Vraj Iron and Steel IPO: Subscription Fully Subscribed in First Hour, Price Range and Recommendations

Vraj Iron and Steel IPO: Subscription Fully Subscribed in First Hour, Price Range and Recommendations

Vraj Iron and Steel Ltd IPO Opens to Strong Response

The initial public offering (IPO) of Vraj Iron and Steel Ltd commenced on Wednesday, June 26, inviting public subscription. The IPO, valued at Rs 171 crore, has garnered significant attention by fully subscribing within the first hour of its opening.

Subscription Details and Key Dates

By 11:25 am on the opening day, the IPO had received 1.03 times subscription, totaling 59,46,192 shares against the 57,82,609 shares offered. The subscription period spans from June 26 to June 28, with allotment expected on June 29 and listing scheduled for July 3 on both the BSE and NSE.

Price Range and Lot Size

Investors can participate in the IPO within a price band of Rs 195 to Rs 207 per share. The minimum application requires 72 equity shares, translating to an initial investment of Rs 14,904 for retail investors at the upper price band of Rs 207 per share.

Grey Market Premium (GMP) and Market Sentiments

Grey Market Premium (GMP) and Market Sentiments The market is buzzing with optimism about the Vraj Iron and Steel IPO. Market observers report a grey market premium (GMP) of Rs 75 above the issue price, suggesting a potential 36.23% listing gain. This positive sentiment is a strong indicator of the potential investor interest in this IPO.

Also Read| Adani Enterprises Future Plans: IPO for Airport Business by FY28, Major Equity Raise in FY25

Brokerage Recommendations

Brokerage firms like Mastertrust and Swastika have given their vote of confidence to the Vraj Iron and Steel IPO. Mastertrust advises subscribing to the IPO for long-term gains, citing the company’s ambitious manufacturing and power capacity expansion plans. Swastika, on the other hand, highlights the IPO’s reasonable price-to-earnings (P/E) valuation and recommends subscribing based on growth potential and potential listing gains.

The Vraj Iron and Steel IPO has certainly made a strong impression on investors. With its early success and optimistic market expectations, coupled with the company’s strategic expansion plans, this investment opportunity should not be missed.