Bangalore: The Rs 25.75 crore initial public offering (IPO) of VMS Industries has opened for subscription. The price band for the issue is fixed at Rs 36-40 per share. The company is engaged in ship recycling activities, off-shore support business activities. 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. Ashika Capital is the book running lead manager to the issue, which will close on June 2. VMS also holds 25 percent stake in a partnership firm 'Eternal Automobiles' which is a dealer of two wheelers for 'Honda Motor Cycle and Scooter India'. Meanwhile, ICRA has assigned grade 1/5 indicating poor fundamentals, to the proposed initial public offering (IPO) of VMS Industries.

Bangalore: The Rs 25.75 crore initial public offering (IPO) of VMS Industries has opened for subscription. The price band for the issue is fixed at Rs 36-40 per share. The company is engaged in ship recycling activities, off-shore support business activities. 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. Ashika Capital is the book running lead manager to the issue, which will close on June 2. VMS also holds 25 percent stake in a partnership firm 'Eternal Automobiles' which is a dealer of two wheelers for 'Honda Motor Cycle and Scooter India'. Meanwhile, ICRA has assigned grade 1/5 indicating poor fundamentals, to the proposed initial public offering (IPO) of VMS Industries.