IRCTC registers bumper opening at the stock markets
Mumbai: Indian Railway Catering and Tourism Corporation (IRCTC) shares had a stellar debut at the BSE and NSE with prices of the share going up more than twice the issue price on both the listings.
IRCTC shares opened at Rs 644 on the BSE, while at NSE it debuted at Rs 626, which can be termed nothing less than a bumper opening as the issue price was Rs 320.
The three-day initial public offering (IPO) to raise Rs 645 crore, from Sept 30 to Oct 3, had received an overwhelming response, with investors subscribing nearly 112 times, NSE data showed.
The retail segment of the IPO was subscribed approximately 15 times while the qualified institutional buyers (QIBs) category 109 times and non-institutional investors (NIIs) category got subscribed 355 times, according to NSE data.
Investors bid for 225 crore shares of IRCTC, while there were 2.02 crore shares on offer, and the company received bids equaling Rs 72,000 crore at the upper price band, NSE data revealed.
At 2:30 pm, the IRCTC shares were trading at Rs 730.60 on NSE and Rs 730.20 on BSE.
After RITES, Rail Vikas Nigam and Ircon, IRCTC is the fourth railway company to be listed on domestic stock markets.
IRCTC is the only entity authorized by the Government to sell railway tickets online, to provide catering services and manufacture and sell packaged drinking water in railway stations and trains across India.
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