AgenciesThe initial public offering (IPO) of TMT bars manufacturer VMS TMT Ltd garnered a whopping 102.26 times subscription on the closing day of share sale on Friday, driven by strong investors’ participation.
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The IPO received bids for 1,25,78,39,250 shares against 1,23,00,000 shares on offer, as per NSE data.
The quota for non-institutional investors fetched 227.09 times subscription. Qualified institutional buyers category received 120.80 times subscription and retail individual investors (RIIs) portion got subscribed 47.88 times.
The IPO of VMS TMT received over eight times subscription on the first day of bidding on Wednesday.
VMS TMT Ltd on Tuesday mopped up nearly Rs 27 crore from anchor investors.
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The IPO has a price band of Rs 94-99 per share.
The company’s IPO is entirely a fresh issue of 1.50 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.
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Arihant Capital Markets is the sole book running lead manager while Kfin Technologies is the registrar for the IPO.
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Original source: Economic Times
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