NEW DELHI: Railways engineering and construction firm Ircon International made its debut on the stock exchanges on Friday after witnessing a good subscription to its initial public offer (IPO). The shares of the company got listed on both BSE and NSE.
The scrip got listed at Rs 410.30 on BSE, a 13.62 per cent discount to its issue price of Rs 475
Ircon International's IPO was subscribed 9.85 times on the last day of bidding (September 19).
Received bids: The public offer received bids for 9,75,82,860 shares against the total issue size of 99,05,157 shares.
Share price band: The IPO was 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.
According to an official statement, the government is expected to raise Rs 466 crore from the issue.
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 New Delhi-headquartered company is the second company after
RITES Ltd in which the Ministry of Railways has sold a part of its stake in an initial share sale this year.
