Vraj Iron and Steel share price makes strong a debut, stock opens with 16% premium at ₹240 apiece on NSE

Vraj Iron and Steel share price made a strong debut on the bourses today. On NSE and BSE, Vraj Iron and Steel share price opened at ₹240 per share, 15.94% higher than the issue price of ₹207.

With strong support from institutional investors, Vraj Iron and Steel IPO subscription status was 119 times on the final day of bidding on Friday, June 28. The non-institutional investor quota was subscribed 208.81 times, while the QIB (Qualified Institutional Buyers) portion received 163.90 subscriptions. The retail investor category received 54.93 subscriptions. On Tuesday, June 25, Vraj Iron and Steel announced that it had raised slightly over ₹51 crore from anchor investors.

Also Read: Vraj Iron and Steel IPO listing tomorrow: Here’s what GMP, subscription status hint ahead of listing

15% of Vraj Iron and Steel's shares were reserved for non-institutional institutional investors (NII), 50% for qualified institutional buyers (QIB), and 35% for retail investors.

Under the Vraj brand, the firm produces sponge iron, M.S. Billets, and TMT bars. The firm now employs 52.93 acres of space across two industrial facilities, Raipur and Bilaspur in Chhattisgarh. As of December 31, 2023, the company's production facility in Raipur additionally has a captive power plant with an aggregate installed capacity of 5 MW.

Also Read: Vraj Iron and Steel IPO listing date today. Here’s what GMP, expert say on share debut

Vraj Iron IPO details

Vraj Iron and Steel IPO, worth ₹171 crore is completely a fresh issue of 8,260,870 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

The company plans to use the proceeds from the IPO for general corporate operations and an expansion project at the Bilaspur site.

The company plans to use the proceeds from the IPO for general corporate operations and an expansion project at the Bilaspur site.

Also Read: Vraj Iron and Steel IPO allotment today. Latest GMP, steps to check allotment status online, other key details

Vraj Iron and Steel IPO GMP today

Vraj Iron IPO GMP today or Vraj Iron IPO grey market premium is +50. This indicates Vraj Iron and Steel share price were trading at a premium of ₹50 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Vraj Iron and Steel share price was indicated at ₹257 apiece, which is 24.15% higher than the IPO price of ₹207.

The readiness of investors to part with more money than the issue price is indicated by a "grey market premium".

Also Read: Vraj Iron and Steel IPO: From products to financials, here are 10 key things to know from RHP before investing

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