VMS TMT IPO subscribed 21.75 times on Day 2

The Initial Public Offering of VMS TMT Limited was subscribed 21.75 times on the second day of bidding.

The issue received bids of 26,75,61,600 shares against the offered 1,23,00,000 equity shares, at a price band of ₹94-99, according to the data available on the stock exchanges.

Non-Institutional Investors Portion and Retail Individual Investors Portion were subscribed 37.25 times and 18.98 times respectively, whereas Qualified Institutional Buyers was subscribed 7.47 times. The issue kicked off for subscription on Wednesday, September 17, 2025, and will close on Friday, September 19, 2025.

A day before the opening of the issue, VMS TMT Ltd raised Rs 26.73 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Saint Capital Fund, Maybank Securities Pte, Astorne Capital VCC - Arven, Chanakya Opportunities Fund I, Vbcube Ventures Fund.

Leading brokerage firms like Ventura Securities, BP Wealth, Marwadi Financial Securities, SMIFS, Kunvarji Wealth Advisors have given a "Subscribe" rating to the issue highlighting VMS TMT's strong retail-driven model, robust dealer network, and brand visibility through Kamdhenu Limited. Backward integration in billets and a 15 MW solar power plant is expected to enhance efficiency and margins, while financials have shown steady improvement with EBITDA margins rising to 5.91% in FY25 and PAT margins rising to 1.91% respectively.

Arihant Capital Markets Limited is the book-running lead manager, and Kfin Technologies Limited is the registrar of the issue.

Company Information

VMS TMT Limited is engaged in the production of TMT bars at the manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India.

The company have a distribution network, on a non-exclusive basis, comprising of 3 distributors and 227 dealers as of July 31, 2025, and have more than 50 trucks that enable doorstep delivery of TMT bars to our retail customers. The focus for sales of the Company has been on Tier II and Tier III cities. The Company is backward integrated with in-house billet production capacity of 2,16,000 MTPA and is also setting up a 15 MW solar power plant for captive consumption.

Additionally, the Company is certified with BIS, ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015 standards, highlighting its commitment to quality, safety, and environmental responsibility.

The Gujarat-based company intends to utilise ₹11,500.00 lakhs of the IPO proceeds for repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company, while the remaining funds will be used for general corporate purposes and issue expenses.

Source : Equity Bulls

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VMSTMT FundRaising IPO Subscription Day2