VMS TMT IPO subscribed 102.26 times on day 3, led by demand from NII, retail; check latest GMP

VMS TMT IPO subscribed 102.26 times on day 3, led by demand from NII, retail; check latest GMP

The initial public offering (IPO) of TMT bars manufacturer VMS TMT Ltd garnered 102.26 times subscription on the third day of share sale on September 19.

The Rs 148.50-crore IPO received bids for 1,25,78,39,100 shares against 1,23,00,000 shares on offer, according to exchange data.

The quota for non-institutional investors attracted 227.09 times subscription while the category for retail individual investors got subscribed 47.88 times. Qualified institutional buyers part received 120.8 times subscription.

VMS TMT Ltd on Tuesday mopped up nearly Rs 27 crore from anchor investors.

The IPO has a price band of Rs 94-99 per share.

The IPO is entirely a fresh issue of 1.5 crore equity shares.

Proceeds from the fresh issue to the tune of Rs 115 crore will be used for repayment of debt and balance for general corporate purposes and issue expenses.

Incorporated in 2013, VMS TMT Ltd is primarily engaged in the manufacturing of thermo-mechanically treated bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states.

The company's shares will be listed on the BSE and the NSE.

Arihant Capital Markets is the sole book running lead manager while Kfin Technologies is the registrar for the IPO.

According to InvestorGain, the Grey Market Potential (GMP) of VMS TMT stood at Rs 11 as of September 19, 5:30 pm. The estimated listing price is expected to be Rs 110 based on the upper price band of Rs 99. The expected percentage gain per share is 11.11%.