Introduction
The IPO of VMS TMT Limited, a Gujarat-based manufacturer of TMT bars, opened on 17 September 2025, and by the end of Day 1 it has already generated strong investor interest. Below are the latest subscription figures, grey market premium (GMP), and all the key details you need if you’re considering applying.
Key IPO Details
| Detail | Information |
|---|---|
| Company | VMS TMT Ltd. (manufacturer of Thermo Mechanically Treated bars, with operations in Ahmedabad, Gujarat) |
| IPO Type | Fresh issue, book-building |
| Issue Size | ₹148.50 crore |
| Number of Shares Offered | 1.50 crore shares |
| Price Band | ₹94 – ₹99 per share |
| Face Value | ₹10 per share |
| Lot Size | 150 shares per lot |
| Subscription Period | September 17 – September 19, 2025 |
| Tentative Allotment Date | September 22, 2025 |
| Listing Date | September 24, 2025 |
Day 1 Subscription Status
- As of mid-Day 1, VMS TMT IPO was subscribed multiple times across investor categories.
- Qualified Institutional Buyers (QIB): ~6.83× subscription.
- Non-Institutional Investors (NII): subscription ~3-4× (varies by report).
- Retail Investors: subscription ~2× or a little more.
So in total, Day 1 saw the IPO being fully subscribed within hours.
Grey Market Premium (GMP)
- GMP is about ₹23 per share which is roughly +23% over the upper price band (₹99).
- This suggests investors expect decent listing gains. As always, GMP is not official; it’s based on unlisted / grey market speculation.
Financials & Promoters Snapshot
- For FY 2024-25:
- Revenue ~ ₹771.41 crore
- Profit After Tax (PAT) ~ ₹15.42 crore
- Margins are modest but showing growth.
- Promoter holding (pre-IPO) is ~96.28%, post-IPO it drops to ~67.18% roughly.
Should You Apply?
Here are some pros & cons to help you decide:
Pros:
- Strong first-day subscription and high QIB demand signal good market confidence.
- GMP positive → potential for listing gains if premium holds.
- Company has solid presence in Gujarat, existing dealer network, and growth in steel/TMT sector.
Risks / Considerations:
- Revenue is declining compared to earlier years (some dip noted) though profits are improving.
- Mostly regionally concentrated → heavy dependency on Gujarat.
- Raw-material / steel industry volatility.
If you’re a short-term investor hoping for listing gain, GMP + subscription trends are encouraging. If you’re long-term, check whether the company can scale, diversify and improve margins.
Key Takeaways
- Price Band: ₹94-99/share
- Issue Size: ~₹148.5 crore (fresh issue)
- Lot Size: 150 shares
- Subscription Day 1: Fully subscribed, strong QIB & NII interest
- GMP: ~₹23/share (~23%) → possible listing gain
FAQs
Q: What is the minimum investment for retail investors?
A: Lot size is 150 shares → at upper band ₹99, that’s ~₹14,850.
Q: When will shares be allotted and credited?
A: Allotment expected on 22 September; refunds and crediting to Demat likely 23 September. Listing on exchanges on 24 September.
Q: Is GMP guaranteed?
A: No. GMP is speculative; it reflects unregulated market sentiment and can change.
Conclusion
VMS TMT’s IPO had an impressive Day 1 showing — strong demand, high institutional participation, and healthy GMP. If you’re considering applying, now is a good time to weigh the potential listing gains vs. the longer-term fundamentals. Keep an eye on subscription trends over the next two days and see if GMP holds steady or moves.
