Vraj Iron and Steel Limited IPO Detail
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.
Company Promoters
Gopal Sponge and Power Private Limited, V. A. Transport Private Limited and Vijay Anand Jhanwar.Expected Gray Market Premium(GMP):
| GMP | Kostak | Subject |
|---|---|---|
| ₹75 (36%) | - | - |
IPO Details
| IPO Opening Date | Jun 26, 2024 |
| IPO Closing Date | Jun 28, 2024 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹195 - 207 per equity share |
| Market Lot | 72 Shares |
| Min Order Quantity | 72 Shares |
| Listing At | BSE, NSE |
| Issue Size | ₹171 Cr |
| Fresh Issue | ₹171 Cr |
| Offer for Sale | - |
| Retail Portion | 35% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | 0.65x | 5.68x | 2.83x | 3.78x | 5.54x | 3.77x |
| Day 2 | 0.97x | 44.70x | 29.63x | 34.65x | 20.88x | 18.14x |
| Day 3 | 173.99x | 229.99x | 217.50x | 221.66x | 58.31x | 126.36x |
IPO Tentative Timetable
The Vraj Iron and Steel Limited IPO open date is Jun 26, 2024, and the close date is Jun 28, 2024. The issue may list on Jul 03, 2024.
| IPO Open Date | Jun 26, 2024 |
| IPO Close Date | Jun 28, 2024 |
| Basis of Allotment Date | Jul 01, 2024 |
| Initiation of Refunds | Jul 01, 2024 |
| Credit of Shares to Demat Account | Jul 02, 2024 |
| IPO Listing Date | Jul 03, 2024 |
IPO Lot Size
The Vraj Iron and Steel Limited IPO market lot size is 72 shares. A retail-individual investor can apply for up to 13 lots (936 shares or ₹193752).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 72 | ₹14904 |
| Maximum | 13 | 936 | ₹193752 |
IPO Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding |
Company Financials:
For the year/period ended (₹ in Cr.)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-21 | 126.33 | 290.93 | 10.99 |
| 31-Mar-22 | 150.77 | 414.38 | 28.70 |
| 31-Mar-23 | 191.54 | 517.42 | 54.00 |
| 31-Dec-23 | 253.05 | 304.81 | 44.58 |
Objects of the Issue:
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 Limited IPO Registrar:
Bigshare Services Pvt Ltd
Vraj Iron and Steel Limited IPO Lead Manager(s):
Aryaman Financial Services Limited
Company Contact Information:
Vraj Iron and Steel Limited
First Floor, Plot No 63 & 66, Ph No 113
Mother Teresa Ward No. 43
3, Jalvihar Colony, Raipur-492001
