VMS TMT shares began trading Tuesday with gains before declining sharply. The stock opened at Rs 104.90 on NSE and Rs 105 on BSE, marking premiums above the Rs 99 issue price. Trading volumes pushed shares down to the lower circuit limit of Rs 99.75 during the session. Investors witnessed the stock lose its early momentum within hours of listing. The company still maintained slight gains over the original offering price despite the downturn.
The Rs 148.50 crore public offering attracted overwhelming investor interest with 102.26 times subscription. Institutional buyers subscribed 120.80 times their allocated portion while retail investors participated 47.89 times. VMS TMT raised Rs 26.73 crore from anchor investors before the main offering. The company manufactures TMT bars and operates in Gujarat and neighboring states since 2013. Management plans to use proceeds for corporate purposes and debt repayment.
The Rs 148.50 crore public offering attracted overwhelming investor interest with 102.26 times subscription. Institutional buyers subscribed 120.80 times their allocated portion while retail investors participated 47.89 times. VMS TMT raised Rs 26.73 crore from anchor investors before the main offering. The company manufactures TMT bars and operates in Gujarat and neighboring states since 2013. Management plans to use proceeds for corporate purposes and debt repayment.
