Summary of this article
VMS TMT shares listed with a premium of 5.95 per cent and 6.06 per cent on the NSE and BSE respectively.
After shares of VMS TMT listed on the exchanges, 18.95 lakh shares of the company were traded on the exchanges.
VMS TMT IPO Listing Date: VMS TMT Ltd shares listed on the NSE and BSE on September 24. Shares of the steel product maker listed with decent gains. On the NSE, VMS TMT shares listed at Rs 104.9 per share with a premium of 5.95 per cent against the issue price of Rs 94 to Rs 99 apiece. On the other hand, shares of the company listed at Rs 105 apiece with gains of 6.06 per cent on the BSE.
Retail Individual Investors (RIIs) who received a minimum of one lot of VMS TMT shares would have made a gain of Rs 885 per lot (Rs 104.9 - Rs 99 x 150). After shares of VMS TMT listed on the exchanges, 18.95 lakh shares of the company were traded and the company’s total market capitalization stood at Rs 19.88 crore.
VMS TMT IPO: Details
VMS TMT IPO was worth Rs 148.5 crore. VMS TMT’s issue consisted of a fresh issuance of 15 million shares. VMS TMT IPO price band was set between Rs 94 to Rs 99 per share.
The minimum lot size for application for retail investors was fixed at 1 lot comprising 150 shares, which aggregated to an investment of Rs 14,850. VMS TMT IPO was oversubscribed 102 times during the three-day bidding window which opened on September 17 and closed on September 19. The issue received bids for 1.25 billion shares cumulatively compared to the 12.3 million shares offered for subscription.
Non-institutional investors led the demand for VMS TMT shares, booking their quota 227.09 times in the three-day bidding window. Retail individual investors booked their quota in VMS TMT IPO, 47.89 times. Qualified institutional buyers booked the issue 120.8 times.
VMS TMT plans to use the money received the funds generated via the public issue for repayment of the company’s borrowings and for general corporate purposes.
VMS TMT is an Indian company that manufactures thermo-mechanically treated (TMT) steel bars which are used in the construction industry. VMS TMT is based in Ahmedabad, Gujarat and caters to both retail and institutional customers. The company faces competition from both large established players and regional competitors such as Kamdhenu Ltd, Vraj Iron and Steel Ltd, BMW Industries Ltd and Electrotherm (India) Ltd.
At the time of writing shares of VMS TMT shares traded at Rs 104.9 apiece and at Rs 105 apiece on the BSE.
