Vraj Iron and Steel IPO Subscribed 119 Times Amid Robust Demand

Vraj Iron and Steel's IPO was oversubscribed 119 times, driven by significant institutional participation. The Rs 171-crore share sale received bids for over 73 million shares against the 613,8466 on offer. The company plans to use the funds for expansion and general corporate purposes. Shares are set to list on NSE and BSE.

On the last day of bidding, Vraj Iron and Steel's initial public offer (IPO) garnered massive interest with a subscription rate of 119 times, predominantly bolstered by institutional investors.

The Rs 171-crore IPO attracted bids for 73,071,3312 shares against a mere 6,138,462 shares that were available, as per NSE data.

Non-institutional investors oversubscribed their quota by 208.81 times, while Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) followed with 163.90 and 54.93 times subscriptions respectively.

In preparation for the IPO, Vraj Iron and Steel secured over Rs 51 crore from anchor investors earlier in the week. Uniquely, this IPO featured only fresh equity shares, without an offer-for-sale component.

Available in a price range of Rs 195 to Rs 207 per share, the funds raised will be routed towards the company's expansion projects at its Bilaspur plant in Chhattisgarh and other general corporate activities.

Vraj Iron and Steel, based in Raipur, specializes in producing sponge iron, MS billets, and TMT bars, operating through facilities in Raipur and Bilaspur.

Aryaman Financial Services managed the book-running, and Bigshare Services acted as the registrar for the IPO. Shares are slated for listing on NSE and BSE.

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