Shares of VMS Industries started the trade at Rs 43.95, up 10% as compared to issue price of Rs 40 a share despite lower subscription during the issue opened.
At 9:37 hours IST, the stock was trading at Rs 46.20, with volume of nearly 30 lakh equity shares on the Bombay Stock Exchange.
VMS Industries is engaged in ship recycling activities, off-shore support business activities. It raised Rs 25.75 crore through the issue.
Issue proceeds are proposed to be used for modernization of ship recycling plot, setting up of corporate office at Ahmedabad and for long-term working capital requirement.
Issue was opened for subscription during May 30-June 2 and was subscribed more than 1.4 times. Reserved portion of retail and non-institutional investors was subscribed 3.67 times and 1.24 times, respectively. However, qualified institutional buyers had not shown any interest in the issue.
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