Vraj Iron and Steel IPO: The initial public offering (IPO) is now accepting bids, and subscriptions will be accepted through June 28, 2024. This indicates that this week’s Vraj Iron and Steel IPO will be open from Wednesday through Friday. The Vraj Iron and Steel IPO price has been set by the sponge iron manufacturer at ₹195 to ₹207 per equity share. With this maiden offer, which is a completely new issue, the business hopes to raise ₹171 crore. Shares of Vraj Iron and Steel started trading on the gray market on the day of the issue opening. Observers of the stock market claim that shares of Vraj Iron and Steel Limited are currently available in the grey market for a premium of ₹26 percent.
Status of Vraj Iron and Steel’s IPO subscription
On the first day of bidding, at 11:39 AM, the retail component of the public issue had been booked 1.88 times, the NII portion had been subscribed 0.68 times, and the book build issue had been booked 1.09 times.
Vital information about the Vraj Iron and Steel IPO
1] Vraj Iron and Steel IPO GMP: According to market watchers, shares of the business that manufactures sponge iron are currently offered in the grey market at a premium of ₹54.
2. Vraj Iron and Steel’s initial public offering (IPO) price: The business has set the price range for each equity share at ₹195 to ₹207.
3. Date of Vraj Iron and Steel IPO: Today is the opening day for the book build issue, which will run through June 28, 2024.
4. Vraj Iron and Steel IPO size: With this entirely new offering, the business hopes to raise ₹171 crore.
5. Size of Vraj Iron and Steel IPO lots: 72 business shares make up each lot that a bidder may apply for.
6.Vraj Iron and Steel IPO investment cap: In order to apply for the book build issue, a bidder must have at least ₹14,904 (₹207 x 72).
7. Date of Vraj Iron and Steel IPO allotment: Monday, July 1st, 2024 is probably when shares will be allocated.
8. Bigshare Services Private Limited has been designated as the official registrar for the Vraj Iron and Steel initial public offering.
The book build issue is being proposed for listing on the BSE and NSE for the Vraj Iron and Steel initial public offering (IPO). The Vraj Iron & Steel IPO listing date is most likely July 3rd, 2024, in light of the ‘T+3’ listing rule.
Should You Purchase the Vraj Iron and Steel IPO?
According to Profitmart Securities Head of Research Avinash Gorakshkar, Vraj Iron & Steel is a commodity company that has been offered at slightly higher prices. This raises questions about whether the company’s IPO is beneficial or detrimental to primary market investors. From its standpoint, the fact that the corporation is expanding its capacity is encouraging. Nevertheless, one can only apply for the mainboard issue for the listing gains given the robust trend in the secondary market and the optimistic primary market.
Investmart Swastika added a ‘subscribe’ tag to the mainboard issue and stated, “Vraj Iron and Steel has demonstrated steady financial performance over the last three years, with a strong emphasis on profitability. But some significant concerns need to be carefully considered. The company doesn’t have any long-term customer commitments, and its manufacturing facilities are all located in one area. Furthermore, Vraj Iron and Steel is vulnerable to supply disruptions and changes in the price of raw materials due to the fierce competition in the steel sector. The IPO’s 9.48x P/E price seems fair in spite of these concerns. We advise a subscribe rating for this IPO due to the potential for long-term growth and the potential for modest listing gains.”
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