Vraj Iron and Steel IPO Subscribed 126.31x on Day 3

The Vraj Iron and Steel IPO was closed on June 28, 2024, after increased investor interest. The allotment for the Vraj Iron and Steel IPO is expected to be finalised on July 1, 2024. The Vraj Iron and Steel IPO will be listed on BSE and NSE, with a tentative listing date of July 3, 2024.

Vraj Iron and Steel IPO price band is set at ₹195 to ₹207 per share. The minimum lot size for an application is 72 Shares. The minimum amount of investment required by retail investors is ₹14,904. The minimum lot size investment for sNII is 14 lots (1,008 shares), amounting to ₹2,08,656; for bNII, it is 68 lots (4,896 shares), amounting to ₹10,13,472.

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.

• On the last day of subscription, June 28, 2024, the IPO was subscribed to 126.31x. QIBs subscribed 173.99x, NIIs subscribed 221.64x, and retail investors subscribed 58.21x.

Grey Market Premium

The last GMP for Vraj Iron and Steel IPO is ₹75. With a price band of ₹207.00, the estimated listing price is ₹282 (cap price + today’s GMP). The expected percentage gain/loss per share is 36.23%.

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.

The company’s product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron, cater to a mix of customers that consist of industrial customers and end-users. The company sells its products directly as well as through brokers / dealers. As part of its initiatives towards continual improvement, the company has obtained the Environment Management System Certification under the new standard of ISO 14001: 2015 for the Raipur Plant.

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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.