VMS TMT IPO GMP a Gujarat-based manufacturer of Thermo Mechanically Treated (TMT) bars, has launched a fresh issue IPO of 1.50 crore equity shares to raise approximately ₹148.50 crore. The IPO opens for subscription from 17 to 19 September 2025, at a price band of ₹94-₹99 per share, with allotment expected on 22 September and listing on both NSE and BSE on 24 September 2025. It is a 100% fresh issue, with no offer for sale. The IPO is managed by Arihant Capital Markets as book-running lead manager, and Kfin Technologies as registrar. Minimum application is for 150 shares (≈ ₹14,850 at upper band).

VMS TMT operates a facility in Bhayla Village, near Bavla in Ahmedabad district, with an installed capacity of 200,000 metric tonnes per annum, producing mainly TMT bars (about 95% of revenues) and also engaged in scrap and binding wire businesses. For FY25, revenue was approximately ₹771.41 crore, showing an ~12% decline year-on-year; however, profitability improved: profit after tax rose to ~₹15.42 crore, up significantly from prior years. In the quarter ended June 30, 2025, the company posted revenue of ~₹213.39 crore and PAT of ~₹8.58 crore.

IPO proceeds are earmarked for repaying/prepaying debt (major portion) and for general corporate purposes. Borrowings are substantial, with reported debt of several hundred crores. The issue has drawn strong investor response—QIB demand has been especially high, and the IPO got fully subscribed quickly. The grey market premium (GMP) is around ₹23, indicating bullish sentiment and possible listing gains.