- Price band
- To be announcedNot in this filing
- Issue size
- 1,50,00,000 sharesFresh issue · amount set with price
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingTue, 2025
- OpensWed, 2025
- ClosesFri, 2025
- ListingWed, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 1,50,00,000 shares
- Offer for sale
- None
- Total issue
- 1,50,00,000 shares
- Face value
- ₹10
- Listing at
- NSE, BSE
- RHP date
- 10 Sept 2025
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Reservation
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | — | — | 50% |
| Non-institutional investors (NII) | — | — | 20% |
| Qualified institutional buyers (QIB) | — | — | 30% |
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
Three months ended June 30, 2025 (not annualised), pre-issue- EPS (basic)
- ₹2.48
- EPS (basic) (FY 2024-25)
- ₹4.29
- EPS (basic) (FY 2023-24)
- ₹4.01
- EPS (basic) (FY 2022-23)
- ₹1.39
- RoNW
- 10.49%
- RoNW (FY 2024-25)
- 20.14%
- RoNW (FY 2023-24)
- 28.96%
- RoNW (FY 2022-23)
- 13.60%
- NAV per share (Three months ended June 30, 2025)
- ₹23.61
- NAV per share (FY 2024-25)
- ₹21.13
- NAV per share (FY 2023-24)
- ₹13.82
- NAV per share (FY 2022-23)
- ₹9.36
- Debt to equity (Three months ended June 30, 2025)
- 3.78
- Debt to equity (FY 2024-25)
- 3.77
- Debt to equity (FY 2023-24)
- 4.25
- Debt to equity (FY 2022-23)
- 5.28
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 212.26 | 770.19 | 872.96 | 882.01 |
| Total income | 213.39 | 771.41 | 873.17 | 882.06 |
| EBITDA | 19.48 | 45.53 | 41.20 | 21.91 |
| Profit after tax | 8.58 | 14.74 | 13.47 | 4.20 |
| Net worth | 81.77 | 73.19 | 46.51 | 30.85 |
| Reserves and surplus | 47.14 | 38.56 | 33.18 | 18.23 |
| Total assets | 449.35 | 412.06 | 284.23 | 227.28 |
| Total borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
FY 2024-25 vs FY 2023-24: revenue −11.8%, profit after tax +9.4%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: Red Herring Prospectus dated 10 Sept 2025Updated
About the company
The company manufactures TMT bars, a reinforcement steel used in construction, at its plant in Bhayla, Ahmedabad, Gujarat. It makes the bars from scrap and billets and sells them mainly in Gujarat under the Kamdhenu brand through a non-exclusive retail licence, along with some scrap and binding wire sales.
- Incorporated
- 2013
- Industry
- Steel
- Sector
- Metals and Mining
- CIN
- U27204GJ2013PLC074403
- Website
- vmstmt.com
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Rishabh Sunil Singhi | 34.69% | — |
| Manojkumar Jain | 29.69% | — |
| Varun Manojkumar Jain | 24.54% | — |
| Sangeeta Jain | 7.35% | — |
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain bank borrowings | 115.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long-standing TMT bar manufacturer in Gujarat with an integrated scrap-based production route.
- Revenue base built largely on retail sales through a distributor and dealer network.
- Experienced promoters with more than three decades of steel-industry experience.
- Installed capacity of 200,000 MT per year for TMT bars.
- Plans to cut power costs through a planned 15 MW captive solar project.
Risks
- Heavy dependence on the non-exclusive Kamdhenu retail licence, which the licensor can terminate on one month's notice.
- Raw material costs make up most of total expenses and are exposed to supply and price volatility.
- High leverage, with total borrowings about 3.8 times net worth as of June 30, 2025.
- Revenue is concentrated in Gujarat.
- Some historical RoC records could not be traced, and legal or regulatory action may follow.
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Contacts
Source: Red Herring Prospectus dated 10 Sept 2025Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Refunds
- Demat credit
- Listing
Source: Red Herring Prospectus dated 10 Sept 2025Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on NSE and BSE.
Frequently asked questions
When does the VMS TMT IPO open and close?
According to the Red Herring Prospectus, the issue opens on Wednesday, 17 September 2025 and closes on Friday, 19 September 2025. These dates are tentative.
What is the VMS TMT IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will VMS TMT shares list?
On NSE and BSE. The tentative listing date is Wednesday, 24 September 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the VMS TMT IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹115 Cr for repayment or prepayment of certain bank borrowings, and the rest for the other stated purposes.
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