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IRCTC Share Price Makes Stellar Listing; Lists At 103% Premium Over Issue Price
IRCTC made a strong listing in line with expectations, making stock market debut at 103% premium at Rs. 651 per share in comparison to its issue price of Rs. 320. Indian Railway Catering and Tourism Corporation (IRCTC), the rail ticket booking and catering arm of the Indian railways received by the highest ever subscription by any PSU major.
In the pre-open trade, the stock settled at Rs. 644 on BSE and Rs. 626 on NSE
The issue price for the IPO has been fixed at Rs. 320 per share i.e. the upper end of the price band.
The market cap of the stock is likely to be Rs. 10,000 crore.
The IPO issue of IRCTC opened between 30 September and October and garnered bids worth Rs. 72,000 crore as against the issue size of Rs. 638 crore. The QIBs subscription amounted to 109 times bid while NIIs, retail and employees subscribed as much as 354.5 times, 15 times and 5.82 times.
IRCTC is also engaged in providing non-railway services that include budget hotels, e-catering and executive lounges to create a one-stop solution for customers.
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