VMS Industries debuts at 10% premium

VMS Industries debuted at Rs 43.95, a premium of 9.8% over the initial public offer (IPO) price of Rs 40, on the BSE. The stock is currently trading at Rs 45.80, a 14.50% premium over the issue price, and has hit a high of Rs 47.80 and a low of Rs 41.50 thus far.

The IPO was subscribed 1.36 times and was priced at top end of the Rs 36-40 band. The funds raised from the IPO will be used for modernisation of ship recycling plot, establishment of the corporate office in Ahmedabad and working capital requirements.

VMS Industries is engaged in ship recycling and offshore support business activities.