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On The Second Day Of Listing, IRCTC Shares Touch New High

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On Tuesday, a day after the IRCTC shares made a bumper listing debut on the stock exchanges, the stock hit another new high of Rs 747.40 on NSE before paring losses on profit booking.

On The Second Day Of Listing, IRCTC Shares Touch New High
 

On the first day of the trade, the stock advanced as much as 128 percent driven by strong demand seen for the IPO (initial public offering) of the state-owned railway ticketing and catering services company.

It was listed at Rs 644, which is at a premium of 101 percent over the issue price of Rs 320 a share. It closed over 13 percent higher at Rs 727.75 on Tuesday as those who were not alloted shares in the issue tried purchasing it in the open market.

The stock, however, fell by as much as 4 percent on Tuesday morning, a little after touching its new high, and hit an intraday low of Rs 702 apiece.

The Rs 650 crore IPO issue, that was open between 30 September and 4 October, was subscribed 112 times.

Following the public offering, the Government of India's stake in the entity reduced by 12.6 percent stake to 87.4 percent.

It was the fourth public offering from a state-owned Railway company after Rail Vikas Nigam, RITES and Ircon.

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