Steel/TMT - Listed on 24 September 2025
VMS TMT (Steel/TMT) closed its IPO window in 2025 and listed on NSE and BSE on 24 September 2025 at an upper band issue price of Rs 99, opening at Rs 105 for a listing gain of +6.1% and closing day one at Rs 99.65 (+0.7% on closing basis). The IPO was subscribed 102.26x overall - QIB 120.80x, HNI/NII 227.09x, Retail 47.88x. The total issue size was Rs 148.5 Cr (Fresh Issue Rs 148.5 Cr, OFS Rs 0 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Steel/TMT
VMS TMT operates in the Steel/TMT space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The VMS TMT issue was offered at an upper price of Rs 99 and raised approximately Rs 148.5 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 20 | +20.20% |
| Day 2 | Rs 24 | +24.24% |
| Day 3 | Rs 24 | +24.24% |
| Day 4 | Rs 24 | +24.24% |
| Day 5 | Rs 19 | +19.19% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the VMS TMT IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
VMS TMT IPO listed at +6.1% versus the upper issue price of Rs 99 on 24 September 2025.
VMS TMT IPO was subscribed 102.26x overall. QIB portion was subscribed 120.80x, HNI / NII 227.09x and Retail 47.88x.
IPO GMP started at Rs 20 on Day 1 and moved to Rs 19 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.