Vraj Iron And Steel Ltd Debuts With a 16% Premium

Shares of Vraj Iron And Steel Ltd debuted at a 16% premium, listing at Rs 240 against an issue price of Rs 207. The IPO was heavily subscribed, aiding a rise to Rs 252 on both BSE and NSE. The Rs 171-crore offering will fund expansion in Chhattisgarh.

Shares of Vraj Iron And Steel Ltd made a strong market debut on Wednesday, closing at a 16% premium over their issue price of Rs 207. The stock opened at Rs 240 and soared to Rs 252 on both the BSE and NSE within hours.

Pushed by robust investor interest, the company's market valuation reached Rs 831 crore. Institutional sponsorship was pivotal, as the IPO was subscribed 119 times on its final day, leading to the significant stock surge.

The Rs 171-crore initial public offering comprised solely of fresh equity shares, with plans to allocate the raised funds for expansion projects at their Bilaspur facility and other corporate needs. Vraj Iron And Steel, based in Raipur, specializes in manufacturing sponge iron, MS billets, and TMT bars through its plants in Raipur and Bilaspur, Chhattisgarh.

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