VMS TMT IPO oversubscribed 102x: Here's what to expect
VMS TMT's IPO just wrapped up with a massive 102x oversubscription—over 1.26 billion shares were bid for, compared to just 12.3 million on offer.
The ₹148.5 crore IPO gets finalized today (September 22), and shares are set to hit BSE and NSE on September 24.
Strong demand across all investor categories
Retail investors subscribed nearly 48 times their quota, while non-institutional folks went all out at over 227 times.
Even big institutional buyers joined in with a strong response (120x).
Clearly, there's a lot of faith in VMS TMT's future.
What does VMS TMT do?
Founded in 2013, with its manufacturing facility near Ahmedabad, the company makes Thermo Mechanically Treated (TMT) bars—think the steel rods used in construction—using scrap and billets.
They also trade scrap and binding wires within Gujarat and to other parts of the country.
Money from the IPO will help pay down loans and support general corporate purposes.
How to check your allotment status
If you applied, you can check your allotment status today on the BSE or NSE websites, or via Kfin Technologies using your PAN or application number.
Also worth noting: before listing, shares were trading at a ₹13 premium in the gray market—a sign of some pre-listing excitement.