IPO

Vraj Iron and Steel Limited IPO

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Sponge Iron

Listed On: Jul 3, 2024 at ₹ 240.0(NSE)

₹ 14904 /72 Shares

Check Allotment

26 Jun, 2024

Open Date

28 Jun, 2024

Close Date

01 Jul, 2024

Allotment Date

03 Jul, 2024

Listing Date
Price Summary

Last Closing

123.00 (-40.58%)

52 Week High

235.79

52 Week Low

121.01

Last Update

17-Dec-2025 3:30 PM
Vraj Iron and Steel Limited IPO Issue Details
  • Issue Price ₹195-207 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 82,60,870 shares(aggregating up to ₹171 crore)
  • Fresh Share 82,60,870 shares(aggregating up to ₹171 crore)
  • Listing at BSE, NSE
  • List Price 240.0(NSE)
  • Listing Date 2024-07-03
  • Lead Manager Aryaman Financial Services Limited
  • Registrar Bigshare Services Pvt Ltd
Market Lot Size

Investors can bid for a minimum of 72 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 72 ₹14,904
Retail(max) 13 936 ₹1,93,752
Vraj Iron and Steel Limited IPO Reservation

Vraj Iron and Steel Limited IPO offers total 8,260,868 shares. Out of which 1,652,174 (20%) allocated to QIB, 1,239,130 (15%) allocated to NII,2,891,305 (35%) allocated to RII, NA (NA%) allocated to employees and 2,478,259 (30%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 2,478,259 (30%)
QIB Shares Offered 1,652,174 (20%)
NII (HNI) Shares Offered 1,239,130 (15%)
bNII > ₹10L 826,087 (10%)
sNII < ₹10L 413,043 (5%)
Retail Shares Offered 2,891,305 (35%)
Total Shares Offered 8,260,868 (100%)
Vraj Iron and Steel Limited IPO Documents
DRHP
RHP
ANCHOR
Vraj Iron and Steel Limited IPO Details


Vraj Iron and Steel Limited IPO is a book-built issue of ₹171 crores, The total issue size is ₹171 crores. The IPO of Vraj Iron and Steel Limited is priced at ₹195-207 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Jun 26, 2024 and ends on Jun 28, 2024. The allotment for Vraj Iron and Steel Limited IPO will be finalized on Jul 1, 2024. Vraj Iron and Steel Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jul 3, 2024. The company shall list its equity shares on the BSE, NSE. Bigshare Services Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 72 shares, extendable to 14,904. The book-running lead manager for the IPO is/are Aryaman Financial Services Limited.

The total issue ₹171 crore, comprising a fresh issue of 82,60,870 shares ₹171 crore
The Vraj Iron and Steel Limited IPO sets its price band at 195-207 for each share. A single application for Vraj Iron and Steel Limited IPO must contain at least 72 shares. Sentiment investors need to invest a minimum of 72 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,904

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Vraj Iron and Steel Limited IPO Subscription Analysis And Details
Retail
58.31x
QIB
173.99x
NII
221.66x
bNII
217.50x
sNII
229.99x
Total
126.36x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 1,652,174 1,239,130
826,087    413,043 		2,891,305 5,782,609
Day 1 26-06-24 05:00 PM
0.61 x 3.53
2.83 x   5.60 x 		5.07 x 3.46 x
Day 2 27-06-24 05:00 PM
0.91 x 34.61
29.63 x   44.57 x 		20.75 x 18.07 x
Day 3 28-06-24 05:00 PM
173.99 x 221.66
217.50 x   229.99 x 		58.31 x 126.36 x
Total No of Applications
22,25,789
Vraj Iron and Steel Limited Valuations
EPS Pre IPO ₹21.84/-
EPS Post IPO ₹18.02/-
P/E Pre IPO 9.48
P/E Post IPO 11.49
ROE 23.78%
ROCE 25.34%
Debt/Equity 0.27
RoNW 23.78%
PAT Margin 3.61
Price to Book Value 2.73
Vraj Iron and Steel Limited Company Financials
In Crs.
In Cr.
31-Mar-23 31-Mar-22 31-Mar-21
Assets 191.54 150.77 126.33
Revenue 517.42 414.38 290.93
Profit After Tax 54.00 28.70 10.99
Net Worth 140.92 87.14 57.79
Reserves & Surplus 135.97 82.19 52.85
Total Borrowing 22.98 42.51 45.78
About Vraj Iron and Steel Limited Company

Vraj Iron and Steel Limited manufactures Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.

