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.
VMS TMT IPO details
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.
VMS TMT GMP
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%.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
