Vraj Iron And Steel IPO Subscribed 3.46 Times On Day 1
The IPO has been subscribed 3.46 times as of 5 p.m. on Wednesday.
The initial public offering of Vraj Iron & Steel Ltd. opened on Wednesday to raise up to Rs 171 crore. The IPO was subscribed 3.46 times on the first day. Investors who bid for the issue can check the Vraj Iron and Steel IPO allotment status here.
The company, which manufactures sponge iron, MS billets and TMT bars, has set a price band of Rs 195–207 per share of a face value of Rs 10. It is offering approximately 82.6 lakh shares valued at Rs 171 crore. There is no offer for sale.
The minimum lot size for retail investors is 72 shares, requiring an investment of at least Rs 14,904. For small non-institutional investors, the minimum lot size is 14, amounting to Rs 2.08 lakh. The minimum lot size for big non-institutional investors is 68, which amounts to over Rs 10 lakh, according to the red herring prospectus.
The company has raised Rs 51 crore from anchor investors ahead of its IPO, which will close on Friday.
Issue Details
Issue opens: June 26.
Issue closes: June 28.
Issue price: Rs 195–207 per share.
Fresh issue: Rs 171 crore.
Total issue size: Rs 171 crore.
Bid lot: 72 shares.
Listing: BSE and NSE.
Subscription Status: Day 1
The IPO has been subscribed 3.46 times as of 5 p.m. on Wednesday.
Institutional investors: 0.61 times or 61%.
Non-institutional investors: 3.53 times.
Retail investors: 5.06 times.
Employee reserved: nil.
Use Of Proceeds
The company plans to use the net proceeds for loan repayment or prepayment from HDFC Bank Ltd. and capital expenditure for the expansion project at the Bilaspur plant. The remaining funds will be used for general corporate purposes.
