Kanga & Co Facilitates Vraj Iron and Steel’s INR 1.71 Billion Listing
Kanga & Co has successfully facilitated the initial public offering (IPO) of Vraj Iron and Steel, which was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The IPO, valued at INR1.71 billion (approximately USD20.3 million), involved the issuance of 8.26 million shares priced at INR207 each.
Senior partner Chetan Thakkar spearheaded the Kanga & Co team, supported by principal associate Tejal Patankar, and associates Nishi Jain and Siddhi Chauhan. The firm’s role included due diligence, drafting issue documents, and addressing observations from the Securities and Exchange Board of India (SEBI) and the exchanges. Additionally, Kanga & Co prepared various agreements with intermediaries involved in the listing process.
Aryaman Financial Services acted as the sole bookrunning lead manager for the IPO. Vraj Iron and Steel, which specializes in producing sponge iron, MS billets, and TMT bars, operates two manufacturing plants located in Raipur and Bilaspur, Chhattisgarh.
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