The IPO of Vraj Iron and Steel witnessed an overwhelming response from investors during the final day of the bidding process. With a price band of Rs 195-207 per share, the company aimed to raise Rs 171 crore through the IPO, offering fresh shares for sale.
Investor interest was evident as bids were made for 46.97 times the shares offered, with 28,83,29,040 equity shares subscribed by 13.05 pm on the closing day. Retail investors subscribed 37.01 times, while non-institutional investors showed immense interest with a subscription of 113.26 times. The qualified institutional bidders’ portion also received significant bids, reaching 15.66 times subscription.
Vraj Iron and Steel, based in Raipur, specializes in manufacturing Sponge Iron, M.S. Billets, and TMT bars under their brand ‘Vraj’. The company’s diverse product portfolio includes offerings such as Sponge Irons, TMT Bars, and MS Billets, catering to industrial customers and end-users.
The grey market premium for Vraj Iron and Steel remained strong, indicating a potential listing pop of around 42-45%. With two integrated steel manufacturing plants in Chhattisgarh, the company aims to maintain operational margins and meet the rising demand for its products.
Despite the concentration of manufacturing facilities in one region, the company’s expansion plans and strong financial performance have garnered positive attention from investors. Aryaman Financial Services and Bigshare Services are leading the IPO, with shares set to be listed on both BSE and NSE on July 3.
Investors are advised to consult with a financial advisor before making any investment decisions, as stock market investments carry inherent risks.
