The IPO street is heating up, and all eyes are on VMS TMT — a steel player from Ahmedabad that has managed to spark unusual excitement before even hitting the trading floor. What’s fueling the buzz? Not just the fundamentals, but the way its Grey Market Premium (GMP) has been climbing almost every day as the IPO opens today, 17 September 2025.
From a cautious start at just INR 11, the GMP has more than doubled within three sessions, signaling a sharp shift in investor sentiment. For retail participants chasing listing gains, this trend could be the biggest clue about what awaits on listing day. The question now is — will the rising GMP momentum hold strong till debut?
VMS TMT IPO Snapshot
VMS TMT, engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars, is coming out with an INR 148.5 crore IPO. The company produces reinforcement steel used widely in construction, boasting a capacity of 2,00,000 MT annually.
- Issue Price Band: INR 94 – 99 per share
- IPO Size: 1.5 crore shares (INR 148.5 crore)
- Minimum Lot Size: 150 shares (INR 14,850)
- Retail Allocation: 35%
- Listing: BSE & NSE
- IPO Dates: 17 – 19 September 2025 | Listing on 24 September 2025
The company intends to use most of the proceeds (INR 115 crore) for repaying borrowings, while the rest is earmarked for general corporate purposes. In other words, VMS TMT wants to enter the listed space with a lighter debt load and stronger balance sheet.
VMS TMT IPO GMP Trend – Key Talking Point
Perhaps the most telling indicator of investor excitement has been the Grey Market Premium (GMP). Here’s how the trend looks in the days leading up to the IPO:
| Date | GMP (INR) | GMP % | Subject to Sauda (INR) | Trend |
|---|---|---|---|---|
| 13 September 2025 | 11 | 11.1% | 1,100 | Early cautious buzz |
| 15 September 2025 | 20 | 20.2% | 2,100 | Strong pickup in sentiment |
| 16 September 2025 | 24 | 24.2% | 2,600 | Robust demand ahead of IPO |
At the upper price band of INR 99, the latest GMP of INR 24 reflects a 24% premium over the issue price, suggesting that the market is expecting a healthy listing pop.
What stands out is the velocity of change — in just three sessions, GMP more than doubled, hinting at strong undercurrent demand.
Financial Performance – Signs of Turnaround
Numbers don’t lie, and VMS TMT’s financials reveal a company that’s learning to convert scale into profits.
- Revenue: INR 882 crore (FY23) → INR 872 crore (FY24) → INR 770 crore (FY25) → INR 212 crore (Q1 FY26)
- Net Income: INR 4.2 crore (FY23) → INR 13.47 crore (FY24) → INR 15.42 crore (FY25) → INR 8.58 crore (Q1 FY26)
- Margins: From a wafer-thin 0.48% in FY23 to a healthy 4.04% in Q1 FY26
The steady margin expansion tells an important story — the company is not only growing, but also getting better at managing costs and protecting profitability, even in a highly competitive sector.
Subscription Status – Strong Demand Emerges
Contrary to the cautious start in the early morning hours, by 17 September 2025, 11:00 AM, the VMS TMT IPO had seen a sharp jump in demand across all investor categories. The issue is now comfortably oversubscribed:
- QIB (Qualified Institutional Buyers): 6.83x
- NII (High Net-worth Investors): 2.18x
- Retail: 1.35x
- Overall: 2.36x
With 1.23 crore shares offered (excluding anchor allotments), bids have poured in from all sides, signaling strong institutional as well as retail participation. This turnaround from a modest opening to full-fledged oversubscription within hours reflects the growing conviction in the IPO’s prospects.
Anchor investors had already absorbed 27 lakh shares ahead of the issue, and the live book-building response now adds further credibility to the IPO’s momentum. If this pace continues, VMS TMT is likely to close with robust oversubscription numbers across the board.
Why the Rising GMP Matters
The sharp rise in GMP tells us two important things:
- Retail Appetite Is Back – Smaller investors are clearly betting on listing gains, reflecting a broader bullish sentiment in IPOs.
- Improving Fundamentals Add Confidence – With margins expanding and debt set to reduce, the company has a better financial narrative today than it did two years ago.
If this momentum continues, VMS TMT could be looking at a 20–25% listing gain, aligning with current GMP signals.
Final Word
For short-term investors, the writing on the wall is clear: VMS TMT rising GMP trend indicates a strong chance of listing gains. The IPO is attractively placed for those looking to capitalize on grey market signals.
Bottom line: VMS TMT IPO has opened to a wave of optimism. With GMP climbing and the grey market abuzz, the stock looks set for a strong debut.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.