VMS TMT Makes Tepid Market Debut, Lists At 6% Premium

Shares of VMS TMT made a soft debut on the stock exchanges on Tuesday, listing at a 6% premium. The stock opened at ₹105 on the BSE and ₹104.90 on the NSE, compared with its issue price of ₹99.

However, the stock listed slightly below its grey market premium (GMP) of 11.11%, according to reports.

At the time of writing, VMS TMT shares were trading at ₹101 on the NSE and ₹100.9 on the BSE.

IPO Details

The ₹148-crore IPO received an overwhelming response, with overall subscription of 102.26 times.

The non-institutional investor (NII) category was the most aggressive, with a subscription of 227.09 times, while qualified institutional buyers (QIBs) subscribed 120.80 times, and the retail individual investor (RII) segment saw a subscription of 47.88 times.

Ahead of the IPO, the company had raised nearly ₹27 crore from anchor investors. The IPO was entirely a fresh issue of 1.50 crore equity shares, with proceeds earmarked for reducing debt by about ₹115 crore, alongside meeting general corporate purposes and issue-related expenses.

Company Details

Founded in 2013, VMS TMT manufactures thermo-mechanically treated bars, which are widely used in the construction industry. The company also trades in scrap and binding wires. 

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