Vraj Iron and Steel's IPO Subscribed 16.90 Times on Second Day

Vraj Iron and Steel's initial public offering was highly successful, with a subscription rate of 16.90 times on the second day. The company raised Rs 171 crore and plans to utilize the funds for expansion at its Bilaspur facility and other corporate purposes. Shares will be listed on NSE and BSE.

Vraj Iron and Steel's initial public offering saw remarkable success, getting subscribed 16.90 times by the second day of bidding on Thursday.

The Rs 171-crore IPO garnered 10,37,65,824 bids for 61,38,462 shares, as per data from the NSE. Non-institutional investors' quota saw 32.51 times subscription, while Retail Individual Investors' portion was subscribed 19.35 times, and Qualified Institutional Buyers fetched a 91 percent subscription.

The company, which raised over Rs 51 crore from anchor investors, plans to utilize the IPO proceeds for expansion projects at its Bilaspur facility in Chhattisgarh, along with general corporate purposes. Shares will be offered in the price range of Rs 195 to Rs 207 per unit.

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