On Friday, shares of Indian Railway Finance Corporation (IRFC) made a weak debut, listing at Rs 24.90 on NSE, at a discount of 4.23% to its issue price of Rs 26. On BSE, the scrip debuted at Rs 25, down 3.85%.
The weak listing comes after unlisted shares of IRFC lost ground in the grey market due to negative sentiments in the broader markets. A rebound in the secondary market after a five-day sell-off failed to lift the counter.
The IRFC IPO, which was open for subscription between 18 January and 20 January, received bids for 432 crore shares against the issue size of 124.75 crore, resulting in an overall subscription at 3.49 times. Shares were offered at a bid price of Rs 25-26.
The employee quota for the issue was subscribed a massive 43.76 times. The retail portion was subscribed 3.6 times and the quota reserved for qualified institutional bidders (QIBs) 3.8 times while that for high net worth individual segment was subscribed 2.67 times.