Indian Railway Finance Corporation's ₹4,600 crore initial public offering (IPO), which opened on Monday, was fully subscribed today, supported by robust retail demand.
Indian Railway Finance Corporation's ₹4,600 crore initial public offering (IPO), which opened on Monday, was fully subscribed today, supported by robust retail demand.
The issue includes a reservation of Rs 50 lakh worth of shares for eligible employees.
The price band for the issue, which will close on January 20, has been fixed at Rs 25-26 per share.
IRFC's IPO is the first issue by a non-banking financial company (NBFC) in the public sector and the first of the year. At around 3 pm, IRFC's IPO was subscribed 1.02 times with the retail segment oversubscribed two times. IRFC's IPO closes on January 20. The issue received bids for 1,24,79,32,850 shares, which was 100.03 per cent of the issue size of 1,24,75,05,993 shares. The issue was subscribed 65 per cent on Day 1 of the IPO.
IRFC, the market borrowing arm of the Indian Railways, is putting up for sale 178.2 crore shares of face value of Rs 10 each. It consists fresh issue of up to 118.8 crore shares and an offer for sale of up to 59.4 crore equity shares by the Union government. After the IPO, the government shareholding of IRFC will decline to 86.4 per cent, from 100 per cent earlier.
Shares under the IPO, consisting of a fresh issue of up to 1,188,046,000 shares and an offer for sale (OFS) of 594,023,000 shares, are being sold in the Rs 25-26 price band apiece.
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