The Rs 171.00 crore Vraj Iron & Steel IPO is a book-built offering. This is a completely new 0.83 crore share offering.
The initial public offering (IPO) bidding for Vraj Iron and Steel was held from June 26, 2024 to June 28, 2024. On Monday, July 1, 2024, the allocation for the Vraj Iron and Steel IPO was completed. On July 3, 2024, the shares were listed on the BSE and NSE.
The pricing range for Vraj Iron and Steel’s first public offering is ₹195 to ₹207 per share. Applications must have a minimum lot size of 72 shares. Retail investors must invest a minimum of ₹14,904 in order to qualify. The minimum lot size investment for bNII is 68, while for sNII it is 14 lots (1,008 shares), totaling ₹208,656.
Table of Contents
Vraj Iron And Steel Limited Stock Quote & Charts
₹229.64
-4.78 (-2.04%)
- Open: ₹235.00
- High – Low: ₹236.00 – ₹228.60
- Previous Close: ₹234.42
- Total Traded Value: 1,90,682
- 52 Weeks High: ₹273.00 (Jul 05, 2024)
- 52 Weeks Low: ₹225.01 (Jul 23, 2024)
- Updated On: Jul 31, 2024 4:00 PM
About Vraj Iron and Steel Limited
Incorporated in June 2004, Vraj Iron and Steel Limited manufactures Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.
The company runs two manufacturing plants in Raipur and Bilaspur, Chhattisgarh, covering 52.93 acres. As of March 31, 2023, the total installed capacity of the manufacturing plants was 231,600 tons per year, including intermediate and final products.
The company currently has a production capacity of 57,600 TPA of MS Billets, which its rolling mills can use to manufacture TMT Bars with a production capacity of 54,000 TPA.
Vraj Iron and Steel IPO Details
IPO Date |
June 26, 2024 to June 28, 2024 |
Listing Date |
July 3, 2024 |
Face Value |
₹10 per share |
Price Band |
₹195 to ₹207 per share |
Lot Size |
72 Shares |
Total Issue Size |
8,260,870 shares |
Fresh Issue |
8,260,870 shares |
Issue Type |
Book Built Issue IPO |
Listing At |
BSE, NSE |
Share holding pre issue |
24,721,750 |
Share holding post issue |
32,982,620 |
Vraj Iron and Steel IPO Reservation
IPO offers 8,260,868 shares. 1,652,174 (20.00%) to QIB, 1,239,130 (15.00%) to NII, 2,891,305 (35.00%) to RII and 2,478,259 (30.00%) to Anchor investors. 40,157 RIIs will receive minimum 72 shares and 409 (sNII) and 819 (bNII) will receive minimum 1,008 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 2,478,259 (30.00%) | NA |
| QIB Shares Offered | 1,652,174 (20.00%) | NA |
| NII (HNI) Shares Offered | 1,239,130 (15.00%) | |
| bNII > ₹10L | 826,087 (10.00%) | 819 |
| sNII < ₹10L | 413,043 (5.00%) | 409 |
| Retail Shares Offered | 2,891,305 (35.00%) | 40,157 |
| Total Shares Offered | 8,260,868 (100%) |
Vraj Iron and Steel IPO Anchor Investors Details
IPO raises Rs 51.30 crore from anchor investors. Vraj Iron and Steel IPO Anchor bid date is June 25, 2024. Vraj Iron and Steel IPO Anchor Investors list
Vraj Iron and Steel IPO Timeline (Tentative Schedule)
IPO opens on June 26, 2024, and closes on June 28, 2024.
| IPO Open Date | Wednesday, June 26, 2024 |
| IPO Close Date | Friday, June 28, 2024 |
| Basis of Allotment | Monday, July 1, 2024 |
| Initiation of Refunds | Tuesday, July 2, 2024 |
| Credit of Shares to Demat | Tuesday, July 2, 2024 |
| Listing Date | Wednesday, July 3, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 28, 2024 |
Vraj Iron and Steel IPO Lot Size
Investors can bid for a minimum of 72 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 72 | ₹14,904 |
| Retail (Max) | 13 | 936 | ₹193,752 |
| S-HNI (Min) | 14 | 1,008 | ₹208,656 |
| S-HNI (Max) | 67 | 4,824 | ₹998,568 |
| B-HNI (Min) | 68 | 4,896 | ₹1,013,472 |
Vraj Iron and Steel IPO Promoter Holding
The promoters of the company are Gopal Sponge and Power Private Limited, V. A. Transport Private Limited and Vijay Anand Jhanwar.
| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue |
| Bid Date | June 25, 2024 |
| Shares Offered | 2,478,259 |
| Anchor Portion Size (In Cr.) | 51.30 |
| Anchor lock-in period end date for 50% shares (30 Days) | July 31, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | September 29, 2024 |
The company’s product portfolio comprises offerings such as Sponge Irons, TMT Bars, MS Billets, and by-products Dolochar, Pellets, and Pig Iron, which cater to a mix of industrial customers and end-users.
The Raipur Plant has achieved the Environmental Management System Certification under the new ISO 14001:2015 standard.
As of June 30, 2023, the company has a workforce of 533, including 298 permanent employees, 7 at the Registered Office, 200 at the Raipur Plant, 87 at the Bilaspur Plant, and 235 contract workers.
