VMS TMT IPO Fully Subscribed Within Hours on Opening Day; QIB Portion Oversubscribed 6.84 times

Ahmedabad, September 17, 2025: VMS TMT Limited’s IPO ₹148.50 crore initial public offering (IPO) opened strongly on the first day, as the issue was fully subscribed within the first few hours of opening. As of 12:10 AM on the first day, the issue had been subscribed to 3.64 times overall in the morning session, driven by interest from Qualified Institutional Buyers (QIBs). Arihant Capital Markets Limited is the book-running lead manager for the IPO, and KFin Technologies Limited is the registrar.

VMS TMT Limited, incorporated in 2013, is engaged in the business of manufacturing Thermo Mechanically Treated (TMT) bars from its manufacturing facility at Bhayla Village, Ahmedabad. The company’s TMT bars are sold under the “Kamdhenu” brand, which has a strong visibility in the market. The Company has established a distribution network with three distributors and 227 dealers across Gujarat, except Saurashtra and Kutch. Apart from TMT bars, the Company also sells billets, binding wires, scrap, and by-products, further establishing its presence in the steel industry.

QIB Fuels The Subscriptions

The QIB portion alone witnessed exceptional oversubscription at 6.84 times, showing strong institutional demand for the company’s stock or shares. Non-institutional investors announced strong demand, showing that part was oversubscribed at 4.38 times, while nearly twice oversubscription of 2.57 times for retail, with 92% of the reserved shares bid for by mid-morning.

Strong Price-Wise Bidding Momentum

Bids by price level showed stability, with bidding continuing to focus towards the higher end of the price band. At the cut-off price, there were bids for approximately 59.39 lakh shares, demonstrating continued confidence in the company’s value creation and growth.

Anchor Investors Back the Offering

VMS TMT raised ₹26.73 crore through its anchor book before its IPO on September 16, allocating 27 lakh shares at ₹99 each in the anchor round from five leading institutional investors. The investors include Saint Capital Fund, Maybank Securities PTE, Astorne Capital VCC – Arven, Chanakya Opportunities Fund I and Vcube Ventures Fund. Interestingly, there were no mutual funds in the anchor.

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