Live
- Three persons admitted to hospital for diarrhea treatment
- First Star Outside Milky Way Captured: WOH G64 is 2,000 Times Larger Than the Sun
- Sikkim govt to constitute state Niti Ayog: CM Tamang
- CBI books Rajasthan narcotics inspector for Rs 3 lakh bribe
- Rajasthan bypolls: A tough contest between BJP and Congress
- Albania joins SEPA, paving way for EU integration
- Japanese government approves 250-billion USD economic package to ease price pain
- Six pharma companies to set up their units in Telangana
- The Unstable Events of a 17-Wicket Day in Perth: India vs Australia
- Dutch FM's Israel trip cancelled after Netanyahu's arrest warrant
IRCTC IPO: Subscribed at 112 Times, Highest Among PSU IPOs Ever
The IPO subscribed 112 times more booking size of more than Rs 72,200 crore.
The IRCTC IPO, with which government is aiming to mop up Rs 645 crore, got an overwhelming response. The IPO subscribed 112 times more booking size of more than Rs 72,200 crore. As per the merchant bankers, this was the most successful PSU IPO in recent years.
Of the entire demand, the retail portion was subscribed 14.7 times whereas the employees' share was subscribed 5.8 times, the institutional part 109 times and the high net worth investor's portion was subscribed 355 times. The government's target was to sell two crore IRCTC shares, at Rs 315-320 per share, but the total demand for shares was for 225.5 crores.
Next week the shares will be listed on the stock exchange market. The company employees and retail investors will get a discount of Rs 10 per share on the final IPO price.
The government was divesting 12.6%in IRCTC, the only unit authorised by Indian Railways to deliver catering services to railways, online railway ticketing service and packaged drinking water at railway stations and trains in India.
The IPO for IRCTC, which is under the Ministry of Railways, was managed by IDBI Capital Markets, SBI Capital Markets and Yes Securities.
The IRCTC divestment is part of the government's total target of raising Rs 1.05 lakh crore through sale of stakes in various PSUs. In April, the government had divested 12.2% stake in Rail Vikas Nigam (RVNL) to raise Rs 480 crore. In the last financial year, two more companies under the Ministry of Railways - IRCON International RITES were listed through IPOs in that as well the government had divested part of its stakes.
