Vraj Iron and Steel IPO share allotment likely today. Here's how you can check status

Vraj Iron and Steel received a robust response from investors for its IPO, which closed last week. The issue was subscribed over 100 times. Post the subscription closure, the company will likely finalise the share allotment on Monday.

Investors can check the status of their share allotment on the BSE or even by logging in to the registrar website.

Firstly, here's how you can know the status on BSE

Step 1: Visit the BSE Website (https://www.bseindia.com/investors/appli_check.aspx)

Step 2: Please select the issue name, that is the company's name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

To check the status of Vraj Iron and Steel IPO allotment through the registrar, which is Bigshare Services in this case, kindly follow the below steps.

Step 1: Visit the Bigshare Services website (https://ipo.bigshareonline.com/IPO_Status.html)

Step 2: Select Vraj Iron and Steel IPO

Step 3: Enter the PAN details and click search to know the status

Vraj Iron and Steel GMP

In the unlisted market, the company's shares are trading with a premium of Rs 75. This compares with an IPO price of Rs 280, indicating a gain of 36% on listing day, which is fixed as July 3.

Also Read: 73% IPOs trading above issue price as primary market shines in H1, four turn multibaggers

The company proposes to utilise the net proceeds towards funding for its capital expenditure requirement towards the expansion of project at Bilaspur Plant, estimated to be at Rs 164.50 crore and the balance amount towards general corporate purposes.

Vraj Iron has already deployed a Rs 70 crore loan from HDFC Bank which is proposed to be repaid from net proceeds of the IPO. For the balance amount of Rs 94.5 crore, the company has already deployed Rs 32 crore from internal accruals and further wish to deploy Rs 3 crore from internal accruals.

Chhattisgarh-based Vraj Iron and Steel is engaged in manufacturing of Sponge Iron, M S Billets, and TMT bars under the brand Vraj. The company currently operates through two manufacturing plants which are located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres.

As of March 2023, the aggregate installed capacity of its manufacturing plants was 2.31 lakh tons per annum. Its product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron cater to a mix of customers that consist of industrial customers and end-users.

Aryaman Financial Services acted as the book running lead manager (BRLM) for the IPO.

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