IRCTC makes strong market debut, lists at 103% premium over issue price

New Delhi, Oct 14: Indian Railway Catering and Tourism Corporation (IRCTC) made a blockbuster stock market debut at 103 per cent premium at Rs. 651 per share in comparison to its issue price of Rs. 320.

On the National Stock Exchange, IRCTC shares opened at Rs. 626 and surged as much as 118 per cent to hit an intraday high of Rs. 698. In the pre-open trade, the stock settled at Rs. 644 on BSE and Rs. 626 on NSE

The IPO, which was open for subscription between September 30 and October 4, was subscribed 112 times at a price band of Rs 315-320 per share. The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, non-institutional investors (NIIs) category witnessed a subscription of 354.52 times, while the same for retail investors stood at 14.65 times.

The issue comprised an offer-for-sale of 2.01 crore shares of face value of Rs 10 each. Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees. Yes Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities were the merchant bankers of the issue.

IRCTC is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.