Vraj Iron And Steel Ltd’s shares made their market debut on Wednesday with a premium of nearly 16 percent against the issue price of Rs 207. The stock opened at Rs 240, marking a 15.94 percent increase on both the BSE and NSE. Later, it surged 21.71 percent to Rs 251.95 on the BSE and 21.73 percent to Rs 252 on the NSE, bringing the company’s market valuation to Rs 831 crore. The initial public offer of Vraj Iron and Steel was oversubscribed 119 times on the last day of bidding, driven by heavy participation from institutional investors. This Rs 171-crore initial share sale consisted entirely of a fresh issue of equity shares, with no offer-for-sale component. The shares were available for public subscription in the price range of Rs 195 to Rs 207 per scrip. The company plans to use the IPO proceeds for expansion projects at the Bilaspur facility in Chhattisgarh and for general corporate purposes. Vraj Iron and Steel, based in Raipur, manufactures sponge iron, MS (Mild Steel) billets, and TMT (Thermo Mechanical Treatment) bars, operating through two manufacturing plants in Raipur and Bilaspur, Chhattisgarh.