Wednesday was a positive day for the investors who were allotted shares in the Vraj Iron & Steel IPO. The share price of Vraj Iron & Steel opened at Rs 240 per share on NSE and BSE, which is 15.94% higher than the issue price of Rs 207. The bid on the last day of the company’s IPO i.e. June 28 was 119 times higher. In this IPO, the non-institutional investor quota was subscribed 208.81 times, while the QIB (qualified institutional buyer) portion got 163.90 subscriptions. Apart from this, the retail investor category got 54.93 times subscriptions.
Raised more than Rs 51 crore from anchor investors
According to the news, Vraj Iron and Steel had announced on June 25 that it has raised more than Rs 51 crore from big investors i.e. anchor investors. According to the news of Livemint, 15 percent of the shares of Vraj Iron and Steel were reserved for non-institutional institutional investors (NIIs), 50 percent for qualified institutional buyers (QIBs) and 35 percent for retail investors. Vraj Iron IPO grey market premium is +50.
Vraj Iron IPO
The Vraj Iron & Steel IPO is priced at ₹171 crore. It is entirely a fresh issue of 8,260,870 equity shares. According to the red herring prospectus (RHP), there is no offer for sale (OFS) component. The company plans to use the proceeds of the IPO for general corporate operations and an expansion project at its Bilaspur site. The company plans to use the proceeds of the IPO for general corporate operations and an expansion project at its Bilaspur site.
Vraj Iron & Steel Under the Vraj brand, the firm manufactures sponge iron, MS billets and TMT bars. The company now uses 52.93 acres of space across two industrial facilities in Raipur and Bilaspur in Chhattisgarh.
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