The Indian primary market is once again buzzing with action as two companies Euro Pratik Sales and VMS TMT launch their Initial Public Offerings (IPOs). Investors are keeping a close watch on the subscription trends, price bands, and especially the Grey Market Premium (GMP), which often gives an early hint about possible listing gains.
While Euro Pratik Sales has opened its issue with a muted response in the grey market, VMS TMT seems to be riding on positive investor sentiment with a healthy GMP.
Euro Pratik Sales IPO: A Decorative Play with Muted GMP
Euro Pratik Sales, a well-known marketer and designer of decorative wall panels and laminates, opened its IPO on September 16, 2025. The issue size stands at ₹451.31 crore, and the price band has been fixed between ₹235 to ₹247 per share. However, it is important to note that this is an Offer for Sale (OFS), which means the company will not raise any fresh funds. Instead, the proceeds will go to the existing promoters who are selling part of their holdings.
Ahead of the IPO launch, the company managed to attract strong participation from institutional investors. It raised about ₹135 crore from anchor investors, with well-known names such as Motilal Oswal Mutual Fund and Bengal Finance, backed by ace investor Ashish Kacholia, taking part. Despite this confidence from big investors, the GMP for Euro Pratik Sales remains at ₹0, reflecting a flat sentiment in the unofficial market.
This muted GMP suggests that while institutional interest exists, retail investors are being more cautious. For many market participants, the absence of fresh fund-raising and the purely OFS nature of the issue could be a factor behind the lukewarm grey market response. The subscription window for the IPO will close on September 18, 2025. The company’s shares are expected to be allotted by September 19, with a potential listing date of September 23 on both the BSE and NSE.
VMS TMT IPO: Strong Grey Market Buzz
On the other side, VMS TMT, a company engaged in the production and sale of Thermo Mechanically Treated (TMT) bars, is enjoying a far more encouraging start even before its IPO opens. The issue, worth ₹148.50 crore, is a fresh issue of shares and will open for subscription on September 17, 2025, running until September 19, 2025. The price band has been set between ₹94 to ₹99 per share.
The key highlight for investors has been the Grey Market Premium, which is currently around ₹23. This suggests a potential listing gain of more than 20%, assuming market conditions remain stable. Such a premium indicates strong retail and investor confidence in the company’s growth story and fundamentals.
The company plans to use the IPO proceeds for repayment of borrowings and general corporate purposes, which could further strengthen its balance sheet. With a strong presence in the Gujarat market and a focus on expanding its TMT bar business, VMS TMT appears well-positioned to capture investor interest. The share allotment is expected on September 22, with a tentative listing date of September 24, 2025, on both the BSE and NSE.
What the IPO Trends Indicate for Investors
The contrast between Euro Pratik Sales and VMS TMT highlights two different stories playing out in the primary market. While Euro Pratik Sales has the backing of well-known institutional investors, its lack of fresh fundraising and muted GMP have led to cautious retail sentiment. On the other hand, VMS TMT, with its focused growth strategy and strong grey market demand, looks more attractive for short-term listing gains.
For investors, the decision depends largely on individual goals. Those looking for stable, long-term plays might consider Euro Pratik Sales given its established business in the decorative materials segment. However, those seeking immediate listing gains may find VMS TMT more appealing due to its strong GMP and fresh issue structure.
Conclusion: Market Awaits Subscription Trends
As both IPOs proceed through their subscription windows, all eyes will be on how retail and institutional investors respond in the coming days. Euro Pratik Sales will test whether anchor investor confidence translates into broader retail participation, while VMS TMT will look to maintain its strong grey market momentum until listing day.
With allotments and listing dates approaching soon, the performance of these two issues will not only set the tone for investor sentiment in September but also provide insights into how different sectors—decorative building materials versus steel manufacturing are being valued in the current market environment.
F.A.Q.
– What is the price band of the Euro Pratik Sales IPO?
The price band for Euro Pratik Sales IPO has been fixed between ₹235 to ₹247 per share.
– Why is the Grey Market Premium (GMP) of Euro Pratik Sales IPO at zero?
The GMP is at zero because the IPO is a pure Offer for Sale (OFS), meaning no fresh funds are raised. This often makes retail investors cautious despite anchor investor participation.
– What is the Grey Market Premium (GMP) of VMS TMT IPO?
The GMP for VMS TMT IPO is around ₹23, indicating a potential 20% listing gain if sentiment remains strong.
– Which IPO looks better for short-term gains: Euro Pratik Sales or VMS TMT?
Based on current GMP trends, VMS TMT IPO looks better for short-term listing gains, while Euro Pratik Sales may appeal to long-term investors due to its established decorative materials business.
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