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Vraj Iron and Steel shares list at 16% premium over IPO price
The Chhattisgarh based company manufactures Sponge Iron, M S Billets, and TMT bars under the Vraj brand.
The shares of Vraj Iron and Steel debuted with a premium of 16% today (July 3). The stock listed at ₹240 on both NSE and BSE against an offer price of ₹207 in line with subscription of 126.36 times that the IPO witnessed. The company aims to to utilise net proceeds of the IPO towards funding its capital expenditure requirement towards the expansion of the project at Bilaspur Plant estimated to be at ₹164.50 crore and general corporate purposes.
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Vraj Iron and Steel Limited product offerings such as Sponge Iron, TMT Bar, MS Billets, and by-products Dolochar, Pellet, and Pig Iron cater to a mix of customers that consist of industrial customers and end-users.
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The Chhattisgarh based company manufactures Sponge Iron, M S Billets, and TMT bars under the Vraj brand and operates through two manufacturing plants, located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres.
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As of March 2023, its aggregate installed capacity of manufacturing plants was 2.31 lakh tons per annum.
