On the first day of the IPO, Vraj Iron & Steel received 3.47x bids

27 Jun 2024 , 08:45 AM

With a complete subscription on the first day of bidding, Vraj Iron and Steel Ltd’s initial public offering has gotten off to a great start. The Sensex, Bank Nifty, and Nifty 50 have all reached all-time highs, which appears to have aided the Vraj Iron and Steel IPO in addition to other fundamental causes, since the retail component was bought up within hours of its launch, followed by non-institutional investors. According to BSE data, the subscription status for the Vraj Iron and Steel IPO is 3.47 times.

According to BSE data, bids for 2,12,84,928 shares were received against 61,38,462 shares offered in the inaugural share auction.

Retail individual investors placed 5.07 times subscriptions and the non-institutional investors portion was subscribed 3.53 times. The portion for Qualified institutional buyers (QIBs) was booked 61%.

Vraj Iron and Steel announced on Tuesday that it has received slightly more over ₹51 crore from anchor investors, just a day before its IPO opened for public subscription.

The ₹171-crore IPO is a fresh equity share issue without an offer-for-sale.

On June 26 and 28, shares will be available for public subscription at a price range of ₹195 to ₹207.

The IPO proceeds will be used for general corporate reasons as well as expansion activities at the Bilaspur facility.

Under the Vraj brand, the company manufactures sponge iron, M.S. billets, and TMT bars. The company today occupies 52.93 acres of space in two industrial complexes in Chhattisgarh: Raipur and Bilaspur. As of December 31, 2023, the company’s Raipur production site also features a captive power plant with a total installed capacity of 5 MW.

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