IRCTC IPO Subscribers Now Waiting for Allotment to Cash on Bumper Listing
The IRCTC IPO had closed on October 03 and was subscribed nearly 112 times on the back of strong demand across investor categories.
Screen grab of the IRCTC website.
The subscribers to the initial public offering (IPO) of the Indian Railway Catering and Tourism Corporation (IRCTC) are now eagerly waiting for the allotment of shares, which is most likely to be concluded today, as market experts predict a bumper listing for the PSU (public sector unit) stock.
The IRCTC IPO had closed on October 3 and was subscribed nearly 112 times on the back of strong demand across investor categories. The attractive IPO pricing, monopolistic nature of the company’s business and solid subscription figures have fuelled expectations that the IRCTC shares may give 50- 75% returns on listing day. In fact, market experts believe IRCTC shares can prove to be a good portfolio stock and can be held for four to five years to reap long-term gains.
“The IRCTC IPO is a good investment option and one can book around 50% profit on the listing day itself,” said Sumeet Bagadia, executive director at Choice Broking, told Zee Business. He added the shares may list at around Rs 500 and the stock’s performance over the next two quarters would throw light on the future outlook.
Alankit Assignments, the registrar of the IRCTC IPO, will take care of share allotment and refund processing. Investors can check the allotment status by visiting the ipo.alankit.com link and entering the PAN and IPO application number.
IRCTC shares will be listed on both BSE and NSE on 14 October. The IPO had set the price band cap at Rs 320, with retail investors getting an additional Rs 10 discount apiece. As compared to 2.02 crore shares on offer from IRCTC in the IPO, investors had bid for 225 crore shares of IRCTC. After the IPO, the government’s stake in IRCTC will come down to 87.4%.
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