Vraj Iron and Steel IPO: Steel maker raises ₹51.29 crore from anchor investors ahead of public issue

The Chhattisgarh-based metal manufacturer allocates 24,78,259 shares to anchor investors at 207 per share, according to an exchange filing.

Anubhav Mukherjee
First Published25 Jun 2024, 10:43 PM IST
Vraj Iron and Steel IPO opens for subscription on Wednesday, June 26, and closes on Friday, June 27.
Vraj Iron and Steel IPO opens for subscription on Wednesday, June 26, and closes on Friday, June 27.(https://www.vrajtmt.in/)

Vraj Iron and Steel Limited on Tuesday said the company had raised 51.29 crore from its anchor round ahead of its initial public offering (IPO) on Wednesday, June 26.

According to an exchange filing, the metal manufacturer allocated 24,78,259 equity shares to anchor investors at 207 per share.

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Volrado Venture Partners, Ashika Global Securities, Capri Global Housing Finance, Rajasthan Global Securities, Leading Light Fund, and Astorne Capital were the anchor investors who participated in the round.

According to the filing, no mutual fund has applied through any scheme for any of the 24,78,259 equity shares allotted to the anchor investors.

Volrado Venture Partners and Ashika Global Securities got the most equity share allocation at 48.74 per cent and 12.28 per cent, respectively.

Also Read | Vraj Iron and Steel IPO opens tomorrow: GMP, issue details,10 key things to know

Vraj Iron and Steel IPO details:

The metal manufacturer's IPO will open for retail subscription on Wednesday, June 26, and close on Friday, June 28. The price band for the IPO has been set at 195 to 207 per equity share, with a face value of 10 per share.

The Vraj Iron and Steel IPO is valued at 171 crore. According to the draft prospectus filed with the exchange, it is a completely fresh issue, and there is no offer for sale (OFS). Aryaman Financial Services is the sole bookrunner for the IPO.

Also Read | Petro Carbon IPO booked 2.36x on day 1: Retail and NII fully subscribed

The Chhattisgarh-based manufacturer plans to use the money raised from the IPO for its operations and expansion plans, as well as to fund the expansion project at their Bilaspur site. Vraj Iron And Steel serves both industrial and end-user clients with their product lines of TMT Bars, Sponge Iron, MS Billets, Dolochar Pellets, and Pig Iron.

The company, which has two manufacturing units at Raipur and Bilaspur in Chhattisgarh, is one of the leading iron and steel manufacturers in Central India, according to its website.

 

 

 

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First Published:25 Jun 2024, 10:43 PM IST
HomeMarketsIPOVraj Iron and Steel IPO: Steel maker raises ₹51.29 crore from anchor investors ahead of public issue

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