Vraj Iron & Steel IPO allotment | Vraj Iron and Steel closed its IPO on June 28 for bidding. The IPO is a book-built issue of Rs 171 crore. The issue offered 8.3 million fresh shares of the company. The company opened the bidding on June 26 at a set price band of Rs 195 to Rs 207 per equity share. The allotment of shares of the company is expected to be finalised on July 01. Bidders who applied for the IPO can check the allotment status by following these steps:
Step 1
Open the website of the registrar of the issue, in this case, Bigshare Services.
Step 2
You need to click on the IPO Allotment Status button.
Step 3
Select from the given servers, after which a tab will pop-up.
Step 4
Fill in your details such as company name, Beneficiary ID, PAN number, or Application number. Then fill in captcha numbers.
Step 5
Hit the ‘Search’ button. The status will be there on your screen.
Grey Market Premium
The company’s shares were attracting a premium of 36.2% to the issue price in the grey market ahead of listing. The grey market is an unofficial place where shares change hands illegally before debuting legally on the stock exchanges.
Listing
Vraj Iron & Steel IPO will hit the secondary market on July 03 as per the tentative schedule. A retail investor had to bid for a minimum of one lot containing 72 shares, amounting to Rs 14,904. There were different lots for NIIs and QIBs.
About Vraj Iron and Steel
The company specialises in manufacturing sponge iron, M.S. Billets, and TMT bars, which are sold under the brand Vraj. Their product range includes sponge iron, TMT Bars, MS Billets, along with by-products like dolochar, pellet, and pig iron. These products serve a broad customer base including industrial clients and end-users. Vraj Iron and Steel distributes its products through direct sales channels, brokers, and dealers.
Expert’s take on Vraj Iron and Steel IPO
Vraj Iron and Steel benefits from two strategically located manufacturing plants in the mineral-rich state of Chhattisgarh. This advantageous positioning helps the company reduce transportation costs and improve logistics management, thereby enhancing profit margins. ‘The company is well-positioned to sustain its growth trajectory through planned expansions and the enhancement of its captive power plant. These initiatives are expected to enhance cost efficiency and drive profitability growth and thus, we recommend a “Subscribe” rating for this issue,” said Choice Equity Broking in an IPO note.
BRLM and Registrar
Aryaman Financial managed the book running of the Vraj Iron and Steel IPO, while Bigshare Services worked as the registrar for the issue.