Vraj Iron and Steel is scheduled to finalise the basis of allotment of its shares on Monday, July 01. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, July 02. The sponge Iron and TMT bar maker had received a strong response from the investors.
The IPO of Vraj Iron and Steel was open for bidding June 26 and June 28. The Raipur based company had sold its shares in the price band of Rs 195-207 per share with a lot size of 72 shares. The company raised Rs 171 crore via its primary offering, which entirely included a fresh share sale of Rs 82,60,870 equity shares.
The issue was overall subscribed a stellar 119.04 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 163.90 times The quota for non-institutional investors was subscribed 208.81 times. The portions reserved for retail investors saw bidding for 54.93 times during the three-day bidding process.
Grey market premium (GMP) of Vraj Iron and Steel has remained stable following the closure of the bidding process. Last heard, the company was commanding a premium of Rs 75 per share, suggesting a listing pop of around 36 per cent for the investors. However, it was around Rs 85-90 apiece, when the issue opened for the bidding.
Incorporated in June 2004, Vraj Iron and Steel manufactures Sponge Iron, MS Billets, and TMT bars under the brand Vraj. 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.
Brokerage firms were mostly positive on the issue, suggesting investors to subscribe to it on the back of strategic locations of facilities, expansion plans and future growth along with consistent financials and robust profitability. However, concentration of manufacturing in a single region, fluctuations in the commodity prices and fully-priced valuations were the key concerns.
Aryaman Financial Services is the book running lead manager of the Vraj Iron and Steel IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with July 03, Wednesday as the tentative date of listing.
Investors, who had bid for the issue of Vraj Iron and Steel, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Vraj Iron and Steel Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.