Vraj Iron IPO listing is scheduled for tomorrow, Wednesday, July 3, 2024. The IPO allotment was finalized on Monday, July 1, 2024. For those who have been allocated shares, the shares will be credited to their demat accounts today, Tuesday, July 2. Additionally, the refund process for those who did not receive shares will also be completed today. Here’s what you need to know about Vraj Iron IPO listing tomorrow.
Vraj Iron IPO Listing Tomorrow
On the final day of subscription, Friday, June 28, Vraj Iron IPO was subscribed 119.02 times in total as the issue received bids for 73.07 crore equity shares as against 61.38 lakh shares on the offer, as per NSE data. The non-institutional investor (NII) quota was oversubscribed 208.8 times, while the qualified institutional buyer (QIB) segment saw 163.9 times subscription. The retail individual investor (RII) quota received 54.89 times the subscription. The IPO, which opened on Wednesday, June 26, had a price band set between INR 195 – 207 per share.
In the Vraj Iron IPO, 15% of the shares are allocated for non-institutional investors (NII), 35% are designated for retail investors, and 50% are reserved for qualified institutional buyers (QIB).
Vraj Iron IPO GMP
Investors are also considering the market opportunity and the unique premium of Sponge Iron and TMT bar maker about to enter the market. Consequently, there is a significant grey market premium (GMP), offering a profit potential. Let’s examine what the GMP for Vraj Iron IPO has indicated in the last few days ahead of its listing.
Over the past nine days (22 Jun – 2 Jul), the average grey market premium (GMP) for Vraj Iron’s IPO was INR 59 per share, with today’s GMP being at INR 70 per share. This indicates that Vraj Iron’s shares were trading at a premium of INR 70 in the grey market, according to IPOCentral’s GMP tracker. Accordingly, the anticipated listing price for Vraj Iron IPO is pegged at INR 277 per share. This figure represents a 33.82% profit from the IPO price of INR 207 per share, factoring in the upper limit of the IPO pricing range and the current premium observed in the grey market.
Recent grey market trends over the last nine sessions suggest a rising IPO GMP, hinting at a strong listing ahead. The term “Grey market premium” signifies the willingness of investors to pay a price higher than the initial offering price.
Vraj Iron IPO Details
Vraj Iron IPO subscription commenced on June 26, 2024, and concluded on June 28, 2024. The IPO is to raise INR 171 crores through a fresh issue of 82.60 lakh shares. The company aims to use the proceeds to repay HDFC Bank borrowings and invest in expanding its Bilaspur plant, as well as for general corporate purposes. The price band for the IPO is fixed at INR 195 – 207 per share. The market lot for Vraj Iron IPO is 72 shares, with a minimum application amount of INR 14,904.
Vraj Iron and Steel produces Sponge Iron, M.S. Billets, and TMT bars under the Vraj brand. The company currently operates two manufacturing facilities spread across 52.93 acres at Raipur and Bilaspur in Chhattisgarh, with a combined capacity of 2,31,600 tons per annum (TPA), which is projected to increase to 5,00,100 TPA by FY 2025-26.
Vraj Iron IPO Listing FAQs
What are Vraj Iron IPO dates?
Vraj Iron IPO subscription commenced on June 26, 2024, and concluded on June 28, 2024.
When is the Vraj Iron IPO listing expected?
Vraj Iron IPO listing date is Wednesday, July 3, 2024.
Can we buy an IPO on the listing date?
You can place a buy order at a desired price for the IPO shares on the listing day after 10 AM.
