IRCTC Comes-up with a Fresh Modus Operandi
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Recently, the India Railway Catering and Tourism
Corporation (IRCTC) made a strong debut in the stock markets. The IRCTC shares
grew up to Rs 673 at BSE and were trading at Rs 662 on NSE, almost double the
issue price of Rs 320.
The IRCTC is the fourth railway company to be listed on
the bourses. It’s market valuation stood at Rs 10,972 crore in morning trade.
This is the best debut by a local company in the
financial markets since 2017.
“Effective from Monday, October 14, 2019, the equity
shares of IRCTC Ltd shall be listed and admitted to dealings on the exchange in
the list of ‘B ‘ Group of Securities,” BSE had said in a circular.
IRCTC had recently concluded its Rs 645-crore initial
public offering. The IPO was subscribed 112 times at a price band of Rs 315-320
per share. It was open for subscription from September 30 to October 4.
The qualified institutional buyers category was
subscribed 108.79 times, non-institutional investors 354.52 times and the
retail investors segment was subscribed 14.65 times.
The issue comprised an offer-for-sale of 2.01 crore
shares of face value of Rs 10 each. 1,60,000 equity shares were reserved for
eligible employees. The merchant bankers for the issue were SBI Capital
Markets, IDBI Capital Markets & Securities and Yes Securities India.
IRCTC is the only body in India that is authorized to
sell railway tickets online, provide catering and drinking water to passengers
at railway stations.
