Vraj Iron & Steel IPO
Vraj Iron & Steel IPO — date, price band, lot size & details 2024
Vraj Iron & Steel listed on 3 Jul 2024 at ₹240, 15.9% above the ₹207 issue price.
Vraj Iron & Steel makes sponge iron, MS billets and TMT bars under the Vraj brand from two plants in Chhattisgarh. Its total income was Rs 517.42 crore in FY2023.
Stock price
Vraj Iron & Steel is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 26 Jun 2024
- Close 28 Jun 2024
- Allotment 01 Jul 2024
- Refund/credit 02 Jul 2024
- Listing 03 Jul 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 26 to 28 Jun, 2024 |
|---|---|
| Price Band | ₹195 – ₹207 |
| Face Value | ₹10 |
| Lot Size | 72 Shares |
| Issue Size | ₹171 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,904 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 72 shares at the ₹207 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 72 | ₹14,904 |
| Retail (max) | 13 | 936 | ₹1,93,752 |
| S-HNI (min) | 14 | 1,008 | ₹2,08,656 |
| S-HNI (max) | 67 | 4,824 | ₹9,98,568 |
| B-HNI (min) | 68 | 4,896 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 290.93 crore in FY2021 to Rs 517.42 crore in FY2023.
- 02Profit after tax rose from Rs 10.99 crore in FY2021 to Rs 54.00 crore in FY2023.
- 03The pre-issue P/E was 9.48 at the upper band of Rs 207, based on EPS of Rs 21.84.
- 04The whole Rs 171 crore issue was fresh capital for debt repayment and expansion.
- 05The source puts return on net worth at 23.78%.
Risks · 5
- 01Steel prices are cyclical, and the source puts the PAT margin at 3.61%.
- 02Both of its 2 plants are in Chhattisgarh, so a regional disruption could hit output.
- 03Total borrowing rose from Rs 22.98 crore on 31 March 2023 to Rs 49.30 crore on 31 December 2023.
- 04The Bilaspur expansion needs Rs 59.50 crore and carries project risk.
- 05Promoters and the promoter group held 99.99% before the issue and 74.95% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Vraj Iron & Steel offer document.
| Metric | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 253.05 | 191.54 | 150.77 | 126.33 |
| Total Income | 304.81 | 517.42 | 414.38 | 290.93 |
| Profit After Tax | 44.58 | 54.00 | 28.70 | 10.99 |
| NET Worth | 187.50 | 140.92 | 87.14 | 57.79 |
| Reserves and Surplus | 162.78 | 135.97 | 82.19 | 52.85 |
| Total Borrowing | 49.30 | 22.98 | 42.51 | 45.78 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vraj Iron & Steel RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vraj Iron & Steel IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹21.84 | ₹18.02 |
| P/E Ratio (x) | 9.48 | 11.49 |
| Market Cap at Offer Price (₹ Cr) | ₹422.53 | ₹512.10 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹207 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹152.30 Cr of the issue is earmarked to named objects.
About the company
It runs two manufacturing plants at Raipur and Bilaspur in Chhattisgarh. Its products also include by-products such as dolochar and pellets.
Its promoters include Gopal Sponge and Power Private Limited, V.A. Transport Private Limited, Vijay Anand Jhanwar and Kusum Lata Maheshwari.
The IPO was Rs 171 crore and was entirely fresh issue. Rs 70.00 crore was planned for repaying HDFC Bank borrowings and Rs 59.50 crore for an expansion project at the Bilaspur plant.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Vraj Iron & Steel IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
7 issues handled (5 mainboard, 2 SME)Best listing: Indo Farm Equipment (+19.1%). Weakest: Narmadesh Brass Industries (-3.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vraj Iron & Steel?
The current Grey Market Premium is ₹50, or 24% over the issue price.
What is the Vraj Iron & Steel IPO price band?
₹195 to ₹207, on a face value of ₹10.
When is the allotment?
The basis of allotment is 1 July 2024, with listing on 3 July 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
