Vraj Iron and Steel Ltd's IPO subscription on day 1

26 Jun 2024 , 02:01 PM

Vraj Iron and Steel Ltd’s IPO opened for public subscription on Wednesday, June 26. The ₹171-Crore IPO will close on June 28.

The IPO will remain open from June 26 to June 28, with allotment expected on June 29 and listing on BSE and NSE on July 3. The price band for the IPO is set at ₹195-₹207 per share. Investors must apply for a minimum of 72 equity shares, with a minimum investment of ₹14,904.

At the time of writing on June 26, 2024 at 2:55 pm, Vraj Iron and Steel Ltd’s IPO subscribed 1.93 times, according to BSE data. Non-institutional investors subscribed 1.51 times. Retail individual investors (RIIs) subscribed 3.21 times.

The IPO is entirely a fresh issue of equity shares with no offer-for-sale component. Vraj Iron and Steel raised over ₹51 crore from anchor investors before the IPO. Proceeds from the IPO will be used for expansion projects at the Bilaspur facility and general corporate purposes.

Vraj Iron and Steel, based in Raipur, manufactures sponge iron, MS billets, and TMT bars. The company operates two manufacturing plants in Raipur and Bilaspur, Chhattisgarh.

Post-expansion, the company expects to increase its total installed capacity from 2,31,600 TPA to 500,100 TPA, and its captive power plants’ capacity from 5 MW to 20 MW.

Aryaman Financial Services is the sole book-running lead manager, and Bigshare Services is the registrar for the IPO. The equity shares will be listed on NSE and BSE.