New Delhi: Indian Railway Catering and Tourism Corporation (IRCTC), which recently concluded its Rs 645-crore initial public offering, made its stock market debut on Monday and witnessed an overwhelming response. Shares of IRCTC more than doubled on their listing debut on BSE and NSE.
IRCTC shares settled at Rs 644 on the BSE while it touched Rs 626 on the NSE. The issue price of IRCTC shares was fixed at Rs 320.
Prior to this, IRCTC saw huge demand for its shares in the three-day initial public offering (IPO) which ended on October 3. The issue comprised an offer-for-sale of 2.01 crore shares of face value of Rs 10 each. Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.
The state-owned company raised Rs 645 crore through IPO which got huge response from all categories of investors. The IPO was subscribed a massive 112 times.
The retail category was subscribed nearly 15 times while qualified institutional buyers (QIBs) segment saw at least 109 subscriptions.
IRCTC has the sole authority to sell railway tickets online, offer catering service and exclusively manufacture and supply packaged drinking water at railway stations and on trains in India. The company operates in four business segments and also offers e-catering services to passengers via a mobile phone application.
Additionally, IRCTC’s website irctc.co.in is one of the most transacted websites in the Asia-Pacific region.
(With agency inputs)