IRCTC IPO Gets 81% Subscription On First Day Of Bidding
The initial public offering of Indian Railway Catering and Tourism Corporation Ltd. witnessed 81 percent subscription on the first day of bidding Monday.
The IRCTC IPO, which aims to raise about Rs 645 crore, received bids for 1.63 crore shares against the total issue size of 2 crore shares, data from the stock exchanges showed.
The portion of shares reserved for non-institutional investors in the IRCTC IPO received 21 percent subscription while those for retail investors was subscribed 2.23 times.
The price band for the share sale has been fixed at 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 three-day IRCTC IPO will close for subscription on Thursday as markets will be shut on Wednesday on account of Gandhi Jayanti.
YES Securities (India) Pvt. Ltd., SBI Capital Markets and IDBI Capital Markets & Securities are the managers to the offer.