IRFC IPO Subscribed More Than A Third On Day 1
The IPO was subscribed 0.39 times as of 1:18 p.m. on Jan. 18.
Retail investors bet on the initial share sale of Indian Railways Finance Corp., a dedicated fundraising arm of the Indian Railways, during the first of subscription.
The IPO was subscribed 0.39 times as of 1:18 p.m. on Jan. 18, according to data available on the BSE and NSE. The issue will close on Jan. 20.
Subscription details:
Institutional investors: 0%
High net worth individuals: 5%
Retail investors: 77.6%
Employee: 2.4 times
The maiden offer comprises a fresh equity issue of up to 118 crore shares and an offer-for-sale of 59.4 crore shares by the government. The price band has been fixed at Rs 25-26 apiece.
The company, according to an exchange filing, has raised Rs 1,389.86 crore by allocating shares to anchor investors, including HDF Equity Fund, Government of Singapore, Nippon India Tax Savers Fund, among others.
The IPO, which is the first by a government-owned non-bank lender, also comes at a time when participation of retail investors in the equity markets in India and around the world has increased following the pandemic-induced lockdowns.