₹ 195 - ₹ 207
26-Jun-2024 - 28-Jun-2024
₹ 14904.00



26-Jun-2024 - 28-Jun-2024

₹ 195 - ₹ 207

Price Band

₹ 14904.00

Minimum Investment


Bid Lot


  • Face Value - ₹ 10/- Per Share

  • Listing at NSE BSE

  • 40,157 Application Required in Retail for 1 Time.

  • Registrar : Bigshare Services Pvt. Ltd

IPO Details

Fresh Issue aggregating to Rs. 171 Cr

Category % Shares/Amount
QIB 50% 4,130,435 Shares Rs.85.50 Cr
HNI 1 5% 413,043 Shares Rs.8.55 Cr @ 410 Form 1X
HNI 2 10% 826,087 Shares Rs.17.10 Cr @ 820 Form 1X
Retail 35% 2,891,304 Shares Rs.59.85 Cr @ 40157 Form 1X

BRLMs: Aryaman Financial Services Ltd

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
40157 Form 1X 410 Form 1X 820 Form 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 72 ₹ 14,904
Retail (Upto 2 Lakh) 13 936 ₹ 193,752
S-HNI (2 Lakh to 10 Lakh) 14 1008 ₹ 208,656
S-HNI (2 Lakh to 10 Lakh) 67 4824 ₹ 998,568
B-HNI (Above 10 Lakh) 68 4896 ₹ 1,013,472

IPO Timeline

  • Open Date

  • Close Date

  • Basis of Allotment Date

  • Initiation of Refunds

  • Credit Shares to Demat A/c

  • IPO Listing Date


Subscription as on
28-Jun-2024 16:04

Category Book Size Subscription No. of Times
QIB 1,652,174 ₹ 34.20 Cr. 287,463,888 ₹ 5950.50 Cr. 173.99x
HNI (<10 LAKH) 413,043 ₹ 8.55 Cr. 94,125,528 ₹ 1948.40 Cr. 227.88x
HNI2 (>10 LAKH) 826,087 ₹ 17.10 Cr. 179,671,680 ₹ 3719.20 Cr. 217.50x
RETAIL 2,891,304 ₹ 59.85 Cr. 162,003,888 ₹ 3353.48 Cr. 56.03x
Total 5,782,608 723,264,984 125.08x
Category Book Size Subscription No. of Times
QIB 1,652,174 ₹ 34.20 Cr. 287,463,888 ₹ 5950.50 Cr. 173.99x
HNI (<10 LAKH) 413,043 ₹ 8.55 Cr. 94,125,528 ₹ 1948.40 Cr. 227.88x
HNI2 (>10 LAKH) 826,087 ₹ 17.10 Cr. 179,671,680 ₹ 3719.20 Cr. 217.50x
RETAIL 2,891,304 ₹ 59.85 Cr. 162,003,888 ₹ 3353.48 Cr. 56.03x
Total 5,782,608 723,264,984 125.08x

*Excluding Anchor

Total No. of Application Approx : ~2080589 (51.81 Appwise)

