The initial public offer of Vraj Iron and Steel got subscribed 119 times on the last day of bidding on Friday helped by heavy participation from institutional investors.

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The Rs 171-crore initial share sale received bids for 73,07,13,312 shares against 61,38,462 shares on offer, as per NSE data.

The quota for non-institutional investors received a whopping 208.81 times subscription, while Qualified Institutional Buyers (QIBs) part got subscribed 163.90 times. 

The category for Retail Individual Investors (RIIs) fetched 54.93 times subscription. Vraj Iron and Steel on Tuesday said it raised a little over Rs 51 crore from anchor investors.

The IPO is entirely a fresh issue of equity shares with no offer-for-sale component. Shares were available for public subscription in the range of Rs 195 to Rs 207 per scrip.

The company will use the IPO proceeds for expansion projects at the Bilaspur facility in Chhattisgarh and general corporate purposes.

Raipur-based Vraj Iron and Steel is into manufacturing sponge iron, MS (Mid Steel) billets, and TMT (Thermo Mechanical Treatment) bars.

It operates through two manufacturing plants at Raipur and Bilaspur in Chhattisgarh.

Aryaman Financial Services was the sole book-running lead manager, while Bigshare Services was the registrar for the IPO.

Shares of the company are proposed to be listed on NSE and BSE.