Vraj Iron and Steel IPO subscribed 16.93 times on Day 2

28 Jun 2024 , 08:56 AM

The Vraj Iron and Steel IPO had substantial demand, with the offering being subscribed to 16.93 times on Day 2 at 7:00 PM.

Non-institutional investors (NIIs) have demonstrated strong interest, subscribing 32.53 times, while retail individual investors (RIIs) have subscribed 19.39 times. Qualified institutional buyers (QIBs) have subscribed 0.91 times.

Prior to the public subscription period, Vraj Iron & Steel had raised more than ₹51 Crore from anchor investors.

Aside from that, the IPO was fully subscribed on the first day of bidding.

The funds will be used for capital expenditures linked to the “Expansion Project” at the Bilaspur Plant, including the repayment or payback of HDFC Bank borrowings secured for this purpose. Additionally, monies will be used for general business objectives.

The Vraj Iron and Steel IPO is a book-built issuance for ₹171 crore. The offering is wholly new, consisting of 0.83 crore shares.

The subscription period for the Vraj Iron and Steel IPO commenced on June 26, 2024 and will end on June 28, 2024.

The pricing range for the IPO is ₹195 to ₹207 per share.

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