Shares of Vraj Iron and Steel were currently trading at Rs 251.95 at 10:15 IST on the BSE, representing a premium of 21.71% as compared with the issue price of Rs 207.
The scrip was listed at Rs 240, exhibiting a 4.98% premium to the issue price.So far, the stock has hit a high of 251.95 and a low of 240 On the BSE, over 2.51 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Vraj Iron and Steel was subscribed 119.04 times. The issue opened for bidding on 26 June 2024 and closed on 28 June 2024. The price band of the IPO was fixed at Rs 195 to 207 per share.
The offer comprised only of fresh issue of equity shares up to 82.60 lakh equity shares.
The net proceeds from the fresh issue will be used to repay or prepay borrowings from HDFC Bank for Rs 70 crore capital expenditure towards expansion project of the Bilaspur plant and Rs 59.5 crore capital expenditure towards the expansion project of the Bilaspur plant. The balance is towards general corporate purposes.
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Incorporated in June 2004, Vraj Iron and Steel manufactures sponge iron, M.S. billets, and TMT bars under the brand Vraj. It runs two manufacturing plants in Raipur and Bilaspur, Chhattisgarh, covering 52.93 acres. As of March 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 firm reported a net profit of Rs 44.58 crore and total income of Rs 301.32 crore for the nine months ended on 31 December 2023.
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