New Delhi: Shares of Vraj Iron and Steel Ltd on Wednesday debuted in the market with a premium of about 16 per cent over the issue price of Rs 207.

The stock was listed at Rs 240 on both BSE and NSE, registering a jump of 15.94 per cent.

Later, it rose 21.71 per cent to Rs 251.95 on BSE, while the stock rose 21.73 per cent to Rs 252 on NSE.

The market valuation of the company stood at Rs 831 crore.

The initial public offering of Vraj Iron and Steel was subscribed 119 times on the last day of bidding on Friday with heavy participation from institutional investors.

The initial share sale of Rs 171 crore was entirely a fresh issue of equity shares, with no offer for sale.

The shares were available for public subscription in the range of Rs 195 to Rs 207 per share.

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

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

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