Vraj Iron and Steel's Rs 171 cr IPO subscribed 16.9 times on Day 2 of offer

The initial share sale received bids for 10,37,65,824 shares against 61,38,462 shares on offer, as per NSE data

The initial public offer of Vraj Iron and Steel got subscribed 16.90 times on the second day of bidding on Thursday.

The Rs 171-crore initial share sale received bids for 10,37,65,824 shares against 61,38,462 shares on offer, as per NSE data.

The quota for non-institutional investors received 32.51 times subscription while Retail Individual Investors (RIIs) portion got subscribed 19.35 times. The category for Qualified Institutional Buyers (QIBs) fetched 91 per cent subscription.

Vraj Iron and Steel on Tuesday said it raised a little over Rs 51 crore from anchor investors.

The IPO is entirely a fresh issue of equity shares with no offer-for-sale component.

Shares will be available for public subscription in the range of Rs 195 to Rs 207 per scrip.

The company will use the IPO proceeds for expansion projects at the Bilaspur facility in Chhattisgarh and general corporate purposes.

Raipur-based Vraj Iron and Steel is into manufacturing sponge iron, MS (Mid Steel) billets, and TMT (Thermo Mechanical Treatment) bars.

It operates through two manufacturing plants at Raipur and Bilaspur in Chhattisgarh.

Aryaman Financial Services is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.

Shares of the company are proposed to be listed on the NSE and the BSE.