Vraj Iron and Steel's IPO Attracts Robust Interest on Day One

Vraj Iron and Steel's Rs 171-crore IPO received 3.46 times subscription on the first day, with retail individual investors showing strong interest. Proceeds will be used for expansion and corporate purposes. Shares will be sold between Rs 195 to Rs 207 each.

Vraj Iron and Steel's initial public offering (IPO) attracted substantial interest on its first day, with the subscription rate reaching 3.46 times the shares on offer.

According to data from the National Stock Exchange (NSE), the Rs 171-crore IPO received bids for a total of 2,12,27,976 shares, surpassing the 61,38,462 shares available for purchase.

Retail individual investors showed the most enthusiasm, with their subscription portion garnering 5.05 times interest. Non-institutional investors subscribed 3.53 times while qualified institutional buyers (QIBs) saw a 61% subscription rate.

Vraj Iron and Steel had earlier raised over Rs 51 crore from anchor investors. The IPO comprises entirely of fresh equity shares, with no offer-for-sale component. Shares are priced between Rs 195 to Rs 207 each and the company plans to use the proceeds for expanding its Bilaspur facility and for general corporate purposes.

Raipur-based Vraj Iron and Steel specializes in manufacturing sponge iron, MS billets, and TMT bars, operating through plants in Raipur and Bilaspur, Chhattisgarh.

Aryaman Financial Services is the sole book-running lead manager, and Bigshare Services is the registrar for the IPO. Vraj Iron and Steel's shares are proposed to be listed on both the NSE and the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)