Vraj Iron IPO Oversubscribed 3.46 Times on Day 1

New Delhi, Jun 26 (PTI) The initial public offering (IPO) of Vraj Iron and Steel received 3.46 times subscription on the first day of share sale on Wednesday.

The Rs 171-crore initial share sale received bids for 2,12,27,976 shares against 61,38,462 shares on offer, according to NSE data.

The portion for retail individual investors (RIIs) garnered 5.05 times subscription while the category for non-institutional investors got subscribed 3.53 times. The qualified institutional buyers (QIBs) quota received 61 per cent subscription.

Vraj Iron and Steel on Tuesday said it has raised a little over Rs 51 crore from anchor investors.

The Rs 171-crore IPO is entirely a fresh issue of equity shares with no offer-for-sale component.

Shares will be available for public subscription in the range of Rs 195 to Rs 207 per scrip.

The company will use the IPO proceeds for expansion projects at the Bilaspur facility and general corporate purposes.

Raipur-based Vraj Iron and Steel is into manufacturing sponge iron, MS (Mid Steel) billets, and TMT (Thermo Mechanical Treatment) bars.

It operates through two manufacturing plants at Raipur and Bilaspur in Chhattisgarh.

Aryaman Financial Services is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.

Shares of the company are proposed to be listed on the NSE and the BSE.