VMS TMT's IPO Sees Soaring Demand with 102.26x Subscription

VMS TMT's initial public offering (IPO) ended with a remarkable subscription rate of 102.26 times, highlighting robust investor interest in the company's prospects. The shares debuted trading at Rs 105 on the BSE and Rs 104.90 on the NSE, both significantly above the issue price of Rs 99.

Despite closing slightly lower than its initial trading price, VMS TMT's market valuation steadied at Rs 495.07 crore. Proceeds from the Rs 148.50 crore IPO are earmarked for debt repayment and general corporate purposes. The offering consisted entirely of a fresh issue of 1.50 crore equity shares.

Incorporated in 2013, VMS TMT Ltd, based in Gujarat, focuses on the production of thermo-mechanically treated bars and also deals in scrap and binding wires. This strategic maneuver positions the company for further growth in the manufacturing sector.

(With inputs from agencies.)