IRCTC Initial Public Offer (IPO) Subscribed 81% On Day 1: 10 Things To Know
- Subscription status: At the end of the first day of issue, bids for 1.64 crore shares were received out of the total 2.02 crore shares on offer under the IRCTC IPO. That marked a subscription of 81.32 per cent, data from the National Stock Exchange (NSE) showed.
- Issue size: IRCTC is selling 2.01 crore shares under the IPO. At the upper end of the price band, the company is valued at Rs. 5,120 crore, and Rs. 5,040 crore at the lower end, according to Axis Capital.
- Issue price: IRCTC has set an issue price of Rs 315-Rs 320 for the IPO.
- Offer for sale details: The IRCTC IPO comprises an offer for sale (OFS) of 2.01 crore shares, of which, 1.6 lakh are reserved for employees.
- Utilisation of proceeds: All proceeds from the IRCTC IPO will go directly to the selling shareholder. The total share dilution constitutes to about 12.60 per cent of IRCTC's paid-up equity share capital.
- Reservation: Half of the total shares on offer are reserved for qualified institutional investors, 35 per cent for retail investors and 15 per cent for non-institutional buyers.
- Lot size: The IRCTC IPO can be subscribed to with a minimum of 40 shares, and in the multiples of 40 thereof.
- Should you invest? Brokerage Angel Broking has assigned a “subscribe” rating to the IRCTC IPO. The recent tax reduction by the government and the increase in revenue from the service charge for online ticketing will improve IRCTC's profitability substantially going forward, according to Angel Broking. (Read more)
- Company profile: State-run IRCTC is the only entity authorised by the Indian Railways to provide catering services to railways, online railway tickets, and packaged drinking water at railway stations and trains in India.
- IRCTC business: Currently, IRCTC operates in four business segments: Internet Ticketing, Catering, Packaged Drinking Water and Travel and Tourism.
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