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VMS TMT IPO Day 2 LIVE: The initial public offering (IPO) of VMS TMT is witnessing healthy demand for its share sale. The public offer entered its second day of bidding today. The VMS TMT IPO was fully booked on the first day of bidding.

According to BSE data, VMS TMT IPO received bids for 10,33,32,600 shares as against 1,23,00,000 shares on offer, taking the overall IPO subscription to 8.40 times at the end of the first day.

VMS TMT, a manufacturer of Thermo Mechanically Treated (TMT) Bars, is looking to raise ₹148.50 crore through a fresh issue of 1.5 crore equity shares.

The IPO price band has been set at ₹94 to ₹99 per share. The lot size for the IPO is 150 shares. The minimum amount of investment required by a retail investor is ₹14,850 based on the upper price band of the issue.

VMS TMT IPO GMP, or grey market premium, was ₹22. At the prevailing GMP and upper end of the price band, VMS TMT IPO listing price could be ₹121, a premium of 22.22% over the issue price.

Track this space for all the LIVE updates on VMS TMT IPO

Varun Manojkumar Jain (36) is Promoter, Chairman & Managing Director since April 2022. He holds a B.Com from Gujarat University, completed family business management at ISB Hyderabad, and passed ICAI’s Professional Competence Exam. With 8+ years in steel, he is also Director at Aditya Ultra Steel Limited and partner in Yohaan Enterprises and Entrepot B Developers.

Rishabh Sunil Singhi (26) is Promoter and Whole-time Director since October 2021. He holds a B.Tech in Civil Engineering from Pandit Deendayal Energy University and has over 3 years’ steel sector experience.

Manojkumar Jain (63) is Promoter and Non-Executive Director since May 2014. A Chartered Accountant with a B.Com from Kanpur University, he has 22 years’ experience in steel, shipbreaking, automobiles, and finance. He is also Director at VMS Industries Limited and other group companies.

Jasmin Jaykumar Doshi (36) is an Independent Director since May 2024. A Company Secretary with commerce degrees from Gujarat University, she has 9+ years’ experience in corporate and SEBI laws. She serves as Company Secretary at Prime Fresh Limited and Director at several listed companies.

Vinodkumar Bhanwer Singh (61) is an Independent Director since May 2024. Holding a B.Com from University of Rajasthan, he has 34+ years in banking with State Bank of India and multiple finance certifications. He is also Director at Jindal Worldwide Limited.

Vivek Dinesh Nathwani (37) is an Independent Director since May 2024. He holds a master’s in commerce, is a Chartered Accountant, and completed leadership programs at IIM Ahmedabad. With 11+ years in finance and audits, he is Treasurer of the IIM Ahmedabad Alumni (Ahmedabad chapter) and Director at Solarium Green Energy and Vital Chemical.

VMS TMT IPO was subscribed nearly 17 times so far on the second day of the issue. Here's how different quotas were booked:

QIB: 7.31x

NII: 27.53x

Retail: 15.10x

Overall: 16.99x

2013:

Incorporation of VMS TMT Private Limited

2019:

Crossed turnover of ₹10,000 Lakhs

2021:

Established factory at Bhayla Village, Ahmedabad, Gujarat for manufacturing TMT Bars

2023:

Crossed turnover of ₹50,000 Lakhs

2023:

Converted from VMS TMT Private Limited to VMS TMT Limited

2023:

Initiated setup of Continuous Casting Machine (CCM) plant

2024:

Completed setup and commenced operations of CCM plant

The company’s business is predominantly conducted within the State of Gujarat, excluding the Saurashtra and Kutch districts. It derives revenue from both retail and institutional customers and has a strong track record of high customer retention. As of June 30, 2025, four of its top ten customers have maintained a relationship with the company for over three years. These long-term relationships and active customer engagements enable the company to leverage increasing economies of scale, resulting in stronger purchasing power for raw materials and a lower overall cost base.

As of June 30, 2025, VMS TMT utilizes a fleet of over 50 trucks operated by a third-party transportation and logistics provider to ensure timely delivery of its products to customers. The company believes that offering doorstep delivery to both retail and institutional clients provides a strategic advantage over its competitors.

VMS TMT sources its raw materials—primarily scrap and billets—both domestically and internationally. Its international procurement includes countries such as Hong Kong, the UAE, Kuwait, Australia, Singapore, among others, either through direct sourcing or in collaboration with third parties. For the three-month period ended June 30, 2025, and for Fiscal 2025, approximately 69.63% and 69.99% of the company's raw material purchases, respectively, were from suppliers based in Gujarat. During the same three-month period, 80.24% of VMS TMT's raw materials were sourced domestically, while 19.76% came from international suppliers.

VMS TMT IPO was subscribed over 13 times so far on the second day of the issue. Here's how different quotas were booked:

QIB: 7.21

NII: 22.09

Retail: 12.00

Overall: 13.74

VMS TMT said it has a diverse customer base of retail and institutional customers primarily based in the State of Gujarat. Here's a breakdown:

The company plans to use the funds raised from the IPO for:

1. Repayment/ prepayment, in full or part, of all or a portion of certain

borrowings availed

2. General corporate purposes

VMS TMT is a leading manufacturer of Thermo Mechanically Treated (TMT) Bars, operating from its state-of-the-art manufacturing facility located in Bhayla Village, Ahmedabad, Gujarat, India. Renowned for their high strength, superior ductility, and excellent corrosion resistance, our TMT Bars are widely used in the construction industry and trusted by a broad spectrum of customers for structural reinforcement.

It serves a diverse customer base comprising both retail and institutional clients, primarily across the State of Gujarat (excluding the Saurashtra and Kutch districts). Its products are distributed through a robust and growing non-exclusive distribution network that includes 3 distributors and 227 dealers as of July 31, 2025.

VMS TMT IPO was subscribed over 10 times so far on the second day of the issue. Here's how different quotas were booked:

QIB: 7.18

NII: 17.14

Retail: 8.53

Overall: 10.43

VMS TMT Limited garnered ₹26.73 crore from anchor investors ahead of its initial public offering. The company informed the bourses that it allocated 27,00,000 equity shares at ₹99 per share to anchor investors.

Institutions who participated in the anchor were Saint Capital Fund, Maybank Securities Pte, Astorne Capital VCC - Arven, Chanakya Opportunities Fund I, Vbcube Ventures Fund.

According to BSE data, VMS TMT IPO received bids for 10,33,32,600 shares as against 1,23,00,000 shares on offer, taking the overall IPO subscription to 8.40 times at the end of the first day.

The retail portion was booked 6.56 times, the non-institutional investor (NII) quota was subscribed 13.78 times and the qualified institutional buyer (QIB) segment garnered 7.09 times bids.

VMS TMT IPO GMP, or grey market premium, was ₹22. At the prevailing GMP and upper end of the price band, VMS TMT IPO listing price could be ₹121, a premium of 22.22% over the issue price.

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