VMS TMT's IPO oversubscribed 102 times
VMS TMT's IPO, which closed on a Friday, was oversubscribed by a huge margin—102 times more bids than shares on offer.
Non-institutional investors were especially keen, subscribing over 227 times their quota.
The IPO price band was set at ₹94-99 per share and the company aims to raise about ₹148.5 crore.
Company profile and IPO details
Founded in 2013, VMS TMT makes Thermo-Mechanically Treated (TMT) bars used in construction and also sells scrap and binding wires within Gujarat and other states.
Most of the IPO funds will go toward paying off ₹115 crore in debt; the rest is for general corporate purposes and issue expenses.
Listing details and other information
VMS TMT shares are set to list on both BSE and NSE. Arihant Capital Markets managed the IPO process with Kfin Technologies as registrar.
This strong response shows just how much interest there is right now in industrial manufacturing companies.