Bumper listing of IRCTC in stock market

Bumper listing of IRCTC in stock market, listed at Rs 644 with 101.25% premium 

There is a bumper listing of IRCTC shares in the stock market. The stock with an issue price of Rs 320 has been listed at Rs 644 with a premium of over 100%.

A bumper listing of the shares of Indian Railway Catering and Tourism Corporation (IRCTC) has been done in the stock market. The stock was listed at Rs 644 with a 101.25% premium on the BSE as against the issue price of Rs 320. This is the most successful listing of a government company in the stock market. The market capitalization of the company after being listed in the market is Rs 10,736 crore.

This is the most spectacular listing in the stockmarket in the last two years, in which a share has been listed at double the issue price. The stock of the company was trading at Rs 684 with a gain of 40.00 points (6.21%) at 10.30 am.

 Government will sell 12% stake

This public issue is part of the Central Government's disinvestment plan for the financial year 2019-20. The government, which holds 100% stake in IRCTC, will sell its 12% stake. After the IPO, the government's stake in the company will come down to 87.7%. IRCTC deals in Internet ticketing, catering, packaged drinking water, travel and tourism.

Received 112 times more bids

IRCTC's IPO opened between September 30 and October 4. This was taken over by investors. It received 112 times more bids. Bids were received for 25 crore shares against the 2 crore shares held for sale of IRCTC.

 645 crore mobilization motive

The company has brought in an IPO to raise Rs 645 crore. The category of institutional investors got 108.79 times, subscribed 354.52 times in case of non-institutional investors and 14.65 times in case of retail investors.

320 was the issue price

The price range for the initial public offering of the company was fixed at Rs 315 to 320. Yes Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities were managing the IPO.