Vraj Iron lists at 16% premium
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Vraj Iron & Steel is a brand new listing; as against an IPO price of Rs.207, the stock got listed on the BSE at Rs.240, a premium of 16%. The stock rose to Rs.251.95 and is trading at these levels currently.
The IPO was fully subscribed 126.36x, with the lions share taken by HNIs at 221.66x, QIBs at 173.99x and Retail investors at 126.36x.
The company manufactures Sponge Iron, M.S. Billets and TMT iron bars at its 2 manufacturing facilities, in Raipur and Bilaspur in Chhattisgarh. Company procures key raw materials from close proximity - iron ore lumps from NMDC and coal from South Eastern Coalfields Limited (Coal India), reducing transport cost for these bulk inputs.
In our IPO Analysis, we concluded - Capacity expansion supported by debt-free balance sheet and attractive pricing makes the IPO of Vraj Iron & Steel a ‘subscribe’.
9th Jul 2024 at 02:13 pm
3rd Jul 2024 at 11:11 am