• Source:JND
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Vraj Iron and Steel IPO Listing:  Shares of Vraj Iron made a strong debut on the stock exchange on Wednesday. Vraj Iron and Steel shares opened at Rs 240 per share, 15.94 percent higher on both the exchanges- BSE and NSE. The upper range of IPO was Rs 207. On Friday, June 28, on the final day of bidding, Vraj Iron and Steel’s IPO received a subscription of 119 times.

Vraj Iron And Steel IPO Subscription Status

The quota reserved for non-institutional investors was subscribed 208.81 times, while the retail investors category received 54.93 subscriptions. Earlier a day before bidding, the company announced that it had raised Rs 51 crore from anchor investors. Vraj Iron and Steel has allocated 15 percent of its shares to non-institutional investors (NIIs), 50 percent to qualified institutional buyers (QIBs), and 35 percent to retail investors.

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Under the Vraj brand, the company manufactures MS sponge iron, rails, and TMT bars. The company has a facility area of 52.93 acres across two manufacturing units in Raipur and Bilaspur, Chhattisgarh. 

Vraj Iron IPO Details

Vraj Iron and Steel's Rs 171-crore IPO is a fresh issue of 8,260,870 equity shares and there is no offer-for-sale (OFS) component, according to the Red Herring Prospectus (RHP). The company plans to use the proceeds from the IPO for its general corporate purposes and for funding the expansion project at the Bilaspur site.

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