Image Source: Outlook Money
On September 24, 2025, VMS TMT Limited, a prominent Ahmedabad-based manufacturer of premium TMT steel bars, is poised for its stock market debut on both the BSE and NSE. Market anticipation is running high, with the grey market premium (GMP) indicating potential listing gains exceeding 12%, a strong signal of investor confidence at the outset.
Excitement Builds Ahead of Listing
VMS TMT’s IPO, which closed with a remarkable subscription rate of over 102 times, drew significant demand especially from non-institutional investors (227 times subscribed) and qualified institutional buyers (121 times subscribed). Retail investors also showed robust participation, subscribing nearly 48 times. The IPO raised ₹148.5 crore through a fresh issue of 15 million shares priced in the band of ₹94 to ₹99 per share, with a minimum lot size of 150 shares.
Current Market Sentiment and Pricing Prospects
The latest grey market activity reveals unlisted VMS TMT shares are trading roughly at ₹111 per share, marking a 12% premium over the upper price band. This GMP translates into an expected listing price around ₹111 to ₹114, implying a healthy double-digit gain for IPO investors on day one.
Key Highlights to Note
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IPO Size: ₹148.5 crore via a fresh issuance of 1.5 crore shares.
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Price Band: ₹94 to ₹99 per share, minimum investment ₹14,850 at upper band.
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Subscription: Oversubscribed 102.26x overall.
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Top Demand: Non-institutional investors led with 227x subscription.
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Listing Date: September 24, 2025, on BSE and NSE.
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GMP: Currently hovering around ₹12-14, signaling strong listing gains.
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Lead Manager: Arihant Capital Markets; Registrar: KFin Technologies.
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Utilization of Funds: Primarily for repayment/prepayment of borrowings and general corporate purposes.
Financial Snapshot of VMS TMT
In recent quarters, the company reported revenue of ₹213 crore (June 2025 quarter) and an increase in profit after tax by 14% compared with previous period figures. Its net worth stands at approximately ₹81.77 crore, supported by increasing reserves and manageable borrowing levels, reflecting financial stability as it ventures into public markets.
What This Means for Investors
The impressive IPO subscription and positive GMP reflect robust investor interest aligned with India's growth in infrastructure and urban development, where TMT bars play a critical role. Early estimations suggest a listing gain of around 12%, rewarding IPO participants even before the company’s shares start trading publicly.
Investors considering the prospects should keep an eye on market conditions post-listing, but current indicators underscore a favorable debut run for VMS TMT IPO.
Source: Business Standard, JM Financial Services, Moneycontrol, Univest, Angel One
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