VMS TMT IPO subscribed 21.75 times on Day 2; grey market premium drops

The initial public offering (IPO) of VMS TMT Limited was subscribed 21.75 times on the second day (Day 2) of bidding. According to exchange data available on Thursday, the issue received bids for 26,75,61,600 shares against 1,23,00,000 equity shares on offer at a price band of Rs 94–99.

The non-institutional investors (NIIs) category was subscribed 37.25 times, while the retail investors' portion was subscribed 18.98 times. The qualified institutional buyers (QIBs) category saw a subscription of 7.47 times.

The IPO opened on Wednesday, September 17, 2025, and will close on Friday, September 19, 2025. Ahead of the issue opening, the company raised Rs 26.73 crore from anchor investors. Institutions that participated in the anchor allotment include Saint Capital Fund, Maybank Securities Pte, Astorne Capital VCC - Arven, Chanakya Opportunities Fund I and Vbcube Ventures Fund.

Brokerage houses such as Ventura Securities, BP Wealth, Marwadi Financial Securities, SMIFS and Kunvarji Wealth Advisors have assigned a 'Subscribe' rating to the issue, citing the company's retail-driven model, established dealer network and brand association with Kamdhenu Ltd.

For the quarter ended June 30, 2025, VMS TMT reported a net profit of Rs 8.58 crore on revenue of Rs 213.39 crore. In FY25, it posted a net profit of Rs 15.42 crore on revenue of Rs 771.41 crore. At the IPO price, the company's market capitalisation (m-cap) is estimated at Rs 491.35 crore.

In the unlisted market, the IPO's grey market premium (GMP) eased to Rs 16 from Rs 23 a day earlier. At the upper price band of Rs 99, this implies a potential listing gain of 16.16 per cent, down from 23.23 per cent previously.

Arihant Capital Markets is acting as the sole book-running lead manager and Kfin Technologies is the registrar to the issue. The company's equity shares are scheduled to list on NSE and BSE, with a tentative listing date of September 23.

Incorporated in 2013, the Ahmedabad-based company manufactures Thermo Mechanically Treated (TMT) bars and also trades in scrap and binding wires. Its manufacturing facility is located at Bhayla village, near Bavla in Ahmedabad district, providing access for distribution across Gujarat and other states.