Issue Size of ₹148.5 Crore; Listing Planned on BSE & NSE
Proceeds to Fund Debt Repayment and Corporate Needs
Strong Dealer Network, Backward Integration, and Solar Push
FY25 PAT at ₹1,473.7 Lakh; Focus on Green Steel Growth
Bilkul Bazaar | Ahmedabad | 13 September 2025
By Rafat Quadri
Gujarat-based VMS TMT Limited, a manufacturer of Thermo Mechanically Treated (TMT) bars under the Kamdhenu brand, has announced the launch of its Mainboard Initial Public Offering (IPO).
The issue will open for subscription on September 17, 2025, and close on September 19, 2025, with the anchor book opening on September 16, 2025. The shares are proposed to be listed on both BSE and NSE.
The company has fixed the price band at ₹94–₹99 per equity share with a face value of ₹10 each. The IPO consists of a fresh issue of up to 1.5 crore equity shares, aggregating to ₹148.50 crore, through the book-building process. Arihant Capital Markets Ltd is acting as the Book Running Lead Manager (BRLM), and Kfin Technologies Ltd is the Registrar to the Issue.
Investor reservation has been set at 30% for QIBs, 20% for NIIs, and 50% for Retail investors. The minimum bid size is 150 shares, amounting to ₹14,850 at the lower price band. IPO allotment is scheduled for September 22, 2025, with listing on September 24, 2025.
Use of Proceeds
VMS TMT plans to utilise ₹11,500 lakh from the IPO proceeds towards repayment/prepayment of borrowings. The balance will go towards general corporate purposes and issue-related expenses.
Business Highlights
Installed capacity: 200,000 MTPA of TMT bars
In-house billet production: 216,000 MTPA
Distribution network: 3 distributors and 227 dealers across Gujarat (as of July 31, 2025)
Fleet strength: Over 50 trucks for doorstep delivery
Market focus: Tier II and Tier III cities
Certifications: BIS, ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015
Sustainability push: Setting up a 15 MW solar power plant for captive use
Financial Performance
FY25 revenue: ₹77,019.10 lakh; PAT: ₹1,473.70 lakh
FY24 PAT: ₹1,346.84 lakh
Q1 FY26 (ended June 30, 2025): Revenue at ₹21,225.92 lakh; PAT at ₹857.64 lakh
Leadership Voices
Addressing the media in Ahmedabad on Saturday, Varun Jain (CM & MD), Manoj Jain (Promoter & Non-Executive Director), and Rishabh Singhi (Whole-Time Director) shared details about the IPO and the company’s future roadmap.
Speaking about the company’s relationship with its distribution partners, Rishabh Singhi emphasized:
“The blend and bonding between the company and our dealers’ network is vital. We’ve nurtured this with small gestures—from gifting to organizing foreign trips with their spouses to felicitate them. These efforts have created a strong and lasting bond.”
On the company’s growth trajectory, Manoj Jain and Varun Jain underlined the focus on expansion and sustainability:
“We are committed to backward integration, renewable energy adoption, and moving towards green steel manufacturing. This IPO will further strengthen our position in the steel sector while ensuring that growth is aligned with environmental responsibility.”
VMS TMT Limited is engaged in manufacturing of Thermo Mechanically Treated Bars (TMT Bars) at their manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India.
TMT Bars are high-strength reinforcement steel used widely in construction industry due to their exceptional strength, ductility, and corrosion resistance.(Dun & Bradstreet Report). Its business area is predominantly spread all over Gujarat.
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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