IRCTC IPO Subscribed More Than 3.5 Times So Far On Last Day

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Image for representation
Image for representation

IRCTC’s initial public offer (IPO) was subscribed more than 3.5 times on the final day of issue on Tuesday. IRCTC or Indian Railway Catering and Tourism Corporation – the online ticketing arm of the Indian Railways – plans to raise up to Rs. 645 crore through the public offer, which opened for subscription on Monday and will close at the end of trade on Thursday, October 3. The markets remained shut on Wednesday on account of Mahatma Gandhi Jayanti. (Also read: Last Day Of IRCTC IPO Today. Should You Subscribe?)
IRCTC IPO Subscription Status
By 10:30 am, bids for 7.30 crore shares were received as against the total 2.02 crore shares on offer under the IRCTC IPO, data from the National Stock Exchange (NSE) showed. That marked a subscription of 3.62 times.

Here’s all you need to know about the IRCTC IPO:
Issue size: IRCTC is selling 2.01 crore shares under the IPO. At the upper end of the price band, the company is valued at Rs. 5,120 crore, and Rs. 5,040 crore at the lower end, according to brokerage Axis Capital.

Issue price: IRCTC has set an issue price of Rs. 315-Rs. 320 for the IPO. Half of the total shares on offer are reserved for qualified institutional investors, 35 per cent for retail investors and 15 per cent for non-institutional buyers.

Lot size: The IRCTC IPO can be subscribed to with a minimum of 40 shares, and in the multiples of 40 thereof.

Shares reserved for staff: The IRCTC IPO comprises an offer for sale (OFS) of 2.01 crore shares, of which, 1.6 lakh are reserved for employees.

Utilisation of proceeds: All proceeds from the IRCTC IPO will go directly to the selling shareholder.

Company profile: State-run IRCTC is the only entity authorised by the Indian Railways to provide catering services to railways, online railway tickets, and packaged drinking water at railway stations and trains in India. Currently, IRCTC operates in four business segments: Internet Ticketing, Catering, Packaged Drinking Water and Travel and Tourism.

More on IRCTC IPO: The IRCTC IPO is the largest of all the railway offerings so far. There are three other listed entities associated with the Railways: Rail Vikas Nigam, Rail India Technical and Economic Service (RITES) and Indian Railway Construction Company (IRCON).

Source By NDTV

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