Vraj Iron & Steel Ltd IPO

Vraj Iron & Steel Limited was originally incorporated as Phil Ispat Private Limited as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated June 16, 2004 issued by the Registrar of Companies, Madhya Pradesh and Chhattisgarh. Pursuant to special resolution passed by the shareholders of the Company at the extraordinary general meeting held on September 29, 2023, the name of the Company was changed to Vraj Iron & Steel Private Limited and a fresh certificate of incorporation pursuant to change of name dated October 30, 2023 was issued by Registrar of Companies, Chhattisgarh. Thereafter, our Company was converted to a public limited company, pursuant to a special resolution passed by the shareholders of the Company at the extraordinary general meeting held on October 31, 2023 and the name of the Company was changed to Vraj Iron & Steel Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company dated November 10, 2023 was issued to the Company by the Registrar of Companies, Chhattisgarh.

India is the second-largest steel producer in the world with an installed capacity of 161.3 MT in FY23 and the second-largest consumer of finished steel with a consumption of 120 MT in FY23. The crude steel production in India increased by 14.1% y-o-y to 69.7 MT in H1 FY24 (April 2023-September 2023) from 61.1 MT in H1 FY23 (April 2022-September 2022). The domestic finished steel consumption has increased at a CAGR of 5% to 119.9 MT in FY23 from 98.7 MT in FY19. After a steady increase in steel production, India witnessed a degrowth of 6.3% y-o-y in FY21 due to the outbreak of COVID-19. During H1 FY24, the consumption of finished steel reported a growth of 14.8% y-o-y on account of increased demand from the infrastructure and real estate sectors, mainly due to the protection year.