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IRCTC Shares Touch Another Record High

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The demand for shares of IRCTC (Indian Railway Catering and Tourism Corporation) continued to remain high this week. On Friday, the stock hit another new high of Rs 789.90 on NSE.

The state-owned railway ticketing and catering services company was listed on the stock exchanges on Monday, 14 October.

Apart from a consistent demand, the stock has also benefited from a six-day gaining streak in the Indian markets amid quarterly earnings results season.

IRCTC Shares Touch Another Record 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). It was listed at Rs 644, which is at a premium of 101 percent over the issue price of Rs 320 a share.

The IPO, that was open between 30 September and 3 October, saw an impressive demand. It was subscribed 112 times.

Investors bid for more than 225 crore shares in comparison to 2.02 crore shares on offer, as per data on NSE.

Data showed that the IRCTC IPO received bids worth Rs 72,000 crore at the upper price band when compared to the issue size of Rs 645 crore.

Following the listing, 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.

Story first published: Friday, October 18, 2019, 11:55 [IST]
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