The preliminary public supply of Vraj Iron and Metal bought subscribed 119 instances on the final day of bidding on Friday helped by heavy participation from institutional buyers.
The Rs 171-crore preliminary share sale acquired bids for 73,07,13,312 shares towards 61,38,462 shares on supply, as per NSE knowledge.
The quota for non-institutional buyers acquired a whopping 208.81 instances subscription, whereas Certified Institutional Patrons (QIBs) half bought subscribed 163.90 instances.Â
The class for Retail Particular person Buyers (RIIs) fetched 54.93 instances subscription. Vraj Iron and Metal on Tuesday mentioned it raised a little bit over Rs 51 crore from anchor buyers.
The IPO is solely a recent concern of fairness shares with no offer-for-sale part. Shares had been out there for public subscription within the vary of Rs 195 to Rs 207 per scrip.
The corporate will use the IPO proceeds for growth tasks on the Bilaspur facility in Chhattisgarh and common company functions.
Raipur-based Vraj Iron and Metal is into manufacturing sponge iron, MS (Mid Metal) billets, and TMT (Thermo Mechanical Therapy) bars.
It operates via two manufacturing crops at Raipur and Bilaspur in Chhattisgarh.
Aryaman Monetary Providers was the only book-running lead supervisor, whereas Bigshare Providers was the registrar for the IPO.
Shares of the corporate are proposed to be listed on NSE and BSE.
