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IPO

VMS TMT's Rs.149-Cr IPO gets 102 times subscription

Economic Times  

The initial public offering (IPO) of Ahmedabad-based VMS TMT, a manufacturer of thermo-mechanically treated bars, received 102.26 times its subscription offer. The INR 148.50 crore IPO received bids for 1,25,78,39,250 shares against 1,23,00,000 shares on offer.The category for non-institutional investors fetched 227.09 times subscription. Qualified institutional buyers (QIBs) bid 120.80 times their quota and the retail individual investors (RIIs) portion got subscribed 47.88 times. The IPO consists of a fresh issue of 1.50 crore equity shares at a price band range between INR 94 and INR 99 apiece.Arihant Capital Markets is the sole book-running lead manager to the issue.Out of the primary proceeds, the company would use INR 115 crore to repay debt.Incorporated in 2013, VMS TMT Ltd is primarily engaged in selling thermo-mechanically treated bars (TMT bars) and also deals in selling scrap and binding wires.

For FY24, VMS TMT had reported about INR 873 Cr in Operating Income and about INR 13 Cr in PAT.