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**VMS TMT Raises ₹26.73 Crore from Anchor Investors Ahead of IPO**

**Mumbai, India – September 16, 2024** – VMS TMT, a Gujarat-based manufacturer of thermo-mechanically treated (TMT) bars, has successfully raised ₹26.73 crore from five institutional investors through its anchor book offering. The anchor investors include Saint Capital Fund, Maybank Securities Pte, Astrone Capital, Chanakya Opportunities Fund, and Vbcube Ventures Fund.

This pre-IPO placement comes a day before VMS TMT opens its initial public offering (IPO) on September 17th, aiming to raise ₹148.5 crore. The company plans to offer 1.5 crore fresh shares at a price band of ₹94-99 per share.

The IPO proceeds are primarily earmarked for debt reduction, with ₹115 crore intended to partially repay the company’s outstanding borrowings of ₹261.7 crore. The remaining funds will be used for general corporate purposes.

VMS TMT’s primary business is the manufacturing of TMT bars at its Ahmedabad plant. The IPO is scheduled to close on September 19th, with the company’s shares expected to list on the stock exchanges on September 24th. Arihant Capital Markets is the sole merchant banker for the IPO.

**(Please note that all dates are written based on the date the text was created)**

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