PSU Shares Listing Details
IRCTC IPO was closed for subscription on 3rd October. Its shares allotment process will be held from 9th October to 10th October. Moreover, the shares will list at BSE and NSE on 14th October. The firm has been fixed a price band between Rs 315 to 320 per equity share. But, IRCTC shares along with PSU shares to list at around Rs 520-525 per equity share. That means the shares will list around 64 percent premium to its price Rs 320.
The registrar of the IPO is Alankit Assignments. It will conduct the allotment and refund process. As of the data available on NSE, the IRCTC IPO was subscribed over 112 times on the last day of bidding. It received strong demand from institutional and HNI investors.
As of the source, the IPO received bids for 225.39 crore shares against the total issue size of 2.016 crore equity shares. The retail investors were subscribed 15 times.
A source said that for the first time the market witnessed the excitement in the IPO segment. Although IRCTC was oversubscribed around 112 times. But, It received only 15 times from the portion of retail investors. Because retail investors are not satisfied with the further prospects of the economy.
Qualified institutional buyers were subscribed 108.79 times, non-institutional investors subscribed 354.52 times.
According to the reports, the issue is a part of government disinvestment programme for the financial year 2019-2020. The government plans to sell its stake up to 12.6 percent in IRCTC firm through IPO. After the IPO, the government stake will fall to 87.4 percent. Indian Railway Catering and Tourism Corporation has a unique business model. It is engaged in online ticket booking, catering, packaged drinking water, and Travel & Tourism business.