Bookbuilding IPO | ₹171 Cr | Listed at BSE, NSE | Wed, Jun 26, 2024 - Fri, Jun 28, 2024
Vraj Iron IPO is a book build issue of ₹171.00 crores. The issue is entirely a fresh issue of 0.83 crore shares of ₹171.00 crore.
Vraj Iron IPO bidding started from Jun 26, 2024 and ended on Jun 28, 2024. The allotment for Vraj Iron IPO was finalized on Jul 1, 2024. The shares got listed on BSE, NSE on Jul 3, 2024.
Vraj Iron IPO price band is set at ₹207 per share. The lot size for an application is 72. The minimum amount of investment required by an retail is ₹14,904 (72 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,008 shares), amounting to ₹2,08,656, and for bNII, it is 68 lots (4,896 shares), amounting to ₹10,13,472.
Aryaman Financial Services Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue.
Refer to Vraj Iron IPO RHP for detailed Information.
IPO Open
Wed, Jun 26, 2024
IPO Close
Fri, Jun 28, 2024
Issue Price
₹207 per share
Market Cap (Pre-IPO)
₹682.74 Cr
| IPO Date | 26 to 28 Jun, 2024 |
| Listed on | Wed, Jul 3, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹195 to ₹207 |
| Issue Price | ₹207 per share |
| Lot Size | 72 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 82,60,869 shares (agg. up to ₹171 Cr) |
| Fresh Issue | 82,60,869 shares (agg. up to ₹171 Cr) |
| Share Holding Pre Issue | 2,47,21,750 shares |
| Share Holding Post Issue | 3,29,82,620 shares |
| BSE Script Code / NSE Symbol | 544204 / VRAJ |
| ISIN | INE0S2V01010 |
Vraj Iron IPO offers total 82,60,869 shares. Out of which 41,30,433 (50.00%) allocated to QIB, 16,52,174 (20.00%) allocated to QIB (Ex- Anchor), 12,39,131 (15.00%) allocated to NII 28,91,305 (35.00%) allocated to RII and 24,78,259 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 41,30,433 (50.00%) | NA |
| − Anchor Investor Shares Offered | 24,78,259 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 16,52,174 (20.00%) | NA |
| NII (HNI) Shares Offered | 12,39,131 (15.00%) | NA |
| − bNII > ₹10L | 8,26,088 (10.00%) | 819 |
| − sNII < ₹10L | 4,13,043 (5.00%) | 409 |
| Retail Shares Offered | 28,91,305 (35.00%) | 40,157 |
| Total Shares Offered | 82,60,869 (100.00%) |
Investors can bid for a minimum of 72 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 72 | ₹14,904 |
| Retail (Max) | 13 | 936 | ₹1,93,752 |
| S-HNI (Min) | 14 | 1,008 | ₹2,08,656 |
| S-HNI (Max) | 67 | 4,824 | ₹9,98,568 |
| B-HNI (Min) | 68 | 4,896 | ₹10,13,472 |
Vraj Iron IPO raises ₹51.30 crore from anchor investors. Vraj Iron IPO Anchor bid date is June 25, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Jun 25, 2024 |
| Shares Offered | 24,78,259 |
| Anchor Portion (₹ Cr.) | 51.30 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Jul 31, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Sep 29, 2024 |
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.
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 253.05 | 191.54 | 150.77 | 126.33 |
| Total Income | 304.81 | 517.42 | 414.38 | 290.93 |
| Profit After Tax | 44.58 | 54.00 | 28.70 | 10.99 |
| NET Worth | 187.50 | 140.92 | 87.14 | 57.79 |
| Reserves and Surplus | 162.78 | 135.97 | 82.19 | 52.85 |
| Total Borrowing | 49.30 | 22.98 | 42.51 | 45.78 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment or prepayment of borrowings from HDFC Bank | 70.00 |
| 2 | Capital expenditure towards the “Expansion Project” at Bilaspur Plant | 59.50 |
| 3 | General Corporate Purposes | 22.80 |
| KPI | Dec 31, 23 |
|---|---|
| ROE | 23.78% |
| ROCE | 25.34% |
| Debt/Equity | 0.27 |
| RoNW | 23.78% |
| PAT Margin | 3.61% |
| Price to Book Value | 2.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 21.84 | 18.02 |
| P/E (x) | 9.48 | 11.49 |
| Promoter Holding | 99.99% | |
| Market Cap | ₹682.74 Cr. |
The Vraj Iron and Steel IPO is subscribed 126.36 times on June 28, 2024 6:19:06 PM (Day 3). 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)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 173.99 | 16,52,174 | 28,74,63,888 |
| NII | 221.66 | 12,39,130 | 27,46,68,192 |
| bNII (bids above ₹10L) | 217.5 | 8,26,087 | 17,96,71,680 |
| sNII (bids below ₹10L) | 229.99 | 4,13,043 | 9,49,96,512 |
| Retail | 58.31 | 28,91,305 | 16,85,80,080 |
| Total | 126.36 | 57,82,609 | 73,07,12,160 |
Total Application : 22,25,789
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Issue Management fees including fees and payment to other intermediaries such as Legal Advisors, Registrars and other out of pocket expenses. | 2.92 |
| 2 | Brokerage and Selling Commission | 1.51 |
| 3 | Printing & Stationery, Distribution, Postage, etc. | 0.40 |
| 4 | Advertisement and Marketing Expenses | 11.00 |
| 5 | Stock Exchange Fees, Regulatory and other Expenses | 2.88 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹207.00 | ₹207.00 |
| Open | ₹240.00 | ₹240.00 |
| Low | ₹240.00 | ₹240.00 |
| High | ₹251.95 | ₹252.00 |
| Last Trade | ₹251.95 | ₹252.00 |
Lead Manager Reports
Vraj Iron IPO is a main-board IPO of 82,60,869 equity shares of the face value of ₹10 aggregating up to ₹171 Crores. The issue is priced at ₹207 per share. The minimum order quantity is 72.
The IPO opens on Wed, Jun 26, 2024, and closes on Fri, Jun 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 IPO using UPI as a payment gateway. Zerodha customers can apply in Vraj Iron IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vraj Iron IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vraj Iron IPO opens on Wed, Jun 26, 2024 and closes on Fri, Jun 28, 2024.
Vraj Iron IPO lot size is 72, and the minimum amount required for application is ₹14,904.
You can apply in Vraj Iron IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vraj Iron IPO will be done on Monday, July 1, 2024, and the allotted shares will be credited to your demat account by Tue, Jul 2, 2024. Check the Vraj Iron IPO allotment status.
The Vraj Iron IPO listing date is on Wed, Jul 3, 2024.
