VMS TMT Ltd's IPO Soars with Over 21 Fold Subscription on Second Day

VMS TMT Ltd, a manufacturer of thermo-mechanically treated bars, has seen a remarkable 21.75 times subscription to its initial public offering (IPO) by the second trading day. This significant uptake highlights strong demand from non-institutional investors, whose quota was subscribed 37.25 times. Meanwhile, retail individual investors also showed robust enthusiasm with an 18.98 times subscription rate.

The IPO, valued at Rs 148.50-crore, received bids for over 26.75 crore shares compared to the 1.23 crore shares available, based on data from the NSE. The issue, which opened on Wednesday and will conclude on Friday, is priced between Rs 94 and Rs 99 per share. Proceeds from the IPO, which include a fresh issue of 1.50 crore equity shares, are earmarked for debt reduction and general corporate purposes.

Incorporated in 2013, VMS TMT also trades in scrap and binding wires, distributing mainly within Gujarat and other states. Upon completion, the shares will be listed on both the BSE and the NSE. Arihant Capital Markets is serving as the sole book running lead manager for the offering, with Kfin Technologies acting as the registrar.

(With inputs from agencies.)