State-owned Indian Railway Catering and Tourism Corporation’s IPO was fully subscribed on 1st October, the second day of subscription. The public enterprise has been receiving continuous support from retail investors and has seen the issue being subscribed to 2.07 times.
IRTCTC plans to raise Rs 645 crore through the initial public offering, which opened up for a subscription on Monday and ends on Thursday, 3rd October. The public offering is the largest of all the railway offerings by far. The other three listed entities associated with the Railways are- Rail Vikas Nigam, Rail India Technical and Economic Service (RITES) and Indian Railway Construction Company (IRCON).
Bids for 2.17 crore were received out of the total 2.02 crore shares by 10:30 am on offer under the IRCTC IPO which marks a subscription of 107.58%.
According to Axis Capital, the company is valued at Rs 5,120 crore at the upper end of the price band, and Rs 5,040 crore at the lower end. The issue price for the IPO is set at Rs 315-320. 50% of the shares are reserved for qualified institutional investors, 35% for the retail investors, and 155 for the non-institutional buyers.