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Vraj Iron and IPO
Price Band
₹195.0–207.0
Issue Size
₹171.0 Cr
Lot Size
72 shares
Min Investment
₹14,904
GMP
+₹50.0 (24.15%)
Issue Price
₹207.0
Subject to Sauda
₹2700
Paid only if allotted
Vraj Iron and IPO AI Summary
- Vraj Iron and IPO is listed on BSE, NSE in the Sponge Iron sector.
- Price band: ₹195.0–₹207.0 per share, lot size 72 shares (min. investment ₹14,904).
- Subscription window: 26 Jun–28 Jun 2024, listing on 03 Jul 2024.
- Current GMP is +₹50.0 (24.15%), an estimated listing price of ₹257 — unofficial and can change daily.
Vraj Iron and Steel Limited is set to launch its IPO with a price band of ₹195 to ₹207. The company has shown growth in total income and profit over the past years, with plans to utilize the IPO proceeds for debt repayment and expansion. Investors should consider their risk profile and the potential for listing gains when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Vraj Iron and IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 28 Jun 2024 — not a current signal.
8 of 9 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Vraj Iron and IPO Grey Market Premium (GMP) Today
GMP
+₹50.0
GMP %
+24.15%
Est. Listing
₹257.0
Updated: 25 Jul 2026 14:05
About the Company
Incorporated in June 2004, Vraj Iron and Steel Limited manufactures Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj. The company runs two manufacturing plants in Raipur and Bilaspur, Chhattisgarh, covering 52.93 acres. As of March 31, 2023, the total installed capacity of the manufacturing plants was 231,600 tons per year, including intermediate and final products. The company currently has a production capacity of 57,600 TPA of MS Billets, which its rolling mills can use to manufacture TMT Bars with a production capacity of 54,000 TPA. The company's product portfolio comprises offerings such as Sponge Irons, TMT Bars, MS Billets, and by-products Dolochar, Pellets, and Pig Iron, which cater to a mix of industrial customers and end-users. The Raipur Plant has achieved the Environmental Management System Certification under the new ISO 14001:2015 standard. As of June 30, 2023, the company has a workforce of 533, including 298 permanent employees, 7 at the Registered Office, 200 at the Raipur Plant, 87 at the Bilaspur Plant, and 235 contract workers.
Company Financials (₹ Cr)
As of 2023-12-31
| Period Ended | 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 |
Key Ratios
EPS
₹21.84
NAV
₹75.84
ROE
23.78%
ROCE
25.34%
RoNW
23.78%
P/B Value
2.73
P/E Ratio
9.48
Market Cap
₹682.74 Cr
PAT Margin
3.61%
Debt/Equity
0.27
Peer Comparison
| Company | NAV | RoNW | EPS Basic | EPS Diluted | P/E (x) |
|---|---|---|---|---|---|
| Shyam Metalics And Energy Limited | 280.79 | 11.85% | 33.26 | 33.26 | — |
| Godawari Power & Ispat Ltd. | 277.09 | 20.31% | 61.16 | 61.16 | — |
| Sarda Energy & Minerals Ltd. | 967.72 | 17.71% | 169.94 | 169.94 | — |
| Vraj Iron and Steel Limited This IPO | 285 | 38.32% | 21.84 | 21.84 | 9.48 |
Promoters
Gopal Sponge & Power Pvt.Ltd., V.A.Transport Pvt.Ltd. and Vijay Anand Jhanwar
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment or prepayment of borrowings from HDFC Bank 70.00 2 Capital expenditure towards the “Expansion Project” at Bilaspur Plant 59.50 3 General Corporate Purposes 22.80
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹290.93 Cr in the year ended 31 Mar 2021, increasing to ₹414.38 Cr by 31 Mar 2022, and further rising to ₹517.42 Cr by 31 Mar 2023. However, for the period ending 31 Dec 2023, total income decreased to ₹304.81 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹10.99 Cr in the year ended 31 Mar 2021, which rose to ₹28.70 Cr by 31 Mar 2022, and further increased to ₹54.00 Cr by 31 Mar 2023. For the period ending 31 Dec 2023, profit after tax was ₹44.58 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Vraj Iron and Steel Limited's implied P/E at the issue price is 9.48, compared to peers trading at various P/E ratios. This positions Vraj at a competitive valuation within its sector.
Grey Market Premium, Explained
The grey market refers to the unofficial market where shares of an IPO are traded before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the IPO based on demand in the grey market. A higher GMP suggests strong demand and potential for listing gains.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It is important to consider the company's financial health, market position, and growth prospects.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, as they can be subject to market fluctuations and uncertainties inherent in new listings.
IPO Timeline, Explained
The IPO opens for subscription on June 26, 2024, and closes on June 28, 2024. Allotment of shares will be done on July 1, 2024, with the listing date set for July 3, 2024.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are sold on the listing day at a higher price than the issue price. However, these gains are not guaranteed and depend on market conditions and investor sentiment at the time of listing.
This evaluation is generated from Vraj Iron and's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Vraj Iron and IPO GMP today?
Vraj Iron and IPO GMP today is +₹50.0 (24.15%), indicating an estimated listing price of ₹257. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Vraj Iron and IPO?
The price band of Vraj Iron and IPO is ₹195.0–₹207.0 per share.
When does Vraj Iron and IPO open and close?
Vraj Iron and IPO opens on 26 June 2024 and closes on 28 June 2024.
When does Vraj Iron and IPO list on the stock exchange?
Vraj Iron and IPO listed on 03 July 2024 at ₹257.0.
What is the lot size for Vraj Iron and IPO?
The lot size for Vraj Iron and IPO is 72 shares, requiring a minimum investment of ₹14,904.
What is the price band for the IPO?
The price band for the IPO is ₹195 to ₹207.
What is the minimum investment required?
The minimum investment required is ₹14,904.
What is the lot size for the IPO?
The lot size for the IPO is 72 shares.
When is the listing date?
The listing date is July 3, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
26 Jun 2024
Close
28 Jun 2024
Allotment
01 Jul 2024
Listing
03 Jul 2024
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