VMS TMT IPO Day 3: The initial public offering for VMS TMT was off to a stellar start on Wednesday, September 17 and closed with solid subscription numbers on Friday, September 19.
The IPO had sailed through in under less than 30 minutes of opening two days ago amid steady grey market premium (GMP). It was booked 8.40 times at the end of first day and 21.76 times as of the second day.
VMS TMT IPO Subscription
Meanwhile, VMS TMT IPO closed the third day of bidding with 102.26 times subscription. The IPO received bids for 1,25,78,39,100 shares as against 1,23,00,000 shares on offer.
The retail part of the IPO was booked 47.88 times, the non-institutional investor (NII) quota was subscribed 227.09 times, and the qualified institutional buyer (QIB) segment received 120.80 times bids.
VMS TMT IPO GMP
VMS TMT IPO GMP, though, lower than a few days ago, still signalled double-digit listing gains. VMS TMT IPO GMP today is ₹15. At the upper end of the price band of ₹99, VMS TMT share price could list at ₹114, a premium of 15%.
Grey market premium signals investor willingness to pay over and above the issue price.
VMS TMT IPO Details
VMS TMT was looking to raise ₹148.50 crore through a fresh issue of 1.5 crore equity shares.
The IPO price band was set at ₹94 to ₹99 per share. The lot size for the IPO was 150 shares. Retail investors needed to shell out ₹14,850 to acquire one lot of the IPO based on the upper price band of the issue.
The company looks to use the funds raised for repayment, in full or part, of all or a portion of certain borrowings availed by the company and general corporate purposes.
Incorporated in 2013, VMS TMT is primarily involved in the manufacturing of Thermo Mechanically Treated (TMT) bars. Alongside its core product line, the company also trades in scrap and binding wires, which are supplied across Gujarat and other states in India.
The company’s manufacturing facility is strategically located in Bhayla Village, near Bavla in the Ahmedabad district of Gujarat, offering a logistical edge for smooth and efficient product distribution.
Arihant Capital Markets is serving as the book-running lead manager, while Kfin Technologies is the registrar to the issue. The company’s shares are expected to be listed on both the BSE and NSE on September 23.
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