Mumbai, October 14: Indian Railway Catering and Tourism Corporation (IRCTC) made a grand debut on Monday morning after its initial public offering (IPO) received the highest ever subscription among PSUs. IRCTC climbed 101 percent to Rs 644, over the issue price of Rs 320. IRCTC IPO Huge Hit Among Investors at Stock Market, Subscribed 112 Times on Final Day by Raising Rs 72,000 Crore.
According to reports, over 22 lakh shares changed hands in the first 20 minutes of trade, with a total transaction value of Rs 150 crore. Retail investors and employees of the company received shares at a discounted price of Rs 10 per share. Hence the final IPO price for them was Rs 310 per share. IRCTC has a market share of 72 percent in Railway E-Ticketing bookings.
IRCTC IPO was subscribed 111.91 times on the final day of bidding on Thursday. The Rs 645-crore IPO received bids for 225 crore shares against the total issue size of 2 crore scrips.
IRCTC is a Mini-Ratna Category-I Public Sector Enterprise and a wholly-owned subsidiary of Indian Railways, the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets for trains in India. It also provides non-railway services including budget hotels, e-catering and executive lounges to create a one-stop solution for customers.
IRCTC has been the best PSU as well as the most successful IPO in the last two fiscals in terms of overall subscription where it leads in the QIB, NII and employee segments, marketmen said.