The initial public offering (IPO) of TMT bars manufacturer VMS TMT Ltd garnered 102.24 times subscription on the last day of share sale on Friday.
The Rs 148.50-crore IPO received bids for 1,25,75,87,250 shares against 1,23,00,000 shares on offer, according to NSE data.
Category-wise subscription
VMS TMT IPO’s public issue was subscribed 47.85 times in the retail category, and the Qualified Institutional buyers category saw 120.80 times subscription, and the NII category received 227.08 times subscription at the end of the last day.
The IPO of VMS TMT received over eight times the subscription on the first day of bidding and 21.75 times on the second day. 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 1.50 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.
VMS TMT businesses
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