VMS TMTs RS 148.50-CR IPO has subscribed 102.26 times

The initial public offer (IPO) from TMT Bars -manufacturer VMS TMT LTD has delivered no less than 102.26 times subscription to the closing day of the stock sales, driven by strong participation of investors.

The IPO received bids for 1.25.78.39.250 shares against 1.23.00,000 shares that are offered, according to the NSE data.

The quota for non-institutional investors raised 227.09 times. Qualified institutional buyer category receive 120.80 times subscription and retail individual investors (RIIS) section 47.88 times subscribed.

The IPO from VMS TMT received more than eight times a subscription on the first day of bidding on Wednesday.

VMS TMT LTD On Tuesday, almost RS 27 Crore from Anker investors.

The IPO has a price band of RS 94-99 per share. The IPO of the company is completely a new number of 1.50 Crore shares. The proceeds from the new issue compared to RS 115 Crore will be used for reimbursement of debts and balance for general business purposes and expenses.

Recorded in 2013, VMS TMT LTD is mainly concerned with the production of thermo-mechanically treated bars (TMT beams).

The company also acts in scrap and binding threads, which are sold in Gujarat and other states.

The shares of the company are mentioned on the BSE and the NSE.

Arihant Capital Markets is the only book manager, while Kfin Technologies is the registrar for the IPO.