VMS TMT Ltd, a key manufacturer of Thermo Mechanically Treated Bars, has earned a significant milestone by receiving the Securities and Exchange Board of India’s approval for its Initial Public Offering. This IPO comprises a fresh issue of up to 1.5 crore equity shares.
The Gujarat-based firm plans to use Rs 115 crore from the net proceeds to repay its existing debt obligations. The company announced on Friday that the remainder of the proceeds will be assigned to general corporate purposes.
This development follows the company’s earlier attempt, in which it filed draft papers in September last year but later withdrew the document. VMS TMT re-submitted its Draft Red Herring Prospectus in March 2025.
(With inputs from agencies.)
