Vraj Iron and Steel IPO listing tomorrow: Here’s what GMP, subscription status hint ahead of listing

Vraj Iron and Steel IPO listing date has been scheduled for tomorrow (Wednesday, July 3). Vraj Iron and Steel IPO allotment was finalised yesterday (Monday, July 1). The crediting of shares to demat accounts for individuals who have been granted shares will take place today, Tuesday, July 2. Today will also mark the completion of the process of returning shares to individuals who have not yet received them.

With strong support from institutional investors, Vraj Iron and Steel IPO subscription status was 119 times on the final day of bidding on Friday, June 28. The non-institutional investor quota was subscribed 208.81 times, while the QIB (Qualified Institutional Buyers) portion received 163.90 subscriptions. The retail investor category received 54.93 subscriptions. On Tuesday, June 25, Vraj Iron and Steel announced that it had raised slightly over ₹51 crore from anchor investors.

Also Read: Vraj Iron and Steel IPO allotment today. Latest GMP, steps to check allotment status online, other key details

15% of Vraj Iron and Steel’s shares were reserved for non-institutional institutional investors (NII), 50% for qualified institutional buyers (QIB), and 35% for retail investors. 

The IPO does not include an offer to sell; rather, it is a completely new issuance of equity shares. The public might subscribe for shares for between ₹195 and ₹207 per scrip. The Raipur-based company Vraj Iron and Steel produces TMT (thermomechanical treatment) bars, MS (mid steel) billets, and sponge iron. It runs two production facilities in Chhattisgarh, one each in Raipur and Bilaspur.

According to Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, the IPO has captivated investors, generating a phenomenal grey market premium (GMP) of ₹67, a staggering 32.37% above its issue price. This surge aligns perfectly with the extraordinary subscription of 126.36 times, showcasing immense investor confidence in Vraj Iron and Steel’s potential.

IPO GMP is heading upward and is expected to have a solid listing based on the actions of the past 14 sessions of the grey market. Analysts at investorgain.com estimate that the lowest GMP is ₹20 and the maximum GMP is ₹90.

Also Read: Vraj Iron and Steel IPO: From products to financials, here are 10 key things to know from RHP before investing

Let’s check what does Vraj Iron and Steel IPO GMP today signal ahead of listing.

Vraj Iron IPO GMP today or Vraj Iron IPO grey market premium is +67. This indicates Vraj Iron and Steel share price were trading at a premium of ₹67 in the grey market, according to investorgain.com.

A 32.37% increase over the IPO price of ₹207, or ₹274 per share, was suggested as the expected listing price of Vraj Iron and Steel shares, taking into account the top end of the IPO pricing band and the present premium in the grey market.

The readiness of investors to part with more money than the issue price is indicated by a “grey market premium”.

Also Read: Vraj Iron and Steel IPO booked 16.90x on the second bidding day. Apply or not? Check GMP, review, subscription status.

Vraj Iron IPO details

Vraj Iron and Steel IPO, worth ₹171 crore is completely a fresh issue of 8,260,870 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

The company plans to use the proceeds from the IPO for general corporate operations and an expansion project at the Bilaspur site.

The company plans to use the proceeds from the IPO for general corporate operations and an expansion project at the Bilaspur site.

Also Read: Vraj Iron and Steel IPO day 3: GMP, subscription status to review. Apply or not?

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