India's Vraj Iron and Steel jumps 22% in debut trade

Allied Blenders and Distillers

03/07/2024 05:53

** Shares of Vraj Iron and Steel VRAJ.NS  jump 21.7% at 252
rupees on first day of trading
    ** VRAJ, which makes sponge iron and TMT bars, opened at 240
rupees, a near 16% premium to IPO price of 207 rupees
    ** VRAJ's IPO -- of fresh shares worth 1.71 bln rupees
($20.5 mln) -- was oversubscribed 119x, per exchange data
    ** VRAJ to use proceeds for plant expansion, other general
costs
    ** Co's profit jumped nearly 90%, while its rev rose 24.5%
in year-ended March, 2023
    ** Allied Blenders and Distillers  ALLE.NS  rose nearly 13%
in its debut on Tuesday
 
 
 ($1 = 83.5025 Indian rupees)

 (Reporitng by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))