TMT bars manufacturer VMS TMT has raised Rs 26.73 crore from five institutional investors via anchor book on September 16, a day before the public issue opening.
The Gujarat-based company will open its maiden public issue for subscription on September 17, aiming to raise Rs 148.5 crore by offering 1.5 crore shares at the upper price band.
The price band for the offer, which comprises of entirely fresh issue, has been fixed at Rs 94-99 per share.
Investors that participated in the anchor book on Monday were Saint Capital Fund, Maybank Securities Pte, Astrone Capital, Chanakya Opportunities Fund, and Vbcube Ventures Fund.
VMS TMT intends to utilise Rs 115 crore of net IPO funds for repaying partial debt against the total outstanding borrowings of Rs 261.7 crore, and the remainder offer proceeds will be used for general corporate purposes.
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The company manufactures thermo mechanically treated bars (TMT bars) at Bhayla plant in Ahmedabad. It also earned some revenue by selling scrap, binding wires and billets.
The public issue will close on September 19, while its equity shares will list on the bourses on September 24.
Arihant Capital Markets is acting as the sole merchant banker for the VMS TMT IPO.
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