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Vraj Iron and Steel Limited IPO
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.
Vraj Iron and Steel Limited Financial Information (Restated Consolidated)
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 (Vraj Iron and Steel IPO Objectives)
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.
Vraj Iron and Steel IPO Timeline (Tentative Schedule)
Vraj Iron and Steel IPO opens on June 26, 2024, and closes on June 28, 2024.
| IPO Open Date | Wednesday, June 26, 2024 |
| IPO Close Date | Friday, June 28, 2024 |
| Basis of Allotment | Monday, July 1, 2024 |
| Initiation of Refunds | Tuesday, July 2, 2024 |
| Credit of Shares to Demat | Tuesday, July 2, 2024 |
| Listing Date | Wednesday, July 3, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 28, 2024 |
SHARIAH SCREENING for - Vraj Iron and Steel Limited IPO
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