Vraj Iron and Steel Eyes Rs 171 Crore in Upcoming IPO

Vraj Iron and Steel plans to raise Rs 171 crore through its IPO starting on June 26. The funds will support expansion at its Bilaspur facility and general corporate purposes. The company aims to significantly boost its production capacity and power generation capabilities.

Vraj Iron and Steel is making financial strides with its upcoming initial public offering (IPO), aiming to raise Rs 171 crore. The IPO will be open for public subscription from June 26 to June 28, with a day reserved for anchor investors on June 25, as stated in the company's red herring prospectus (RHP).

The proceeds from this IPO are earmarked for an ambitious expansion project at the Bilaspur facility and other general corporate purposes. This fund injection is set to propel the Raipur-based company, which specializes in the manufacturing of sponge iron, Mid Steel (MS) billets, and Thermo Mechanical Treatment (TMT) bars, to new heights. Notably, Vraj Iron and Steel operates through two active manufacturing plants located in Raipur and Bilaspur, Chhattisgarh.

Post-expansion, the company projects a dramatic increase in its overall installed capacity, scaling from 231,600 tonnes per annum (TPA) to a robust 500,100 TPA. Additionally, the company's captive power plants are expected to boost their aggregate installed capacity from 5 megawatts (MW) to 20 MW, according to the RHP. The IPO will be managed by Aryaman Financial Services as the sole book running lead manager, with Bigshare Services acting as the registrar. Equity shares of the company are anticipated to be listed on both the NSE and BSE.

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