The company runs two manufacturing plants in Raipur and Bilaspur, Chhattisgarh, covering 52.93 acres. As of March 31, 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 company's product portfolio comprises offerings such as Sponge Irons, TMT Bars, MS Billets, and by-products Dolochar, Pellets, and Pig Iron, which cater to a mix of industrial customers and end-users.

The Raipur Plant has achieved the Environmental Management System Certification under the new ISO 14001:2015 standard.

As of June 30, 2023, the company has a workforce of 533, including 298 permanent employees, 7 at the Registered Office, 200 at the Raipur Plant, 87 at the Bilaspur Plant, and 235 contract workers.

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Vraj Iron and Steel Limited - Promoter(s)

Gopal Sponge and Power Private Limited

V. A. Transport Private Limited

Vijay Anand Jhanwar

Pre Issue Share Holding : 99.99%

Post Issue Share Holding : N/A%

Vraj Iron and Steel Limited IPO - Issue Objectives
1

Funding for Capital Expenditure towards the Expansion Project at Bilaspur Plant

2

Repayment or prepayment of borrowings from HDFC Bank obtained by the company for the capital expenditure towards the Expansion Project at Bilaspur Plant

3

Capital expenditure towards the Expansion Project at Bilaspur Plant.

4

General Corporate Purposes.

Vraj Iron and Steel Limited IPO - Anchor Investors

Vraj Iron and Steel collects Rs 51 crore from anchor investors.

Those who have been allocated shares are — Volrado Venture Partners Fund IV, Capri Global Housing Finance, Ashika Global Securities, Rajasthan Global Securities, Leading Light Fund VCC – The Triumph Fund and Astorne Capital VCC-Arven, according to a circular uploaded on the BSE website.

Vraj Iron and Steel Limited IPO - Peers Comparison
Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%) P/BV Ratio Financial statements
Vraj Iron and Steel Limited 21.84 21.84 285 9.48 38.32 0.73 Restated
Sarda Energy & Minerals Ltd. 169.94 169.94 967.72 N/A 17.71 0.23 Consolidated
Godawari Power & Ispat Ltd. 61.16 61.16 277.09 N/A 20.31 3.49 Consolidated
Shyam Metalics And Energy Limited 33.26 33.26 280.79 N/A 11.85 2.17 Consolidated

Notes:

  1. The P/E Ratio has been computed based on the closing market price of equity shares as on May 31, 2024, divided by the Diluted EPS.
  2. Return on Net Worth (RoNW) is calculated as profit attributable to company owners divided by total equity attributable to the owners of the Company as on March 31, 2023.
  3. Net Asset Value (NAV) is computed as the closing net worth divided by the equity shares outstanding as on March 31, 2023.
Strength
Integrated steel plants in Bilaspur and Raipur, Chhattisgarh, enhance efficiency.
Total installed capacity of 231,600 TPA across two plants.
Backward integration ensures control over production and quality.
Captive power plant with 5MW capacity reduces energy costs.
Diverse product portfolio including Sponge Iron, TMT Bars, MS Billets.
Consistent financial growth with a CAGR of 33.4% (FY21-FY23).
Weakness
Geographical concentration risks due to facilities in Chhattisgarh.
Revenue is vulnerable to steel industry demand and price volatility.
Negative cash flows from operations impact financial stability.
Expansion project relies on capital expenditure of ₹1,295 million.
Delay in expansion may result in time and cost overruns.
Majority of revenue from top 10 customers risks financial stability.
Contact Details

Vraj Iron and Steel Limited

First Floor, Plot No 63 & 66, Ph No 113, Mother Teresa Ward No. 43, 3, Jalvihar Colony, Raipur-492001

+91-771-4059002

info@vrajtmt.in

https://www.vrajtmt.in/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html