IRCTC IPO: got subscribed 112 times

IRCTC IPO: got subscribed 112 times

Agency News

The e-ticketing and catering partner of the Indian Railways , IRCTC's initial public offer (IPO) was subscribed more than 112 times when the deadline for the subscription ended on last Thursday.

Now all eyes are on the allotment price which likely to happen on 10th October (tentative), according to brokerages. IRCTC shares will get listed on both BSE and NSE and the tentative listing date is 14th October.

Indian Railway Catering and Tourism Corporation(IRCTC) - the online ticketing arm of the Indian Railways - plans to raise up to Rs. 645 crore through the IPO, which opened for subscription on Monday and will close on Thursday, October 3.

As compared to 2.02 crore shares on offer, investors bid for 225 crore shares of IRCTC. The government will hold a 87.4% stake in IRCTC after the IPO.

IRCTC has set an issue price of Rs. 315-Rs. 320 for the IPO. Half of the total shares on offer are reserved for qualified institutional investors, 35 per cent for retail investors and 15 per cent for non-institutional buyers. The IRCTC IPO can be subscribed to with a minimum of 40 shares, and in the multiples of 40 thereof.

The IRCTC IPO comprises an offer for sale (OFS) of 2.01 crore shares, of which, 1.6 lakh are reserved for its employees.