IRCON IPO subscribed 9.85 times; may fetch govt Rs 466 crore

The IPO is of 99,05,157 shares with a price band of Rs 470-475 per share. The government is selling 10.5 per cent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees.

By PTI  
Thursday, September 20, 2018

Railways engineering and construction firm Ircon International's initial public offer was subscribed 9.85 times on the last day of bidding on Wednesday. The public offer received bids for 9,75,82,860 shares against the total issue size of 99,05,157 shares, data available with the NSE till 1945 hrs showed.

The IPO is of 99,05,157 shares with a price band of Rs 470-475 per share. The government is selling 10.5 per cent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees.

"The government is expected to raise Rs 466 crore from the issue," an official release said on Wednesday.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 12.29 times, non-institutional investors 4.92 times and retail investors 9.51 times, merchant banking sources said. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the issue.

The shares of the company will be listed on BSE and NSE.

IRCON is the second CPSE to launch an IPO in the current fiscal, besides being the second railway PSU to be listed on the stock markets after RITES in June this year.

Related Stories

Reliance Retail may launch IPO by June as Mukesh Ambani bets big on consumer businesses: report
Reliance Retail may launch IPO by June as Mukesh Ambani bets big on consumer businesses: report
Reliance Insurance files fresh IPO papers; removes Edelweiss as merchant banker
Reliance Insurance files fresh IPO papers; removes Edelweiss as merchant banker
Finance Ministry lines up 10 PSU IPOs for next fiscal, aims to meet Rs 90,000 crore disinvestment goal
Finance Ministry lines up 10 PSU IPOs for next fiscal, aims to meet Rs 90,000 crore disinvestment goal

Latest Stories

Kesari box office collection Day 1: Akshay Kumar, Parineeti Chopra's war saga likely to earn Rs 25 crore on Holi
Kesari box office collection Day 1: Akshay Kumar, Parineeti Chopra's war saga likely to earn Rs 25 crore on Holi
Fugitive diamond merchant Nirav Modi jailed till March 29 by London court: A timeline of his extradition case
Fugitive diamond merchant Nirav Modi jailed till March 29 by London court: A timeline of his extradition case
Resolution for Jet Airways is futile; send it for insolvency
Resolution for Jet Airways is futile; send it for insolvency
SPONSORED