Vraj Iron and Steel IPO subscription details on day 2

27 Jun 2024 , 01:03 PM

On June 27, the second day of bidding, Vraj Iron and Steel’s IPO received strong interest from retail and non-institutional investors. 

At the time of writing on June 27, 2024 at 12:19 pm, Retail investors is leading the bidding, subscribing 10.78 times, followed by non-institutional investors with 10.62 times the reserved portion. Qualified institutional buyers subscribed to 0.62% of their portion.

The IPO price band is set at ₹195-207 per share and closes on June 28.

On June 25, a day before the IPO opened, Vraj Iron raised ₹51.3 crore from six anchor investors, including Volrado Venture Partners Fund IV, Ashika Global Securities, Capri Global Housing Finance, and Leading Light Fund VCC.

The company plans to use ₹129.5 crore from the fresh issue for an expansion project at the Bilaspur plant, with the remaining funds allocated for general corporate purposes.

Vraj Iron manufactures sponge iron, MS billets, and TMT bars under the Vraj brand, operating two plants in Raipur and Bilaspur, Chhattisgarh, with an annual capacity of 2,31,600 tons.