VMS TMT IPO
VMS TMT Limited (VMSTMT) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 24 September 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +32.7% (likely range +23% to +67%), day's high +34.4%, chance of a gain 97%. Actual: +6.0% at the open, +6.1% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 18,00,000 | 21,74,44,650 | 121x | |
| NII (HNI) total | 30,00,000 | 68,12,83,200 | 227x | |
| Big NII (above ₹10 lakh) | 20,00,000 | 48,76,92,900 | 244x | |
| Small NII (₹2-10 lakh) | 10,00,000 | 19,35,90,300 | 194x | |
| Retail | 75,00,000 | 35,91,43,350 | 47.9x | |
| Total | 1,23,00,000 | 1,25,78,71,200 | 102x |
Bids on NSE and BSE together, as published by NSE, as of 19 Sep 2025, 07:00 PM. Shares offered exclude the anchor portion. 23% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to VMS TMT's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Prostarm Info SystemsMay 2025 | 104x | 222x | 39.5x | 97.2x | ₹168 Cr | +14.3% | +20.0% |
| Vraj Iron and SteelJun 2024 | 164x | 209x | 54.9x | 119x | ₹182 Cr | +15.9% | +21.7% |
| Kronox Lab SciencesLimitedJun 2024 | 89.0x | 303x | 55.7x | 118x | ₹130 Cr | +21.3% | +21.8% |
| Ratnaveer Precision EngineeringSep 2023 | 133x | 135x | 54.0x | 94.0x | ₹165 Cr | +25.7% | +32.0% |
| Globe Civil ProjectsJun 2025 | 99.8x | 143x | 53.7x | 86.0x | ₹119 Cr | +26.8% | +33.1% |
| Platinum IndustriesFeb 2024 | 151x | 142x | 51.0x | 99.0x | ₹235 Cr | +31.6% | +38.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Arihant Capital Markets | 3 | +2.7% | 67% |
Offer documents (NSE)
Frequently asked
What is the VMS TMT IPO price band and lot size? ₹94.0–99.0 per share, with a lot of 150 shares, so the smallest retail bid is ₹14,850.
How many times has it been subscribed? 102x overall: QIB 121x, NII 227x, retail 47.9x.
How did it list? It opened at ₹105, +6.0% against the issue price of ₹99.0, and closed its first day +0.7%.
