The initial public offer of Vraj Iron and Steel got subscribed 119 times on the last day of bidding on Friday helped by heavy participation from institutional investors.
The Rs 171-crore initial share sale received bids for 73,07,13,312 shares against 61,38,462 shares on offer, as per NSE data.
The quota for non-institutional investors received a whopping 208.81 times subscription, while Qualified Institutional Buyers (QIBs) part got subscribed 163.90 times. The category for Retail Individual Investors (RIIs) fetched 54.93 times subscription.
Vraj Iron and Steel on Tuesday said it raised a little over Rs 51 crore from anchor investors.
The IPO is entirely a fresh issue of equity shares with no offer-for-sale component.
Shares were available for public subscription in the range of Rs 195 to Rs 207 per scrip.
The company will use the IPO proceeds for expansion projects at the Bilaspur facility in Chhattisgarh and general corporate purposes.
Raipur-based Vraj Iron and Steel is into

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‘Paramfos Plus’ fertiliser contains 16% Nitrogen, 20% Phosphorus, and 13% Sulphur, along with an additional 0.6% Magnesium. The added Magnesium boosts photosynthesis, chlorophyll production, and promotes the vegetative growth of plants leading to improvement in both quality and yield. It is versatile and can be applied both as a basal and top dressing for a wide variety of crops, including paddy, cotton, maize, sugarcane, pulses, ragi, groundnut, oilseeds, and vegetables. Additionally, it is suitable for use on cereals, legumes, tuber crops, fruit-bearing plants, and various horticultural crops, ensuring comprehensive nutrient support across diverse agricultural practices.

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