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • The company was incorporated in 2004 as ‘Phil Ispat Pvt. Ltd and the name was subsequently changed to ‘Vraj Iron & Steel Ltd’, in 2023. The company is engaged in the manufacturing of Sponge Iron, M.S. Billets, and TMT bars under the brand VRAJ.
  • The company’s product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron cater to industrial customers as well as end-users.
  • The company operates 2 integrated manufacturing plants located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres. The company’s current aggregate installed capacity of intermediate and final products stands at 2,31,600 TPA and the company is in the process of increasing the said capacity to 5,00,100 TPA. The proposed expansion of Sponge Iron plant is expected to be operational in Q4FY25 while MS Billets is expected to become operational in Q1FY26.
  • Further, the company also has a captive power plant with a capacity of 5 MW which the company plans to increase to 20 MW by Q4FY25.
  • The company’s integrated manufacturing plants are strategically located at Bilaspur and Raipur within the mineral rich State of Chhattisgarh and in proximity to the mineral belt in eastern India. The plant’s location close to raw material suppliers and also the end users, aids the company to lower the transportation costs and logistics management, thereby by improving operating margins.
  • The company’s main products are Sponge Iron, TMT Bar and MS Billets which accounted for 96.88% 97.01%, 95.31% and 96.40% of total revenue from operations for period ended December 31, 2023, Fiscals 2023, 2022 and 2021 respectively. The diversified product range has resulted in a diversified product mix, which has reduced the dependency on a particular product and de-risked the revenue streams.
  • The company’s total Income grew at a CAGR of 33.4%, EBITDA grew at a CAGR of 67.2% and Profit After Tax grew at a CAGR of 121.7% during Fiscal 2021 and Fiscal 2023. For 9 months ending December 31,2023, the company reported total income of ? 304.88 Cr, EBITDA of ? 65.10 Cr, EBITDA margins of 21.61% and PAT of ? 44.58 Cr. The company’s PAT margins improved from 3.78% in Fiscal 2021 to 38.32% in Fiscal 2023.
Read More


Competitive Strength 

  • Integrated and well-established manufacturing setup
  • Manufacturing plants are strategically located, supported by robust architecture, leading to cost efficiencies and a stable supply chain
  • Quantity and Average price of Coal procured by the Company
  • Diversified product mix with strong focus on value added products
  • Experienced Promoters, Board and management team
  • Consistent track record of growth and financial performance

 Business Strategies 

  • Expansion of manufacturing facilities
  • Reduce Debt Levels and improve Debt to Equity Ratio
  • Strengthen the customer base by growing existing customer business and acquiring new customers
  • Focus on operational efficiencies to improve returns

Company Promoters

Vijay Anand Jhanwar is the Chairman & Managing Director of the Company. Prasant Kumar Mohta is the Whole-Time Director of the Company. Praveen Somani is the Whole-Time Director of the Company. Sanjeeta Mohta is a Non-Executive Independent Director of the Company. Sumit Deb is a Non-Executive Independent Director of the Company. Pramod Kumar Vaswani is a Non-Executive Independent Director of the Company. Shriram Verma is the Chief Financial Officer of the Company. Priya Namdeo is the Compa

Company Financials

Vraj Iron and Steel Limited's revenue increased by 24.87% and profit after tax (PAT) rose by 88.12% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 31 Dec 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 253.05 191.54 150.77 126.33
Revenue 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
Amount in ? Crore

Objects of the Issue

The company proposes to utilise the Net Proceeds in the following manner.

  • Funding for Capital Expenditure towards the "Expansion Project" at Bilaspur Plant:
  • Repayment or prepayment of borrowings from HDFC Bank obtained by the company for the capital expenditure towards the "Expansion Project" at Bilaspur Plant; and
  • Capital expenditure towards the "Expansion Project" at Bilaspur Plant.
  • General Corporate Purposes.

How to Apply

Apply for IPO in few simple steps.

  • Step 01 :

    Once you create your account, Login to InvestoYard.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with InvestoYard, in just a few clicks your application is processed. You can bid for any IPO through InvestoYard, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
  • The maximum subscription amount for retail investors is 2 lakh.
  • Any bid can be at a desired price or cut off price given by the company.

  • Enter the number of shares you wish to buy, as per the lot size.
  • You can apply at the cut off price set by the company or bid for a desired amount within the price band.
  • Maximum three bids will be accepted.
  • You then need to enter the UPI ID on InvestoYard’s IPO application form.

  • You will immediately get a fund blocked request on your UPI for the submitted IPO application.
  • The funds will be blocked in your bank account until allotment when it is debited.
  • The limit for IPO application is Rs 2 lakh per transaction on UPI.
  • On allotment of the shares, the money will be automatically debited.
  • If the share aren’t allotted the blocked funds will reflect back into your account.

Frequently Asked Questions

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