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Thursday, May 28, 2020

The new IRCTC IPO is a huge hit among investors

IRCTC IPO will be the largest IPO's issued by IR subsideriesMumbai, Oct 3 (IANS) The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC)had overwhelming support from investors as it got subscribed 111.91 times on the final day of bidding on Thursday and is expected to raise Rs 645 crore.

Department of Investment and Public Asset Management (DIPAM), in a tweet, said: “IRCTC IPO has evoked a tremendous response from all the categories of investors, with the issue being subscribed more than 111 times. The issue, which divested 12.6 percent of GoI’s stake in the CPSE is expected to generate a revenue of Rs 645 cr. It is the 2nd CPSE to be listed this fiscal.”

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The Rs 645-crore IPO received bids for 225 crore shares against the total issue size of 2 crore scrips, according to the data available with exchanges till late evening.

The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, that for non-institutional investors (NIIs) was subscribed 354.52 times and retail investors was subscribed 14.65 times, sources said.

The IPO was subscribed 3.25 times till the second day of bidding on Tuesday. The initial public offering (IPO) is in a price range of Rs 315-320 per share.

The issue comprises an offer-for-sale of 2.01 crore shares of face value of Rs 10 each.

Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.

The offer is being managed by YES Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities.

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Covid 2019 India Stats Overview. Source: Ministry of Health and Family Welfare. Updated: 27 May 2020, 08:00

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