Vraj Iron & Steel shares close at ₹252 on NSE

4 Jul 2024 , 08:31 AM

The share price of Vraj Iron and Steel debuted strongly on the bourses today. On NSE and BSE, Vraj Iron and Steel shares closed at ₹252 per share, 21.73% higher than the issue price of ₹207.

With significant institutional investor support, the Vraj Iron and Steel IPO subscription status increased 119 times on the final day of bidding on Friday, June 28. The non-institutional investor quota was filled 208.81 times, while the QIB (Qualified Institutional Buyers) part attracted 163.90 subscriptions. The retail investor category saw 54.93 subscriptions. On Tuesday, June 25, Vraj Iron and Steel said that had raised just over ₹51 crore from anchor investors.

Vraj Iron and Steel reserved 15% of its shares for non-institutional institutional investors (NIIs), 50% for qualified institutional buyers (QIBs), and 35% for retail investors.

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.

The Vraj Iron and Steel IPO, worth ₹171 crore, is a fresh offering of 8,260,870 equity shares, with no offer for sale (OFS) component, according to the Red Herring Prospectus.

The profits from the IPO will be used for regular corporate operations as well as a Bilaspur development project.

The profits from the IPO will be used for regular corporate operations as well as a Bilaspur development project.

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