VMS TMT is engaged in manufacturing Thermo Mechanically Treated (TMT) Bars in the steel industry at their facility in Bhayla Village, Ahmedabad, Gujarat. The company operates predominantly in Gujarat state through a distribution network comprising 3 distributors and 227 dealers as of July 2025. VMS TMT serves diverse customers including retail and institutional clients within Gujarat (excluding Saurashtra and Kutch districts). The company has a retail license agreement with Kamdhenu Limited to market TMT Bars under the âKamdhenu Brandâ on non-exclusive terms. They also generate revenue from allied products including billets, binding wires, scrap, and other by-products.
IPO schedule
Issue open date
2025-09-17
Issue close date
2025-09-19
UPI mandate deadline
2025-09-19 (5 PM)
Allotment finalization
2025-09-22
Refund initiation
2025-09-23
Share credit
2025-09-23
Listing date
2025-09-24
Mandate end date
2025-10-05
Lock-in end date for anchor investors (50%)
2025-10-22
Lock-in end date for anchor investors (remaining)
2025-12-21
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Jun 2025
Total Assets
227.28
284.23
412.06
449.35
Revenue
882.05
873.16
771.41
213.39
Profit After Tax
4.19
13.46
15.42
8.58
Issue size
Funds Raised in the IPO
Amount
Overall
â¹148.50 crores
Fresh issue
â¹148.50 crores
Utilisation of proceeds
Purpose
INR crores (%)
Repayment/ prepayment, in full or part, of all or a portion of certain borrowings
115 (77.4%)
General Corporate Purposes
33.5 (22.6%)
Strengths
Annual production capacity of 200,000 MT with significant output in FY24.
Over 98% of revenue is derived from operations in Gujarat, indicating market dominance in the region.
Partnership with Kamdhenu Limited allows marketing under the âKamdhenu NXTâ brand.
Plans to produce billets in-house to reduce dependency on external suppliers.
Risks
Heavy reliance on the Gujarat market may expose the company to regional economic fluctuations.
Dependence on third-party suppliers for raw materials could affect production continuity.
TMT bar prices are subject to fluctuations, impacting profitability.
Outstanding borrowings amounted to â¹252.5 crore as of August 2024.
Dependence on the Kamdhenu brand; termination of the licensing agreement could affect market presence.