMT IPO Subscription Status: The three-day subscription window to bid for the initial public offering (IPO) of thermo mechanically treated bars (TMT Bars) maker VMS TMT is set to conclude today, September 19, 2025.

 

The public issue, which opened for subscription on September 17, has received a decent response from investors so far. Data available on the NSE showed that the public issue received bids for 30,78,07,350 shares against 1,23,00,000 shares on offer, translating into an oversubscription of 25.02 times as of 10:15 AM on September 19, 2025.

 

Among the investor categories, non-institutional investors (NIIs) led the demand by oversubscribing the category reserved for them by 45.47 times, followed by retail investors at 21.05 times. The qualified institutional buyers (QIBs), meanwhile, have oversubscribed their category by 7.50 times.

 

VMS TMT IPO GMP

Investor participation remained decent in the grey market on the final day of subscription. Sources tracking grey market activity revealed that the unlisted shares of VMS TMT were exchanging hands at around ₹116 per share, indicating a grey market premium (GMP) of ₹17 per share, or approximately 17.17 per cent over the upper end of the issue price of ₹99 per share. 

VMS TMT IPO review

Analysts at Master Capital have recommended that investors subscribe to the issue for the long-term perspective. The analysts believe that VMS TMT is well-positioned to capture the expected growth and is integrating renewable energy initiatives for cost optimization and sustainability. The company has also consistently explored opportunities to diversify its product portfolio and expand its operations.

 

“Investors may consider the IPO as a potential long-term investment opportunity,” wrote the analysts at Master Capital. 

VMS TMT IPO details

The initial share sale of VMS TMT is an entirely fresh issue of 15 million equity shares, estimated to be worth ₹148.50 crore.

 

The public offering is available at a price band of ₹94–₹99 per share, with a lot size of 150 shares. Investors placing bids are required to apply for a minimum of 150 shares and in multiples thereof, with a minimum investment of ₹14,850.

 

As the public issue closes for subscription today, the basis of allotment of VMS TMT IPO shares is likely to be finalized on Monday, September 22. Successful investors will receive the company’s shares in their demat accounts on Tuesday, September 23.

 

Shares of VMS TMT are tentatively slated to list on the NSE and BSE on Wednesday, September 24, 2025.

 

For the public issue, Arihant Capital Markets is serving as the sole book-running lead manager, while KFin Technologies is the registrar. 

 

VMS TMT proposes to utilize the proceeds from the public offering for the repayment/prepayment, in full or in part, of certain borrowings availed, and for general corporate purposes.

About VMS TMT

VMS TMT is engaged in the manufacturing of Thermo Mechanically Treated Bars (TMT Bars) at its manufacturing facility located in Bhayla Village, Ahmedabad, Gujarat, India.

 

TMT Bars are high-strength reinforcement steel products widely used in the construction industry due to their exceptional strength, ductility, and corrosion resistance (Dun & Bradstreet Report). 

 

The company conducts its business predominantly in the state of Gujarat. It has a retail license agreement with Kamdhenu Limited, which allows VMS TMT to market its TMT Bars under the Kamdhenu brand on mutually agreed terms within Gujarat (excluding Saurashtra and Kutch districts) on a non-exclusive basis.