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Vraj Iron and Steel Limited IPO (Vraj Iron and Steel IPO) Detail

June 26, 2024 - June 28, 2024

Vraj Iron and Steel IPO is a book built issue of Rs 171.00 crores. The issue is entirely a fresh issue of 0.83 crore shares.

Vraj Iron and Steel IPO bidding started from June 26, 2024 and ended on June 28, 2024. The allotment for Vraj Iron and Steel IPO was finalized on Monday, July 1, 2024. The shares got listed on BSE, NSE on July 3, 2024.

Vraj Iron and Steel IPO price band is set at ₹195 to ₹207 per share. The minimum lot size for an application is 72 Shares. The minimum amount of investment required by retail investors is ₹14,904. The minimum lot size investment for sNII is 14 lots (1,008 shares), amounting to ₹208,656, and for bNII, it is 68 lots (4,896 shares), amounting to ₹1,013,472.

Aryaman Financial Services Limited is the book running lead manager of the Vraj Iron and Steel IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Refer to Vraj Iron and Steel IPO RHP for detailed information.

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 Size8,260,870 shares
(aggregating up to ₹171.00 Cr)
Fresh Issue8,260,870 shares
(aggregating up to ₹171.00 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Share holding pre issue24,721,750
Share holding post issue32,982,620

Vraj Iron and Steel IPO Reservation

Vraj Iron and Steel 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 OfferedMaximum Allottees
Anchor Investor Shares Offered2,478,259 (30.00%)NA
QIB Shares Offered1,652,174 (20.00%)NA
NII (HNI) Shares Offered1,239,130 (15.00%)
  bNII > ₹10L826,087 (10.00%)819
  sNII < ₹10L413,043 (5.00%)409
Retail Shares Offered2,891,305 (35.00%)40,157
Total Shares Offered8,260,868 (100%)

Vraj Iron and Steel IPO Anchor Investors Details

Vraj Iron and Steel 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

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

Vraj Iron and Steel IPO Timeline (Tentative Schedule)

Vraj Iron and Steel 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
Lot Size Calculator

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

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.

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.

Vraj Iron and Steel Limited Financial Information (Restated Consolidated)

Vraj Iron and Steel Limited's revenue increased by 24.87% and profit after tax (PAT) rose by 88.12% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended31 Dec 202331 Mar 202331 Mar 202231 Mar 2021
Assets253.05191.54150.77126.33
Revenue304.81517.42414.38290.93
Profit After Tax44.5854.0028.7010.99
Net Worth187.50140.9287.1457.79
Reserves and Surplus162.78135.9782.1952.85
Total Borrowing49.3022.9842.5145.78
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of Vraj Iron and Steel IPO is Rs 682.74 Cr.

KPI Values
ROE23.78%
ROCE25.34%
Debt/Equity0.27
RoNW23.78%
P/BV2.73
PAT Margin (%)3.61
Pre IPO Post IPO
EPS (Rs) 21.8418.02
P/E (x) 9.4811.49
Note:
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.

Objects of the Issue (Vraj Iron and Steel IPO Objectives)

The company proposes to utilise the Net Proceeds in the following manner.

  • Funding for Capital Expenditure towards the "Expansion Project" at Bilaspur Plant:
  • Repayment or prepayment of borrowings from HDFC Bank obtained by the company for the capital expenditure towards the "Expansion Project" at Bilaspur Plant; and
  • Capital expenditure towards the "Expansion Project" at Bilaspur Plant.
  • General Corporate Purposes.

Vraj Iron and Steel IPO Review (Apply)

[Dilip Davda]  The company is engaged in sponge iron, TM Bars, M S Billets manufacturing and marketing. With its captive power plants, it plays with efficient cost management. It has posted good performances so far and post expansion, the company is confident of maintaining the trends. Based on FY24 annualized earnings, the issue appears reasonably priced. Investors may lap it up for medium to long term. Read detail review...


Vraj Iron and Steel IPO Subscription Status (Bidding Detail)

The Vraj Iron and Steel IPO is subscribed 126.36 times on June 28, 2024 6:19:06 PM. The public issue subscribed 58.31 times in the retail category, 173.99 times in the QIB category, and 221.66 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)
QIB173.99
NII221.66
    bNII (bids above ₹10L)217.50
    sNII (bids below ₹10L)229.99
Retail58.31
Total126.36

Total Application : 2,225,789 (55.43 times)

Vraj Iron and Steel IPO Prospectus

Vraj Iron and Steel IPO Rating

6
4.2
Rating:Rated 4.2 stars
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Vraj Iron and Steel IPO Listing Details

Listing Date July 3, 2024
BSE Script Code 544204
NSE Symbol VRAJ
ISIN INE0S2V01010
Final Issue Price ₹207 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade
BSE
₹207.00
₹240.00
₹240.00
₹251.95
₹251.95
NSE
₹207.00
₹240.00
₹240.00
₹252.00
₹252.00

Check IPO Performance…

Vraj Iron and Steel Limited Contact Details

Vraj Iron and Steel Limited
First Floor, Plot No 63 & 66, Ph No 113
Mother Teresa Ward No. 43
3, Jalvihar Colony, Raipur-492001
Phone: +91-771-4059002
Email: info@vrajtmt.in
Website: https://www.vrajtmt.in/

Vraj Iron and Steel IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html

Vraj Iron and Steel IPO - Buy or Not

Vraj Iron and Steel IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 8 1 0
Members 3 0 0

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Vraj Iron and Steel IPO FAQs

Vraj Iron and Steel IPO is a main-board IPO of 8,260,870 equity shares of the face value of ₹10 aggregating up to ₹171.00 Crores. The issue is priced at ₹195 to ₹207 per share. The minimum order quantity is 72 Shares.

The IPO opens on June 26, 2024, and closes on June 28, 2024.

Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in Vraj Iron and Steel IPO using UPI as a payment gateway. Zerodha customers can apply in Vraj Iron and Steel IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Vraj Iron and Steel IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Vraj Iron and Steel IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Vraj Iron and Steel IPO opens on June 26, 2024 and closes on June 28, 2024.

Vraj Iron and Steel IPO lot size is 72 Shares, and the minimum amount required is ₹14,904.

You can apply in Vraj Iron and Steel IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Vraj Iron and Steel IPO will be done on Monday, July 1, 2024, and the allotted shares will be credited to your demat account by Tuesday, July 2, 2024. Check the Vraj Iron and Steel IPO allotment status.

The Vraj Iron and Steel IPO listing date is on July 3, 2024.
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