- Bumper listing of IRCTC shares in the stock market
- Shares with an issue price of Rs 320 with a premium of over 100% listed at Rs 644
- The company’s aim was to raise Rs 645 crore through an IPO.
- IRCTC shares got 112 times higher bids
A bumper listing of the shares of Indian Railway Catering and Tourism Corporation (IRCTC) has been done in the stock market. They listed the stock at Rs 644 with a 101.25% premium on the BSE as against the issue price of Rs 320. This is the most successful listing of a government company in the stock market. The market capitalization (MCAP) of the company after being listed in the market is Rs 10,736 crore.
This is the most spectacular listing in the stock market in the last two years, in which a share has been listed at double the issue price. The stock of the company was trading at Rs 684 with a jump of 40.00 points (6.21%) at 10.30 am.
IRCTC got bumper listing in stock market
This public issue is part of the Central Government’s disinvestment plan for the financial year 2019-20. The government, which holds a 100% stake in IRCTC, will sell its 12% stake. After the IPO, the government’s stake in the company will come down to 87.7%. IRCTC deals in Internet ticketing, catering, packaged drinking water, travel, and tourism.
IRCTC’s IPO opened between September 30 and October 4. This taken over by investors. It received 112 times more bids. Bids received for 25 crore shares against the 2 crore shares held for sale of IRCTC.
The company has brought in an IPO to raise Rs 645 crore. The category of institutional investors got 108.79 times, subscribed 354.52 times in case of non-institutional investors and 14.65 times in case of retail investors.
They fixed the price range for the initial public offering of the company at Rs 315 to 320. Yes, Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities were managing the IPO.
