Vraj Iron and Steel IPO received an overwhelming response by the last day of bidding, June 28, driven mainly by non-institutional investors (HNIs) and qualified institutional buyers (QIBs). The Vraj Iron and Steel IPO allotment status is set to be finalised today.

If you applied for the IPO, here is how you can check the Vraj IPO allotment status.

Checking Allotment Status on Registrar's Website:

Follow these steps to check the Vraj IPO allotment status

1. Visit the registrar's website.
2. Click on "Company Selection" and choose "Vraj Iron and Steel" from the dropdown menu.
3. Then you can enter your PAN, application number, or Demat.
4. Click Submit to retrieve the Vraj IPO allotment status

Checking IPO Allotment Status on BSE:

1. Go to the BSE website.
2. Click on the ‘Equity' section and select "Vraj Iron and Steel" from the dropdown menu.
3. Enter your application number or PAN.
4. Click on the ‘Search' button.
5. The result will show the number of shares allotted to you.

If all the details are entered correctly and the allotment has been finalised, the Vraj Iron and Steel IPO allotment status will be visible.

See Also: Check Out Anand Mahindra’s Salary As Tech Mahindra’s Chairman

Vraj Iron and Steel IPO Subscription

The ₹171-crore IPO garnered bids for over 73.07 crore equity shares, which were 119.04 times higher than the offer size of 61.4 lakh equity shares.

Non-institutional investors led the subscription, bidding for 208.81 times their allotted quota, while QIBs followed, subscribing 163.9 times their reserved portion. Retail investors bid 54.93 times their allotted shares.

Vraj Iron and Steel IPO GMP

The Vraj IPO GMP is currently reported at ₹75. With the IPO's price band set at ₹207, the expected listing price is ₹282, indicating a potential gain of approximately 36% on the listing. However, it's important to note that GMPs are just an indicator and should not be the sole factor behind the company's performance upon listing.

Vraj Iron and Steel IPO Details

The Vraj IPO bidding took place from June 26, 2024, to June 28, 2024. The allotment of shares is expected to be finalised on Monday, July 1, with the IPO listing on the BSE and NSE tentatively scheduled for Wednesday, July 3. The price band for the Vraj Iron and Steel IPO was set at ₹195 to ₹207 per share.

The minimum lot size for an application was 72 shares, requiring a minimum investment of ₹14,904 for retail investors. The IPO consists solely of a fresh issue with no offer-for-sale component.

On June 25, a day before the issue opening, Vraj Iron mobilised ₹51.3 crore from six anchor investors, including Volrado Venture Partners Fund IV, Ashika Global Securities, Capri Global Housing Finance, and Leading Light Fund VCC. The company plans to use ₹129.5 crore of the net proceeds from the fresh issue mainly for the expansion project at the Bilaspur plant, with the remainder for general corporate purposes.

Vraj Iron, which manufactures sponge iron, MS billets, and TMT bars under the brand Vraj, currently operates through two plants in Raipur and Bilaspur in Chhattisgarh, with an installed capacity of 2.31 lakh tons per annum.

Read Next: Zomato Receives GST Demand Of ₹9.50 Cr, Says Will Appeal Against Order