VMS TMT IPO Subscribed 21.75 Times on Day 2

New Delhi, Sep 18 (PTI) The initial public offering (IPO) of TMT bars manufacturer VMS TMT Ltd garnered 21.75 times subscription on the second day of share sale on Thursday.

The Rs 148.50-crore IPO received bids for 26,75,58,300 shares against 1,23,00,000 shares on offer, according to NSE data.

The quota for non-institutional investors attracted 37.25 times subscription while the category for retail individual investors got subscribed 18.98 times. Qualified institutional buyers part received 7.47 times subscription.

The IPO of VMS TMT received over eight times subscription on the first day of bidding on Wednesday.

VMS TMT Ltd on Tuesday mopped up nearly Rs 27 crore from anchor investors.

The IPO will conclude on Friday and has a price band of Rs 94-99 per share.

The IPO is entirely a fresh issue of 1.50 crore equity shares.

Proceeds from the fresh issue to the tune of Rs 115 crore will be used for repayment of debt and balance for general corporate purposes and issue expenses.

Incorporated in 2013, VMS TMT Ltd is primarily engaged in the manufacturing of thermo-mechanically treated bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states.

The company's shares will be listed on the BSE and the NSE.

Arihant Capital Markets is the sole book running lead manager while Kfin Technologies is the registrar for the IPO.