New Delhi: VMS TMT Ltd, a manufacturer of Thermo Mechanically Treated Bars, has received a nod from the Securities and Exchange Board of India (Sebi) for its Initial Public Offering (IPO) comprising fresh issue of up to 1.5 crore equity shares.
The company intends to utilise Rs 115 crore of the net proceeds to repay debt and the balance allocated for general corporate purposes, VMS TMT said in a statement on Friday.
The equity shares of the Gujarat-based company are proposed for listing on the BSE and NSE, it said.The company had filed draft papers for the same IPO size in September last year, but later, on October 23, it withdrew that draft document.The company re-filed its Draft Red Herring Prospectus (DRHP) on March 27, 2025, with Sebi.Promoters hold a 96.28 per cent stake in VMS TMT. The remaining 3.72 per cent shares are owned by public shareholders, including Chanakya Opportunities Fund I and Kamdhenu.
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