VMS TMT Ltd.’s IPO (₹148.50 crore fresh issue) is open for subscription until September 19, 2025, with a price band of ₹94-₹99 per share. As of Day 3, the issue has been subscribed ~21.75 times, with strong participation especially in the non-institutional and retail categories. The GMP today is about ₹22, suggesting a listing gain of around 22% over the upper price band. Proceeds will go towards repayment of borrowings and general corporate purposes. Investors are showing strong appetite given favorable secondary market sentiment.