IRCTC IPO Subscribed 81% on Day 1 of Bidding; Brokerages Buoyant on Rs 645 Crore Issue
Screen grab of the IRCTC website.
New Delhi: The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed about 81 per cent on the opening day of bidding on Monday.
IRCTC's public offer to raise about Rs 645 crore received bids for 1.63 crore shares as against the total issue size of two crore shares, according to exchanges' data.
The non-institutional investors category was subscribed 21 per cent and that of retail individual investors 2.23 times.
Price range for the initial public offering (IPO) 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.
Bidding for the offer of the railways' tourism and catering arm will close on Thursday.
Equity markets will be closed on Wednesday on account of 'Mahatma Gandhi Jayanti'.
YES Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities are the managers to the offer.