IRCTC List: Investors more than double the money
MUMBAI: small investors and employees of IRCTC He saw his investment more than double in just 10 days when the mini-ratna company, under the Ministry of Railways, witnessed a stellar list on Monday.
The IRCTC stock - offered at Rs 310 per share to retail investors and its employees, and at Rs 320 to other investors during the book-building process - listed at Rs 644 on the BSE and closed at Rs 729. This valued the company at nearly Rs 11,700 crore (about $ 1.7 billion).
In the BSE, the action opened at Rs 644, touched a maximum at Rs 744 and a minimum at Rs 625. In the NSE, the action opened at Rs 626, traded between Rs 743 and Rs 625, and closed at Rs 728. Together In the two fields, a little more than 5 million rupees changed hands on their first trading day. In the unofficial market, on Sunday night, the shares traded between Rs 525 and Rs 550.
IRCTC listing: Investors more than double money
The process of creating books for IPO had closed on October 3 with the issue subscribed 112 times. This made the IRCTC IPO the most successful PSU offer in terms of over-subscription. By divesting a 12.6% stake in IRCTC, or a little over 2 crore shares, the government received Rs 645 crore, which is part of its divestment proceeds for the current fiscal. The budgeted target from all such sell-offs has been set at a record Rs 1.05 lakh crore.
When the book-building process for IRCTC had closed on October 3, it had generated a demand for shares worth nearly Rs 72,000 crore. The total demand for the number of shares was over 225 crore.
IRCTC provides, among a host of services, online railway tickets and on-train catering services. The IPO for IRCTC was managed by IDBI Capital Markets , SBI Capital Markets & Yes values .