VMS TMT IPO Subscribed 12 Times on Day 2 | Stock Market Today

Market Performance

The buzz around the primary market continues, and VMS TMT IPO has become the latest highlight in stock market today. On the second day of bidding, the issue witnessed a strong response across all investor categories, reflecting the growing interest in the steel manufacturing space.

Main News

By 11:15 a.m. on Day 2, the IPO had already been subscribed 12.01 times. The three-day issue received bids for 14.76 crore shares against an offer size of 1.23 crore shares, according to NSE data.

Breaking down the subscription numbers:

• Non-Institutional Investors (NIIs): 19.31 times
• Retail Investors: 10.24 times
• Qualified Institutional Buyers (QIBs): 7.19 times

Before the IPO opened, the company had already secured around ₹27 crore from anchor investors.

Company Details

The ₹148.50 crore IPO of VMS TMT is an entirely fresh issue of 1.50 crore equity shares, with a price band fixed at ₹94–₹99 per share.

Proceeds from the issue are planned as follows:

• ₹115 crore for debt repayment
• Balance to meet general corporate purposes and issue expenses

About the Company

• Incorporated: 2013
• Business: Manufacturing of thermo-mechanically treated (TMT) bars
• Other products: Scrap and binding wires
• Market presence: Primarily in Gujarat, with sales extending to other states as well

The company has built its brand around quality TMT bars, which are widely used in the construction and infrastructure sectors.

Important Dates

• IPO Close Date: September 19
• Allotment Date: September 22 (via Kfin Technologies)
• Listing Date: September 24 on BSE and NSE

Summary

The VMS TMT IPO has seen strong investor demand right from Day 1, when it was subscribed more than 8 times, and the momentum only grew on Day 2 with a 12x subscription. The company plans to use the funds to cut down debt and build a stronger balance sheet, reinforcing its presence in the steel and construction materials space.

As the bidding window heads towards its final day, the subscription trend places VMS TMT IPO among the most actively followed issues in the stock market today.