IRCTC IPO Fully Subscribed On Day 2
IRCTC's initial public offer (IPO) was fully subscribed on Tuesday, the second day of issue. IRCTC or Indian Railway Catering and Tourism Corporation - the online ticketing arm of the Indian Railways - plans to raise up to Rs. 645 crore through the IPO, which opened for subscription on Monday and closes on Thursday, October 3. The IRCTC IPO is the largest of all the railway offerings so far. There are three other listed entities associated with the Railways: Rail Vikas Nigam, Rail India Technical and Economic Service (RITES) and Indian Railway Construction Company (IRCON). (Also read: Should You Invest In IRCTC IPO?)
IRCTC IPO Subscription Status
By 10:30 am, bids for 2.17 crore shares were received out of the total 2.02 crore shares on offer under the IRCTC IPO, data from the National Stock Exchange showed. That marked a subscription of 107.58 per cent.
IRCTC IPO Issue Size
IRCTC is selling 2.01 crore shares under the IPO. At the upper end of the price band, the company is valued at Rs. 5,120 crore, and Rs. 5,040 crore at the lower end, according to Axis Capital.
IRCTC IPO Issue Price
IRCTC has set an issue price of Rs. 315-Rs. 320 for the IPO.
Half of the total shares on offer are reserved for qualified institutional investors, 35 per cent for retail investors and 15 per cent for non-institutional buyers.
State-run IRCTC is the only entity authorised by the Indian Railways to provide catering services to railways, online railway tickets, and packaged drinking water at railway stations and trains in India.
