• Source:JND
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Vraj Iron IPO: Vraj Iron and Steel's initial public offering (IPO) received 3.46 times subscriptions on the first day of share sale on Wednesday. The public offering worth Rs 171 crore received bids for 2,12,27,976 shares against 61,38,462 offered shares, according to NSE data.

The individual investors (RII) category received 5.05 times subscription, while the non-institutional investors category received 3.53 times. The proportion of buyers from qualified institutions (banks) reached 61 percent of subscriptions.

Vraj Iron and Steel on Tuesday said it had raised Rs 51.08 crore from anchor investors. The Rs 171 crore IPO is a fresh issue of shares without any element of offer for sale. The shares will be available for public subscription in the price range of Rs 195 to Rs 207 per share. According to Vraj Iron, proceeds from the IPO will be used for expansion of projects at the Bilaspur facility and general corporate purposes.

Vraj Iron, a Raipur-based company, manufactures sponge iron, medium steel bars (MS bars), and thermo mechanical treatment bars (TMT). The steel manufacturing firm operates via two manufacturing plants at Raipur and Bilaspur in Chhattisgarh. Aryaman Financial Services is the sole lead book runner, while Bigshare Services is the registrar of the IPO. The company's shares are proposed to be listed on the NSE and BSE.

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Vraj Iron IPO Details

Bidding Dates - June 24-June 28

Minimum Investment - Rs 14,040

Lot Size - 72 shares

Issue Size - 171 crore

Price Range - Rs 195- 207

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