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vraj iron & steel ipo

Vraj Iron & Steel IPO

  • Status: Closed
  • RHP:
  • ₹ 14,040 / 72 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    03 Jul 2024

  • Listing Price

    ₹240.00

  • Listing Change

    15.94%

  • Last Traded Price

    ₹229.95

IPO Details

  • Open Date

    26 Jun 2024

  • Close Date

    28 Jun 2024

  • IPO Price Range

    ₹ 195 to ₹ 207

  • IPO Size

    ₹ 171 Cr

  • Listing Exchange

    BSE, NSE

  • Listing Date

    03 Jul 2024

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Vraj Iron & Steel IPO Subscription Status

Last Updated: 29 July 2024 6:03 PM by 5Paisa

Last Updated: 28th June 2024, 18:10 PM by 5paisa

Vraj Iron and Steel IPO is set to open from 26th June to 28th June 2024. The company manufactures Sponge Iron, M.S. Billets, and TMT bars. The IPO includes a fresh issue of 8,260,870 shares worth ₹171 cr. The share allotment date is 1st July 2024, and the IPO will be listed on 3rd July 2024 on the stock exchanges. The price band is set at ₹195 to ₹207 and the lot size is 72 shares. 

Aryaman Financial Services Limited is the book-running lead manager for this IPO, while Bigshare Services Private Limited is the registrar. 

Objectives of Vraj Iron and Steel IPO

●    To fund the "Expansion Project" at Bilaspur Plant in two ways i) by repaying or prepaying borrowings obtained from HDFC Bank ii) by funding the capital expenditure.
●    For general corporate purposes. 

Vraj Iron and Steel IPO Video

 

Vraj Iron and Steel IPO Size

Types Size (₹Cr)
Total IPO size 171.00
Offer for sale -
Fresh issue 171.00

Vraj Iron and Steel IPO Lot Size

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

Vraj Iron and Steel IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)
QIB 173.99 16,52,174 28,74,63,888 5,950.50
NII (HNI) 221.66 12,39,130 27,46,68,192 5,685.63
Retail 58.31 28,91,305 16,85,80,152 3,489.61
Total 126.36 57,82,609 73,07,12,232 15,125.74

Vraj Iron and Steel IPO Anchor Allocation

Anchor Bid Date 25 June, 2024
Total no. of shares offered 2,478,259
Portion Size for Anchor Investors 51.30 Cr.
Lock in Period for 50% shares (30 days) 31 July, 2024
Lock in Period for rest of shares (90 days) 29 September, 2024

Established in 2004, Vraj Iron and Steel Limited manufactures Sponge Iron, M.S. Billets, and TMT bars. The company also sells its by-products Dolochar, Pellet and Pig Iron. It has an ISO 14001: 2015 certification. 

The company has two manufacturing units based in Raipur and Bilaspur in Chhattisgarh with a combined installed capacity of 2,31,600 tons per annum (TPA) and the company is working to increase this to o 5,00,100 TPA. Its Raipur manufacturing unit also has a captive power plant with an installed capacity of 5 MW as of December 2023, which the company is planning to increase to 20 MW. The total headcount of the company’s employees as of December 2023 was 531.

Peer Comparison

●    Sarda Energy & Minerals Limited
●    Godawari Power & Ispat Limited
●    Shyam Metalics and Energy Limited

For More Information
Webstory on Vraj Iron and Steel IPO

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY23 FY22 FY21
Revenue from operations 515.67 414.04  290.70
EBITDA 81.31 49.66 29.10
PAT 59.99 28.70 10.98
Particulars (in Rs. Crores) FY23 FY22 FY21
Total Assets 191.53  150.77 126.33
Share Capital 4.94 4.94 4.94
Total Borrowings 50.62 63.63 68.54
Particulars (in Rs. Crores) FY23 FY22 FY21
Net cash generated from / (used in) operating activities 62.87 8.74 22.20
Net cash from / (used in) investing activities -40.36 -1.35 -6.00
Net cash flow from / (used in) financing activities -22.51 -7.21 -16.14
Net increase (decrease) in cash and cash equivalents -0.014 0.17 0.058


Strengths

1.    The company has an integrated and well-established manufacturing setup.
2.    Its manufacturing plants are strategically located, and supported by robust architecture, leading to cost efficiencies and a stable supply chain.
3.    Quantity and Average price of coal procured by the Company is a big advantage.
4.    The company has a diversified product mix with a strong focus on value-added products.
5.    It also has a consistent track record of growth and financial performance.
6.    Experienced Board and senior management team.
 

Risks

1.    The company faces substantial competition from domestic steel producers.
2.    It has reported negative cash flows in the past. 
3.    Both the manufacturing plants are based in the same state.
4.    High working capital requirements. 
 

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FAQs

Vraj Iron and Steel IPO opens from 26th June to 28th June 2024.
 

The size of Vraj Iron and Steel IPO is ₹171 cr. 
 

To apply for Vraj Iron and Steel IPO, follow the steps given below:

●    Login to your 5paisa account and select the issue in the current IPO section    
●    Enter the number of lots and the price at which you wish to apply for Vraj Iron and Steel IPO.    
●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    

You will receive a mandate notification to block funds in your UPI app.
 

The price band of Vraj Iron and Steel IPO is set at ₹195 to ₹207 per share.
 

The minimum lot size of Vraj Iron and Steel IPO is 72 shares and the minimum investment required to apply for the IPO is ₹14,040.
 

The share allotment date of Vraj Iron and Steel IPO is 1st July 2024.
 

The Vraj Iron and Steel IPO will be listed on 3rd July 2024.
 

Aryaman Financial Services Limited is the book-running lead manager for Vraj Iron and Steel IPO.
 

Vraj Iron and Steel will use the proceedings from the public issue for: 

●    To fund the "Expansion Project" at Bilaspur Plant in two ways i) by repaying or prepaying borrowings obtained from HDFC Bank ii) by funding the capital expenditure.
●    For general corporate purposes.