Vraj Iron and Steel IPO Subscribed 7.46x on Day 2

Vraj Iron and Steel IPO witnessed an increased interest from the investors on day 2 of the bidding process. Vraj Iron and Steel IPO offers 82,60,868 shares. 16,52,174 (20.00%) to QIB, 12,39,130 (15.00%) to NII, 28,91,305 (35.00%) to RII and 24,78,259 (30.00%) to Anchor investors. 40,157 RIIs will receive a minimum of 72 shares, and 409 (sNII) and 819 (bNII) will receive a minimum of 1,008 shares. (in case of oversubscription)

The Vraj Iron and Steel IPO price band has been set at ₹195 to ₹207 per share. The minimum lot size for an application is 72 Shares. The company has appointed Aryaman Financial Services Limited as the book-running lead manager of the Vraj Iron and Steel IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Day Wise Subscription

• On the 1st day of subscription, June 26, 2024, the IPO was subscribed to 1.67x. QIBs subscribed 0.33x, NIIs subscribed 1.09x, and retail investors subscribed 2.69x.

• On the 2nd day of subscription, June 27, 2024, the IPO was subscribed to 7.46x. QIBs subscribed 0.48x, NIIs subscribed 11.23x, and retail investors subscribed 9.84x.

Grey Market Premium

The last GMP for Vraj Iron and Steel IPO is ₹85. With a price band of ₹207.00, the estimated listing price is ₹292 (cap price + today’s GMP). The expected percentage gain/loss per share is 41.06%.

About Vraj Iron and Steel Limited

Incorporated in June 2004, Vraj Iron and Steel Ltd. (VISL) is engaged in manufacturing Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj. It currently operates through two manufacturing plants, Raipur and Bilaspur, in Chhattisgarh, spread across 52.93 acres.

As of December 31, 2023, the aggregate installed capacity of manufacturing plants was 2,31,600 tons per annum (TPA). The company is in the process of increasing the capacities of its existing manufacturing plants and captive power plants, which is expected to increase the aggregate installed capacity from 2,31,600 TPA to 5,00,100 TPA and the aggregate installed capacity of captive power plants from 5 MW to 20 MW.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.